Pinebridge Investments L.P. Takes $1.90 Million Position in Fox Co. (NASDAQ:FOXA)

Pinebridge Investments L.P. bought a new position in shares of Fox Co. (NASDAQ:FOXA) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 39,149 shares of the company’s stock, valued at approximately $1,902,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pacer Advisors Inc. raised its holdings in shares of FOX by 5.4% in the 4th quarter. Pacer Advisors Inc. now owns 8,340,762 shares of the company’s stock worth $405,194,000 after purchasing an additional 425,186 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of FOX by 1.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,815,004 shares of the company’s stock valued at $185,344,000 after buying an additional 39,959 shares in the last quarter. Norges Bank acquired a new stake in shares of FOX during the 4th quarter valued at $132,161,000. Amundi boosted its stake in shares of FOX by 9.9% during the 4th quarter. Amundi now owns 2,434,443 shares of the company’s stock worth $119,006,000 after acquiring an additional 219,380 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of FOX by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,417,818 shares of the company’s stock worth $117,458,000 after acquiring an additional 37,505 shares during the last quarter. 52.52% of the stock is currently owned by institutional investors.

FOX Stock Up 0.7 %

FOX stock opened at $49.35 on Monday. The company has a market capitalization of $22.38 billion, a P/E ratio of 10.57, a P/E/G ratio of 1.27 and a beta of 0.51. Fox Co. has a 1-year low of $30.92 and a 1-year high of $58.74. The firm’s fifty day simple moving average is $52.81 and its 200-day simple moving average is $49.41. The company has a current ratio of 2.50, a quick ratio of 2.14 and a debt-to-equity ratio of 0.57.

FOX (NASDAQ:FOXA) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.34. FOX had a return on equity of 18.50% and a net margin of 14.39%. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter in the previous year, the firm earned $0.34 earnings per share. The business’s quarterly revenue was up 19.9% compared to the same quarter last year. Sell-side analysts forecast that Fox Co. will post 4.38 earnings per share for the current fiscal year.

FOX Dividend Announcement

The business also recently declared a semi-annual dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 5th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a yield of 1%. FOX’s dividend payout ratio (DPR) is presently 11.56%.

Insider Activity

In other FOX news, Chairman Keith Rupert Murdoch sold 58,000 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $53.17, for a total value of $3,083,860.00. Following the sale, the chairman now owns 1,200,862 shares of the company’s stock, valued at $63,849,832.54. This trade represents a 4.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Adam G. Ciongoli sold 1,278 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $54.13, for a total value of $69,178.14. Following the transaction, the insider now owns 29,897 shares of the company’s stock, valued at approximately $1,618,324.61. This trade represents a 4.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 21.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FOXA. Moffett Nathanson lowered FOX from a “buy” rating to a “neutral” rating and increased their price target for the company from $51.00 to $52.00 in a research report on Tuesday, January 21st. Loop Capital lifted their target price on shares of FOX from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, April 1st. Wells Fargo & Company reduced their price target on shares of FOX from $63.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Guggenheim reiterated a “buy” rating and set a $60.00 price objective on shares of FOX in a research report on Tuesday, March 25th. Finally, Barclays decreased their target price on FOX from $50.00 to $45.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $50.65.

About FOX

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.