Ethic Inc. Boosts Holdings in Fox Corporation $FOXA

Ethic Inc. raised its holdings in shares of Fox Corporation (NASDAQ:FOXA) by 9.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,964 shares of the company’s stock after acquiring an additional 975 shares during the quarter. Ethic Inc.’s holdings in FOX were worth $612,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of FOXA. Assetmark Inc. grew its holdings in shares of FOX by 752.1% during the first quarter. Assetmark Inc. now owns 1,951,657 shares of the company’s stock worth $110,464,000 after buying an additional 1,722,616 shares in the last quarter. Federated Hermes Inc. grew its holdings in shares of FOX by 164,675.7% during the first quarter. Federated Hermes Inc. now owns 1,255,591 shares of the company’s stock worth $71,066,000 after buying an additional 1,254,829 shares in the last quarter. Nuveen LLC purchased a new stake in FOX in the first quarter valued at approximately $63,125,000. Allianz Asset Management GmbH grew its holdings in FOX by 85.4% in the first quarter. Allianz Asset Management GmbH now owns 1,641,592 shares of the company’s stock valued at $92,914,000 after purchasing an additional 756,116 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its holdings in FOX by 54.9% in the first quarter. Robeco Institutional Asset Management B.V. now owns 1,886,623 shares of the company’s stock valued at $106,783,000 after purchasing an additional 668,553 shares during the period. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at FOX

In other news, CFO Steven Tomsic sold 39,642 shares of the business’s stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $55.30, for a total transaction of $2,192,202.60. Following the transaction, the chief financial officer directly owned 133,923 shares of the company’s stock, valued at approximately $7,405,941.90. The trade was a 22.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 21.77% of the company’s stock.

FOX Trading Up 1.4%

Shares of FOXA stock opened at $58.97 on Thursday. The stock has a market cap of $26.27 billion, a price-to-earnings ratio of 12.01, a price-to-earnings-growth ratio of 1.39 and a beta of 0.54. The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55. Fox Corporation has a fifty-two week low of $38.72 and a fifty-two week high of $60.24. The firm’s 50 day moving average price is $55.92 and its two-hundred day moving average price is $54.14.

FOX (NASDAQ:FOXA) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.26. FOX had a net margin of 13.88% and a return on equity of 18.86%. The firm had revenue of $3.29 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the previous year, the company posted $0.90 earnings per share. FOX’s revenue was up 6.3% compared to the same quarter last year. On average, analysts anticipate that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

The company also recently announced a dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This is an increase from FOX’s previous dividend of $0.18. FOX’s dividend payout ratio is presently 11.00%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Wolfe Research upgraded shares of FOX from an “underperform” rating to a “peer perform” rating in a report on Wednesday, July 9th. Cowen restated a “hold” rating on shares of FOX in a report on Tuesday, May 13th. Loop Capital boosted their target price on shares of FOX from $62.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Cfra Research upgraded shares of FOX from a “hold” rating to a “moderate buy” rating in a report on Tuesday, August 5th. Finally, UBS Group set a $65.00 target price on shares of FOX and gave the company a “buy” rating in a report on Wednesday, June 25th. Nine analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $56.20.

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.