JPMorgan Chase & Co. Raises Position in Fox Co. (NASDAQ:FOXA)

JPMorgan Chase & Co. grew its position in shares of Fox Co. (NASDAQ:FOXA) by 10.9% during the third quarter, Holdings Channel reports. The fund owned 1,125,648 shares of the company’s stock after purchasing an additional 110,753 shares during the period. JPMorgan Chase & Co.’s holdings in FOX were worth $47,649,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Quest Partners LLC bought a new stake in shares of FOX in the 3rd quarter worth approximately $51,000. Quarry LP bought a new stake in FOX in the 3rd quarter worth about $70,000. Transamerica Financial Advisors Inc. purchased a new position in FOX in the 3rd quarter worth about $119,000. Exchange Traded Concepts LLC purchased a new stake in shares of FOX during the 3rd quarter valued at about $141,000. Finally, Mather Group LLC. raised its holdings in shares of FOX by 74.5% during the third quarter. Mather Group LLC. now owns 4,178 shares of the company’s stock valued at $177,000 after purchasing an additional 1,784 shares during the last quarter. Institutional investors own 52.52% of the company’s stock.

Insiders Place Their Bets

In related news, COO John Nallen sold 182,481 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $43.73, for a total value of $7,979,894.13. Following the transaction, the chief operating officer now owns 249,424 shares of the company’s stock, valued at $10,907,311.52. This represents a 42.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Keith Rupert Murdoch sold 186,871 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $46.22, for a total value of $8,637,177.62. The disclosure for this sale can be found here. Insiders have sold a total of 469,352 shares of company stock worth $20,822,072 over the last quarter. Company insiders own 21.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on FOXA. Seaport Res Ptn downgraded shares of FOX from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 9th. Barclays upped their price objective on FOX from $36.00 to $39.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their price target on FOX from $41.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Guggenheim increased their price objective on shares of FOX from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Finally, Loop Capital increased their price target on shares of FOX from $48.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, FOX has an average rating of “Hold” and a consensus price target of $46.87.

FOX Stock Performance

Shares of NASDAQ:FOXA opened at $49.32 on Friday. The company has a current ratio of 2.59, a quick ratio of 2.33 and a debt-to-equity ratio of 0.58. Fox Co. has a 12 month low of $28.28 and a 12 month high of $50.63. The company has a market capitalization of $22.53 billion, a price-to-earnings ratio of 12.06, a PEG ratio of 1.18 and a beta of 0.75. The firm’s 50-day moving average is $46.60 and its 200 day moving average is $41.63.

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

About FOX

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.