FOX (NASDAQ:FOX) Sets New 12-Month Low – What’s Next?

Shares of Fox Corporation (NASDAQ:FOX) hit a new 52-week low during trading on Monday . The company traded as low as $45.73 and last traded at $45.6410, with a volume of 330413 shares traded. The stock had previously closed at $46.95.

Trending Headlines about FOX

Here are the key news stories impacting FOX this week:

• Negative Sentiment: Investors continue to digest Fox’s agreement to acquire Roku in a roughly $22 billion cash-and-stock deal, which is weighing on sentiment because it adds financing needs, share dilution risk, and execution uncertainty before any long-term streaming benefits are realized. Fox Corp Slides as Investors Continue to Digest Roku Acquisition Risks
• Neutral Sentiment: Fox News’ heavy coverage of political and breaking-news topics, including the New York primaries, Iran negotiations, and other high-traffic stories, may support audience engagement, but there was no direct operating update in these articles to change the outlook materially. Article on New Yorkers voting and related coverage

Analyst Upgrades and Downgrades

FOX has been the subject of several research analyst reports. Zacks Research raised shares of FOX from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 12th. Bank of America reissued an “underperform” rating and issued a $45.00 price objective (down from $80.00) on shares of FOX in a research note on Wednesday, February 25th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of FOX in a report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, FOX currently has an average rating of “Moderate Buy” and an average target price of $75.00.

FOX Stock Performance

The firm’s fifty day moving average price is $56.58 and its 200 day moving average price is $57.99. The firm has a market cap of $18.72 billion, a P/E ratio of 11.75, a price-to-earnings-growth ratio of 1.76 and a beta of 0.54. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.65 and a current ratio of 2.90.

FOX (NASDAQ:FOX) last released its quarterly earnings data on Monday, May 11th. The company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.30. The firm had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.78 billion. FOX had a net margin of 10.56% and a return on equity of 18.90%. Sell-side analysts expect that Fox Corporation will post 4.76 EPS for the current fiscal year.

Institutional Trading of FOX

Several hedge funds and other institutional investors have recently bought and sold shares of FOX. Marshall Wace LLP boosted its holdings in shares of FOX by 792.4% in the 3rd quarter. Marshall Wace LLP now owns 3,184,642 shares of the company’s stock valued at $182,448,000 after acquiring an additional 2,827,768 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of FOX by 2,459.6% during the fourth quarter. SG Americas Securities LLC now owns 413,037 shares of the company’s stock worth $26,818,000 after purchasing an additional 396,900 shares during the last quarter. Pinebridge Investments LLC acquired a new position in FOX during the fourth quarter valued at $13,758,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in FOX during the first quarter valued at $9,328,000. Finally, Gabelli Funds LLC boosted its holdings in FOX by 26.4% in the third quarter. Gabelli Funds LLC now owns 538,400 shares of the company’s stock valued at $30,845,000 after purchasing an additional 112,600 shares during the last quarter. Institutional investors own 26.41% of the company’s stock.

About FOX

Fox Corporation (NASDAQ:FOX) is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution.

FOX’s core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations.