SteelPeak Wealth LLC decreased its stake in Fox Corporation (NASDAQ:FOXA – Free Report) by 16.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,543 shares of the company’s stock after selling 12,040 shares during the period. SteelPeak Wealth LLC’s holdings in FOX were worth $3,730,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in FOXA. Junto Capital Management LP purchased a new position in FOX during the 2nd quarter worth $34,773,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of FOX in the 2nd quarter worth $21,519,000. SG Americas Securities LLC grew its stake in shares of FOX by 299.8% in the 1st quarter. SG Americas Securities LLC now owns 511,811 shares of the company’s stock worth $29,890,000 after acquiring an additional 383,782 shares in the last quarter. Andra AP fonden raised its holdings in shares of FOX by 208.1% in the first quarter. Andra AP fonden now owns 247,000 shares of the company’s stock valued at $14,425,000 after purchasing an additional 166,822 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC purchased a new stake in shares of FOX in the third quarter valued at about $10,258,000. Institutional investors and hedge funds own 52.52% of the company’s stock.
Insiders Place Their Bets
In related news, CEO Lachlan Murdoch acquired 149,934 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was acquired at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the acquisition, the chief executive officer owned 1,401,713 shares of the company’s stock, valued at approximately $96,059,391.89. This represents a 11.98% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 20.89% of the company’s stock.
Key Stories Impacting FOX
Here are the key news stories impacting FOX this week:
- Positive Sentiment: Bank of America upgraded Fox Corporation (FOXA) to “Buy” from “Underperform” and raised its price target to $85 from $54. The bank expects the Roku acquisition to strengthen Fox’s growth outlook and generate approximately $700 million in additional annual earnings by 2028. Fox upgraded to Buy at Bank of America as Roku deal boosts growth outlook
- Positive Sentiment: Fox’s acquisition of Roku gives it a direct platform for distributing programming to viewers, potentially improving the reach and monetization of major content such as Sunday NFL games. Why Fox Can Finally Breathe a Sigh of Relief With Roku Deal—and Why the NFL Can’t
- Positive Sentiment: Options activity was notably bullish: investors bought 6,021 FOX call contracts, more than double the average volume of 2,759. This suggests increased speculative interest in further upside, though options activity is not a guarantee of future performance.
- Positive Sentiment: Fox received additional positive attention from a Zacks upgrade, with commentary suggesting the stock may have been undervalued relative to earnings estimates and intrinsic value. Fox Wins A Zacks Upgrade
- Neutral Sentiment: Reports indicate that Fox has officially acquired Roku, although some analyst commentary still describes the transaction as pending. The strategic benefits are positive, but execution, integration costs, and the ability to convert Roku’s platform into sustained earnings remain key considerations. FOX OFFICIALLY ACQUIRES ROKU
- Negative Sentiment: Fox recently traded below its 200-day moving average, a technical warning that may limit near-term momentum despite the stronger fundamental outlook. FOX Share Price Crosses Below 200-Day Moving Average
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the stock. Citigroup initiated coverage on shares of FOX in a research report on Monday, September 14th. They set an “outperform” rating on the stock. Needham & Company LLC assumed coverage on shares of FOX in a report on Friday. They set a “buy” rating on the stock. Wells Fargo & Company raised shares of FOX from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $65.00 to $80.00 in a research report on Friday, August 14th. Guggenheim reiterated a “buy” rating and issued a $85.00 price objective on shares of FOX in a research note on Wednesday, September 23rd. Finally, Raymond James Financial raised shares of FOX to a “strong-buy” rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.12.
Get Our Latest Research Report on FOX
FOX Stock Up 0.3%
FOXA stock opened at $64.15 on Friday. The stock’s fifty day simple moving average is $65.26 and its two-hundred day simple moving average is $61.93. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.56. Fox Corporation has a 1-year low of $48.34 and a 1-year high of $76.39. The stock has a market cap of $26.92 billion, a P/E ratio of 16.75, a P/E/G ratio of 1.14 and a beta of 0.60.
FOX (NASDAQ:FOXA – Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.35. FOX had a return on equity of 20.64% and a net margin of 9.84%. The firm had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the prior year, the company earned $1.27 EPS. The business’s revenue for the quarter was up 28.1% on a year-over-year basis. Analysts expect that Fox Corporation will post 5.94 EPS for the current year.
FOX Dividend Announcement
The business also recently declared a dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 2nd were given a dividend of $0.29 per share. The ex-dividend date was Wednesday, September 2nd. This represents a yield of 86.0%. FOX’s dividend payout ratio is presently 15.14%.
About FOX
Fox Corporation (NASDAQ: FOXA) is a U.S. media company that produces and distributes news, sports, and entertainment programming. Its portfolio includes FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and Tubi, an ad-supported streaming service offering movies, television programs, and other digital content.
FOX News Media operates FOX News Channel, FOX Business Network, FOX News Digital, and related audio and digital platforms. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and broadcasts scripted and unscripted programming through the FOX broadcast network and other platforms.
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