Bank of America Corp DE Cuts Stock Position in Fox Co. (NASDAQ:FOX)

Bank of America Corp DE reduced its position in Fox Co. (NASDAQ:FOX - Free Report) by 47.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 645,554 shares of the company's stock after selling 587,580 shares during the quarter. Bank of America Corp DE owned 0.14% of FOX worth $29,528,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FOX. Vanguard Group Inc. lifted its stake in shares of FOX by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 14,336,198 shares of the company's stock valued at $655,738,000 after acquiring an additional 425,868 shares during the last quarter. Independent Franchise Partners LLP raised its position in FOX by 15.4% during the 4th quarter. Independent Franchise Partners LLP now owns 5,706,386 shares of the company's stock valued at $261,010,000 after purchasing an additional 759,874 shares during the last quarter. Geode Capital Management LLC raised its position in FOX by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 3,224,397 shares of the company's stock valued at $147,122,000 after purchasing an additional 114,442 shares during the last quarter. Norges Bank bought a new position in FOX during the 4th quarter valued at approximately $138,822,000. Finally, Dimensional Fund Advisors LP raised its position in FOX by 5.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,468,268 shares of the company's stock valued at $112,908,000 after purchasing an additional 131,018 shares during the last quarter. 26.41% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other FOX news, Chairman Keith Rupert Murdoch sold 58,000 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $53.17, for a total transaction of $3,083,860.00. Following the transaction, the chairman now owns 1,200,862 shares in the company, valued at approximately $63,849,832.54. This represents a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 23.06% of the company's stock.

FOX Trading Up 1.1%

FOX opened at $51.85 on Friday. The business has a 50 day simple moving average of $47.61 and a two-hundred day simple moving average of $47.18. The firm has a market capitalization of $23.31 billion, a price-to-earnings ratio of 11.10, a PEG ratio of 1.55 and a beta of 0.56. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.14. Fox Co. has a one year low of $30.10 and a one year high of $55.00.

FOX (NASDAQ:FOX - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.96 by $0.14. FOX had a return on equity of 18.50% and a net margin of 14.39%. The firm had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.19 billion. Analysts predict that Fox Co. will post 4.25 EPS for the current year.

Analyst Ratings Changes

Separately, Moffett Nathanson lowered FOX from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 21st.

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.

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