FOX (NASDAQ:FOX) Stock Rating Lowered by Zacks Research

FOX (NASDAQ:FOX) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other analysts also recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of FOX from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $70.00 to $82.00 in a report on Friday, August 14th. Citizens Jmp upgraded shares of FOX to a “strong-buy” rating in a research note on Monday, September 14th. Guggenheim reissued a “buy” rating on shares of FOX in a report on Tuesday, August 25th. Seaport Research Partners upgraded FOX from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a research report on Monday. Finally, Citigroup restated a “market outperform” rating on shares of FOX in a research report on Tuesday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $79.50.

FOX Trading Up 0.6%

Shares of FOX opened at $60.63 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.79 and a quick ratio of 3.50. FOX has a 1 year low of $44.08 and a 1 year high of $68.18. The company has a 50 day simple moving average of $57.93 and a two-hundred day simple moving average of $55.76. The firm has a market cap of $25.57 billion, a P/E ratio of 12.87, a price-to-earnings-growth ratio of 1.39 and a beta of 0.66.

FOX (NASDAQ:FOX) last released its earnings results on Monday, November 2nd. The company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.06 by $0.48. FOX had a net margin of 11.30% and a return on equity of 23.96%. The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.32 billion. On average, equities analysts expect that FOX will post 6.22 earnings per share for the current fiscal year.

Insider Activity at FOX

In other FOX news, CEO Lachlan Murdoch bought 149,934 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average cost of $68.53 per share, with a total value of $10,274,977.02. Following the completion of the acquisition, the chief executive officer owned 1,401,713 shares in the company, valued at $96,059,391.89. This trade represents a 11.98% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 23.06% of the company’s stock.

Hedge Funds Weigh In On FOX

Institutional investors and hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of FOX in the 3rd quarter worth approximately $2,084,000. National Pension Service lifted its holdings in FOX by 56.2% during the second quarter. National Pension Service now owns 56,048 shares of the company’s stock worth $2,625,000 after buying an additional 20,157 shares during the period. Perpetual Ltd lifted its position in shares of FOX by 174.1% during the third quarter. Perpetual Ltd now owns 156,900 shares of the company’s stock valued at $8,833,000 after buying an additional 99,667 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of FOX in the 2nd quarter worth $2,415,000. Finally, F&V Capital Management LLC boosted its stake in FOX by 31.0% in the 2nd quarter. F&V Capital Management LLC now owns 373,105 shares of the company’s stock worth $17,476,000 after purchasing an additional 88,395 shares in the last quarter. 26.41% of the stock is owned by hedge funds and other institutional investors.

About FOX

Fox Corporation is a U.S. media company that produces and distributes news, sports and entertainment programming. Its operations include the FOX broadcast network, Fox News Media, Fox Sports, FOX Entertainment and Fox Television Stations. The company also owns Tubi, an ad-supported streaming service. Fox Corporation was formed in 2019 after The Walt Disney Company acquired much of 21st Century Fox. The company’s programming and services are primarily aimed at audiences in the United States, with content also distributed to viewers in other markets.