Bank of New York Mellon Corp Trims Stock Position in Liberty Media Corporation – Liberty Formula One Series C $FWONK

Bank of New York Mellon Corp cut its holdings in shares of Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) by 45.1% in the second quarter, HoldingsChannel reports. The firm owned 733,230 shares of the company’s stock after selling 601,603 shares during the period. Bank of New York Mellon Corp’s holdings in Liberty Media Corporation – Liberty Formula One Series C were worth $76,623,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GW&K Investment Management LLC purchased a new position in shares of Liberty Media Corporation – Liberty Formula One Series C during the 1st quarter valued at about $25,000. Oliver Lagore Vanvalin Investment Group acquired a new stake in Liberty Media Corporation – Liberty Formula One Series C during the second quarter worth about $29,000. Caitong International Asset Management Co. Ltd purchased a new position in Liberty Media Corporation – Liberty Formula One Series C during the second quarter valued at approximately $46,000. Assetmark Inc. lifted its holdings in Liberty Media Corporation – Liberty Formula One Series C by 199.4% in the second quarter. Assetmark Inc. now owns 500 shares of the company’s stock valued at $52,000 after acquiring an additional 333 shares during the period. Finally, Allianz Asset Management GmbH boosted its position in Liberty Media Corporation – Liberty Formula One Series C by 144.9% in the 2nd quarter. Allianz Asset Management GmbH now owns 769 shares of the company’s stock worth $80,000 after purchasing an additional 455 shares in the last quarter. 92.26% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Malcolm Ian Grant Gilchrist sold 898 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $100.20, for a total transaction of $89,979.60. Following the completion of the sale, the director directly owned 1,781 shares in the company, valued at approximately $178,456.20. The trade was a 33.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 5,651 shares of company stock valued at $572,250 over the last quarter. Insiders own 4.31% of the company’s stock.

Liberty Media Corporation – Liberty Formula One Series C Stock Down 1.2%

FWONK opened at $102.00 on Friday. The company has a market cap of $22.81 billion, a PE ratio of 130.77 and a beta of 0.46. Liberty Media Corporation – Liberty Formula One Series C has a twelve month low of $75.26 and a twelve month high of $109.36. The company has a 50-day moving average price of $101.40 and a 200 day moving average price of $99.66.

Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.18). The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.05 billion. As a group, sell-side analysts expect that Liberty Media Corporation – Liberty Formula One Series C will post 1.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FWONK. The Goldman Sachs Group reaffirmed a “buy” rating and set a $120.00 price objective on shares of Liberty Media Corporation – Liberty Formula One Series C in a research note on Tuesday, July 22nd. Zacks Research lowered shares of Liberty Media Corporation – Liberty Formula One Series C from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 9th. Guggenheim upped their price objective on shares of Liberty Media Corporation – Liberty Formula One Series C from $104.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, July 22nd. UBS Group increased their target price on shares of Liberty Media Corporation – Liberty Formula One Series C from $98.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, August 8th. Finally, Wall Street Zen cut Liberty Media Corporation – Liberty Formula One Series C from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Liberty Media Corporation – Liberty Formula One Series C currently has an average rating of “Moderate Buy” and a consensus target price of $112.11.

Liberty Media Corporation – Liberty Formula One Series C Company Profile

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.