Verition Fund Management LLC Lowers Stock Position in Fox Co. (NASDAQ:FOXA)

Verition Fund Management LLC lessened its position in shares of Fox Co. (NASDAQ:FOXA) by 79.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,068 shares of the company’s stock after selling 43,411 shares during the period. Verition Fund Management LLC’s holdings in FOX were worth $469,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Independent Franchise Partners LLP grew its stake in FOX by 3.3% during the second quarter. Independent Franchise Partners LLP now owns 18,495,954 shares of the company’s stock worth $635,706,000 after buying an additional 597,450 shares during the period. LSV Asset Management boosted its holdings in FOX by 5.9% in the 2nd quarter. LSV Asset Management now owns 8,577,714 shares of the company’s stock worth $294,816,000 after acquiring an additional 481,267 shares during the period. Pacer Advisors Inc. raised its stake in shares of FOX by 44,205.3% during the third quarter. Pacer Advisors Inc. now owns 7,915,576 shares of the company’s stock valued at $335,066,000 after purchasing an additional 7,897,710 shares during the period. Dimensional Fund Advisors LP grew its holdings in FOX by 7.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,758,734 shares of the company’s stock valued at $129,180,000 after purchasing an additional 268,778 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its position in FOX by 25.5% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,420,940 shares of the company’s stock valued at $83,208,000 after buying an additional 492,467 shares during the last quarter. 52.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FOXA. Evercore ISI upgraded shares of FOX to a “hold” rating in a research note on Tuesday, November 5th. Wells Fargo & Company lifted their price objective on shares of FOX from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Macquarie reiterated a “neutral” rating and set a $43.00 price target on shares of FOX in a research report on Tuesday, November 5th. Seaport Res Ptn downgraded shares of FOX from a “strong-buy” rating to a “hold” rating in a report on Monday, September 9th. Finally, UBS Group boosted their target price on shares of FOX from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $44.00.

FOX Trading Down 0.6 %

NASDAQ:FOXA opened at $46.07 on Thursday. The stock has a fifty day simple moving average of $44.12 and a 200 day simple moving average of $39.86. The firm has a market capitalization of $21.04 billion, a price-to-earnings ratio of 11.27, a price-to-earnings-growth ratio of 1.21 and a beta of 0.77. Fox Co. has a 1-year low of $28.28 and a 1-year high of $47.58. The company has a quick ratio of 2.33, a current ratio of 2.59 and a debt-to-equity ratio of 0.58.

FOX (NASDAQ:FOXA) last released its quarterly earnings results on Monday, November 4th. The company reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.33. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $3.38 billion. FOX had a net margin of 13.40% and a return on equity of 16.49%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.09 earnings per share. Sell-side analysts forecast that Fox Co. will post 3.94 earnings per share for the current year.

Insiders Place Their Bets

In other FOX news, Chairman Keith Rupert Murdoch sold 100,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $42.05, for a total value of $4,205,000.00. Following the transaction, the chairman now directly owns 1,258,862 shares of the company’s stock, valued at $52,935,147.10. This represents a 7.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO John Nallen sold 182,481 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total value of $7,979,894.13. Following the completion of the sale, the chief operating officer now directly owns 249,424 shares of the company’s stock, valued at approximately $10,907,311.52. The trade was a 42.25 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 469,352 shares of company stock worth $20,822,072. 21.77% of the stock is currently owned by company insiders.

FOX 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.