FOX (NASDAQ:FOXA) Shares Gap Up After Earnings Beat

Shares of Fox Co. (NASDAQ:FOXA) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $51.95, but opened at $55.43. FOX shares last traded at $54.06, with a volume of 980,373 shares.

The company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.34. FOX had a return on equity of 16.49% and a net margin of 13.40%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FOXA. Guggenheim lifted their price target on FOX from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Wells Fargo & Company lifted their price target on FOX from $49.00 to $59.00 and gave the stock an “underweight” rating in a report on Friday, January 10th. TD Cowen lifted their price target on FOX from $36.00 to $42.00 and gave the stock a “hold” rating in a report on Tuesday, November 5th. UBS Group lifted their price target on FOX from $44.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Finally, Bank of America lifted their price target on FOX from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $48.25.

Insider Activity at FOX

In related news, Chairman Keith Rupert Murdoch sold 186,871 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $46.22, for a total transaction of $8,637,177.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 21.77% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On FOX

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Howard Capital Management Inc. grew its position in FOX by 0.5% during the fourth quarter. Howard Capital Management Inc. now owns 105,337 shares of the company’s stock worth $5,117,000 after buying an additional 557 shares in the last quarter. Callan Capital LLC grew its position in FOX by 7.4% during the fourth quarter. Callan Capital LLC now owns 5,385 shares of the company’s stock worth $262,000 after buying an additional 371 shares in the last quarter. Cypress Capital LLC purchased a new position in FOX during the fourth quarter worth about $961,000. Greystone Financial Group LLC grew its position in FOX by 2.0% during the fourth quarter. Greystone Financial Group LLC now owns 206,318 shares of the company’s stock worth $10,023,000 after buying an additional 3,997 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its position in FOX by 3,077.5% during the fourth quarter. Allianz Asset Management GmbH now owns 885,476 shares of the company’s stock worth $43,016,000 after buying an additional 857,609 shares in the last quarter. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

FOX Stock Performance

The company has a 50-day moving average of $48.35 and a 200 day moving average of $43.72. The company has a quick ratio of 2.33, a current ratio of 2.59 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $24.84 billion, a PE ratio of 13.26, a PEG ratio of 1.25 and a beta of 0.76.

FOX Company Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.