Long Corridor Asset Management Ltd Decreases Stock Position in News Corporation $NWSA

Long Corridor Asset Management Ltd cut its stake in News Corporation (NASDAQ:NWSA) by 12.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 77,401 shares of the company’s stock after selling 10,992 shares during the quarter. News comprises approximately 0.8% of Long Corridor Asset Management Ltd’s holdings, making the stock its 16th largest holding. Long Corridor Asset Management Ltd’s holdings in News were worth $2,300,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of News by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 52,171,790 shares of the company’s stock worth $1,550,546,000 after acquiring an additional 407,293 shares during the last quarter. Independent Franchise Partners LLP raised its position in News by 2.2% in the 1st quarter. Independent Franchise Partners LLP now owns 27,189,590 shares of the company’s stock worth $740,101,000 after purchasing an additional 572,331 shares during the period. Dodge & Cox lifted its stake in News by 18.7% in the first quarter. Dodge & Cox now owns 13,846,298 shares of the company’s stock worth $376,896,000 after purchasing an additional 2,183,613 shares during the last quarter. 59 North Capital Management LP boosted its position in shares of News by 24.4% during the first quarter. 59 North Capital Management LP now owns 11,147,654 shares of the company’s stock valued at $303,439,000 after buying an additional 2,185,542 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of News by 2.1% during the second quarter. Geode Capital Management LLC now owns 10,154,121 shares of the company’s stock valued at $300,578,000 after buying an additional 208,692 shares during the last quarter. Hedge funds and other institutional investors own 66.97% of the company’s stock.

News Stock Down 0.7%

NASDAQ:NWSA opened at $24.80 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.76 and a quick ratio of 1.63. News Corporation has a 1-year low of $23.38 and a 1-year high of $31.61. The company has a 50-day moving average of $27.46 and a 200 day moving average of $28.41. The firm has a market cap of $13.93 billion, a PE ratio of 11.98 and a beta of 1.15.

News (NASDAQ:NWSA) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.18 by $0.04. News had a net margin of 13.80% and a return on equity of 5.68%. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.11 billion. During the same quarter in the previous year, the business posted $0.21 EPS. The company’s quarterly revenue was down 16.8% compared to the same quarter last year. As a group, research analysts anticipate that News Corporation will post 0.94 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Guggenheim dropped their price objective on News from $45.00 to $43.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Macquarie reiterated a “neutral” rating and set a $32.70 target price on shares of News in a research report on Wednesday, August 6th. Weiss Ratings restated a “buy (b)” rating on shares of News in a report on Wednesday, October 8th. Zacks Research cut shares of News from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 23rd. Finally, JPMorgan Chase & Co. upped their target price on shares of News from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $38.28.

News Profile

News Corporation, a media and information services company, creates and distributes authoritative and engaging content, and other products and services for consumers and businesses worldwide. It operates through six segments: Digital Real Estate Services, Subscription Video Services, Dow Jones, Book Publishing, News Media, and Other.