FOX (NASDAQ:FOXA) Hits New 1-Year Low – Time to Sell?

Fox Corporation (NASDAQ:FOXA) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $48.55 and last traded at $49.39, with a volume of 11672904 shares traded. The stock had previously closed at $52.23.

Analyst Ratings Changes

A number of brokerages recently commented on FOXA. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $79.00 price objective on shares of FOX in a research report on Tuesday, May 12th. Bank of America lowered shares of FOX from a “buy” rating to an “underperform” rating and set a $45.00 target price for the company. in a research note on Wednesday, February 25th. UBS Group restated a “neutral” rating on shares of FOX in a report on Monday, June 15th. JPMorgan Chase & Co. upped their price target on shares of FOX from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. Finally, Zacks Research upgraded FOX from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, FOX has an average rating of “Hold” and an average price target of $74.36.

FOX Stock Up 2.1%

The stock has a market cap of $20.93 billion, a P/E ratio of 13.14, a P/E/G ratio of 1.74 and a beta of 0.51. The company has a current ratio of 2.90, a quick ratio of 2.65 and a debt-to-equity ratio of 0.60. The firm’s fifty day moving average is $62.75 and its 200 day moving average is $64.37.

FOX (NASDAQ:FOXA) last issued its quarterly earnings results on Monday, May 11th. The company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.30. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.78 billion. FOX had a return on equity of 18.90% and a net margin of 10.56%.The company’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.10 earnings per share. As a group, equities research analysts forecast that Fox Corporation will post 4.93 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FOXA. SG Americas Securities LLC increased its position in shares of FOX by 346.6% during the 4th quarter. SG Americas Securities LLC now owns 128,029 shares of the company’s stock worth $9,355,000 after purchasing an additional 99,363 shares in the last quarter. Handelsbanken Fonder AB grew its stake in FOX by 85.3% during the fourth quarter. Handelsbanken Fonder AB now owns 88,009 shares of the company’s stock worth $6,431,000 after buying an additional 40,515 shares during the last quarter. Geode Capital Management LLC grew its stake in FOX by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 6,534,627 shares of the company’s stock worth $476,248,000 after buying an additional 29,923 shares during the last quarter. Strs Ohio increased its holdings in shares of FOX by 7.6% during the fourth quarter. Strs Ohio now owns 332,444 shares of the company’s stock worth $24,292,000 after buying an additional 23,475 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of FOX by 3.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 572,145 shares of the company’s stock worth $41,807,000 after buying an additional 16,716 shares in the last quarter. 52.52% of the stock is owned by institutional investors.

About FOX

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.