State of Michigan Retirement System Has $2.57 Million Stock Holdings in Fox Co. (NASDAQ:FOXA)

State of Michigan Retirement System cut its position in Fox Co. (NASDAQ:FOXA) by 2.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 82,012 shares of the company’s stock after selling 2,100 shares during the quarter. State of Michigan Retirement System’s holdings in FOX were worth $2,565,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in FOXA. Cornercap Investment Counsel Inc. boosted its stake in FOX by 0.8% during the 4th quarter. Cornercap Investment Counsel Inc. now owns 41,656 shares of the company’s stock valued at $1,236,000 after purchasing an additional 324 shares during the last quarter. Park Avenue Securities LLC boosted its stake in FOX by 1.7% during the 1st quarter. Park Avenue Securities LLC now owns 18,908 shares of the company’s stock valued at $591,000 after purchasing an additional 324 shares during the last quarter. Verdence Capital Advisors LLC boosted its stake in FOX by 3.0% during the 4th quarter. Verdence Capital Advisors LLC now owns 13,243 shares of the company’s stock valued at $393,000 after purchasing an additional 384 shares during the last quarter. True Wealth Design LLC boosted its stake in FOX by 3.1% during the 4th quarter. True Wealth Design LLC now owns 24,654 shares of the company’s stock valued at $731,000 after purchasing an additional 738 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its stake in FOX by 862.2% during the 4th quarter. Global Retirement Partners LLC now owns 943 shares of the company’s stock valued at $29,000 after purchasing an additional 845 shares during the last quarter. 52.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. The Goldman Sachs Group reiterated a “buy” rating and set a $42.00 price target on shares of FOX in a research note on Monday. Seaport Res Ptn upgraded FOX from a “neutral” rating to a “buy” rating in a research note on Friday, April 5th. Barclays boosted their target price on FOX from $33.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Monday, May 13th. Bank of America upgraded FOX from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $34.00 to $40.00 in a research note on Thursday, May 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on FOX from $38.00 to $39.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, FOX presently has an average rating of “Hold” and a consensus price target of $35.38.

FOX Trading Up 0.9 %

NASDAQ:FOXA opened at $34.78 on Thursday. The company has a current ratio of 3.24, a quick ratio of 2.94 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $16.23 billion, a PE ratio of 10.90, a price-to-earnings-growth ratio of 1.23 and a beta of 0.77. The firm’s 50 day moving average is $33.33 and its 200 day moving average is $31.45. Fox Co. has a 12 month low of $28.28 and a 12 month high of $35.40.

FOX (NASDAQ:FOXA) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.11. FOX had a net margin of 11.19% and a return on equity of 15.90%. The company had revenue of $3.45 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Sell-side analysts expect that Fox Co. will post 3.33 earnings per share for the current year.

Insider Buying and Selling at FOX

In other FOX news, Chairman Keith Rupert Murdoch sold 13,176 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $30.89, for a total transaction of $407,006.64. Following the sale, the chairman now owns 1,408,862 shares of the company’s stock, valued at approximately $43,519,747.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other FOX news, CFO Steven Tomsic sold 30,000 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $34.26, for a total transaction of $1,027,800.00. Following the sale, the chief financial officer now owns 110,568 shares of the company’s stock, valued at approximately $3,788,059.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Keith Rupert Murdoch sold 13,176 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $30.89, for a total transaction of $407,006.64. Following the transaction, the chairman now owns 1,408,862 shares of the company’s stock, valued at $43,519,747.18. The disclosure for this sale can be found here. Insiders own 21.77% of the company’s stock.

FOX Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business 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.