FOX (NASDAQ:FOXA) Stock Rated “Overweight” in New Coverage at Morgan Stanley

Equities research analysts at Morgan Stanley initiated coverage on shares of FOX (NASDAQ:FOXA) in a research report issued on Friday, Benzinga reports. The brokerage set an “overweight” rating and a $90.00 price target on the stock. Morgan Stanley‘s price target indicates a potential upside of 36.97% from the company’s previous close.

FOXA has been the topic of several other research reports. Needham & Company LLC began coverage on FOX in a research report on Friday, October 16th. They issued a “buy” rating on the stock. Deutsche Bank lifted their target price on FOX from $80.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, November 3rd. Bank of America raised shares of FOX from an “underperform” rating to a “buy” rating and boosted their target price for the company from $54.00 to $85.00 in a research note on Friday, October 16th. Jefferies Financial Group cut shares of FOX to a “hold” rating in a report on Friday, October 16th. Finally, Sanford C. Bernstein upped their price target on shares of FOX from $73.00 to $74.00 and gave the stock a “market perform” rating in a report on Tuesday, November 3rd. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, FOX presently has an average rating of “Moderate Buy” and a consensus target price of $79.84.

FOX Stock Down 3.3%

Shares of NASDAQ:FOXA opened at $65.71 on Friday. FOX has a 1 year low of $48.34 and a 1 year high of $76.39. The business has a 50 day simple moving average of $64.86 and a two-hundred day simple moving average of $62.06. The firm has a market capitalization of $27.72 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 1.12 and a beta of 0.63. 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 (NASDAQ:FOXA) last issued its quarterly earnings results on Monday, November 2nd. The company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.52. FOX had a return on equity of 23.96% and a net margin of 11.30%. The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.32 billion. During the same period in the prior year, the business posted $1.51 earnings per share. The company’s revenue for the quarter was up 22.3% on a year-over-year basis. On average, equities analysts predict that FOX will post 6.02 EPS for the current year.

Insider Activity

In other news, CEO Lachlan Murdoch acquired 149,934 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were bought at an average price of $68.53 per share, with a total value of $10,274,977.02. Following the completion of the purchase, the chief executive officer directly owned 1,401,713 shares in the company, valued at $96,059,391.89. This trade represents a 11.98% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 20.89% of the company’s stock.

Institutional Investors Weigh In On FOX

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Counterpoint Mutual Funds LLC bought a new position in shares of FOX during the 3rd quarter worth $10,258,000. National Pension Service raised its holdings in shares of FOX by 50.6% in the second quarter. National Pension Service now owns 71,860 shares of the company’s stock valued at $3,748,000 after acquiring an additional 24,154 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of FOX in the second quarter valued at about $1,558,000. Allianz Asset Management GmbH raised its holdings in shares of FOX by 2.6% in the second quarter. Allianz Asset Management GmbH now owns 966,811 shares of the company’s stock valued at $50,429,000 after acquiring an additional 24,511 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its stake in FOX by 12.4% in the second quarter. Squarepoint Ops LLC now owns 1,127,389 shares of the company’s stock worth $58,805,000 after acquiring an additional 124,143 shares during the period. 52.52% of the stock is owned by institutional investors.

FOX Company Profile

Fox Corporation is a media company focused primarily on news, sports and entertainment for audiences in the United States. Its businesses include Fox News Media, Fox Sports and Fox Entertainment, which produce and distribute television programming, news coverage, live sports and entertainment content. The company also operates the Fox broadcast network and local television stations, and offers streaming services including Tubi, an ad-supported streaming platform, and Fox Nation, a subscription service.