FOX (NASDAQ:FOXA) Shares Gap Up After Earnings Beat

Fox Co. (NASDAQ:FOXA)’s share price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $51.95, but opened at $55.43. FOX shares last traded at $54.06, with a volume of 980,373 shares.

The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.34. FOX had a return on equity of 16.49% and a net margin of 13.40%.

Wall Street Analysts Forecast Growth

FOXA has been the subject of a number of recent analyst reports. UBS Group upped their price target on FOX from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Wells Fargo & Company upped their price target on FOX from $49.00 to $59.00 and gave the company an “underweight” rating in a research report on Friday, January 10th. Barclays upped their price target on FOX from $36.00 to $39.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. Loop Capital upped their price target on FOX from $48.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Finally, The Goldman Sachs Group increased their target price on FOX from $51.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $48.25.

Insider Buying and Selling

In related news, Chairman Keith Rupert Murdoch sold 100,000 shares of FOX stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $42.05, for a total transaction of $4,205,000.00. Following the transaction, the chairman now directly owns 1,258,862 shares in the company, valued at approximately $52,935,147.10. The trade was a 7.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 21.77% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On FOX

Several institutional investors and hedge funds have recently bought and sold shares of FOXA. Algert Global LLC purchased a new position in FOX during the second quarter valued at $362,000. Creative Planning lifted its position in shares of FOX by 119.2% in the second quarter. Creative Planning now owns 29,277 shares of the company’s stock valued at $1,006,000 after acquiring an additional 15,921 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of FOX in the second quarter valued at about $962,000. Czech National Bank lifted its position in shares of FOX by 3.9% in the third quarter. Czech National Bank now owns 45,762 shares of the company’s stock valued at $1,937,000 after acquiring an additional 1,714 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of FOX by 65.1% in the third quarter. GAMMA Investing LLC now owns 5,505 shares of the company’s stock valued at $233,000 after acquiring an additional 2,171 shares in the last quarter. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

FOX Stock Up 4.7 %

The company has a 50-day moving average price of $48.35 and a 200 day moving average price of $43.72. The firm has a market capitalization of $24.84 billion, a PE ratio of 13.26, a P/E/G ratio of 1.25 and a beta of 0.76. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.59 and a quick ratio of 2.33.

FOX Company Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.