Bank of New York Mellon Corp Purchases New Position in Liberty Media Corporation - Liberty Formula One Series A $FWONA

Key Points

• Bank of New York Mellon acquired 589,300 FWONA shares in the second quarter, valued at approximately $56.1 million and representing about 0.24% of the company.
• FWONA reported quarterly EPS of $0.02, missing the $0.24 consensus estimate, while revenue of $934 million also fell short of expectations. Shares were recently trading at $95.36, near the upper end of their 12-month range.
• Analysts remain broadly positive, with an average rating of “Buy” and a consensus price target of $114.67; however, an insider separately sold 11,597 shares at an average price of $90.09.

Bank of New York Mellon Corp acquired a new position in Liberty Media Corporation - Liberty Formula One Series A (NASDAQ:FWONA - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 589,300 shares of the company's stock, valued at approximately $56,066,000. Bank of New York Mellon Corp owned about 0.24% of Liberty Media Corporation - Liberty Formula One Series A as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FWONA. Norges Bank bought a new stake in shares of Liberty Media Corporation - Liberty Formula One Series A in the 4th quarter worth $90,433,000. Principal Financial Group Inc. lifted its holdings in shares of Liberty Media Corporation - Liberty Formula One Series A by 34.1% during the fourth quarter. Principal Financial Group Inc. now owns 1,327,209 shares of the company's stock valued at $118,630,000 after purchasing an additional 337,607 shares in the last quarter. KKM Financial LLC purchased a new stake in shares of Liberty Media Corporation - Liberty Formula One Series A during the fourth quarter valued at $18,547,000. Hawk Ridge Capital Management LP purchased a new stake in shares of Liberty Media Corporation - Liberty Formula One Series A during the third quarter valued at $14,953,000. Finally, Renaissance Technologies LLC increased its holdings in Liberty Media Corporation - Liberty Formula One Series A by 23.7% in the 1st quarter. Renaissance Technologies LLC now owns 347,122 shares of the company's stock worth $27,103,000 after buying an additional 66,600 shares in the last quarter. 8.38% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Renee L. Wilm sold 11,597 shares of Liberty Media Corporation - Liberty Formula One Series A stock in a transaction on Monday, June 15th. The stock was sold at an average price of $90.09, for a total transaction of $1,044,773.73. Following the transaction, the insider directly owned 15,590 shares in the company, valued at approximately $1,404,503.10. The trade was a 42.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.63% of the company's stock.

Liberty Media Corporation - Liberty Formula One Series A Trading Down 0.9%

Shares of NASDAQ FWONA opened at $95.36 on Thursday. Liberty Media Corporation - Liberty Formula One Series A has a 12-month low of $73.70 and a 12-month high of $99.52. The firm has a market capitalization of $23.89 billion, a price-to-earnings ratio of 140.24 and a beta of 0.49. The firm has a 50 day moving average of $90.68 and a 200 day moving average of $84.10.

Liberty Media Corporation - Liberty Formula One Series A (NASDAQ:FWONA - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.22). The firm had revenue of $934.00 million for the quarter, compared to analyst estimates of $954.37 million.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on FWONA shares. Guggenheim lifted their price target on shares of Liberty Media Corporation - Liberty Formula One Series A from $116.00 to $124.00 and gave the stock a "buy" rating in a research note on Friday, August 14th. Citizens Jmp restated a "market outperform" rating and set a $120.00 price objective (up from $100.00) on shares of Liberty Media Corporation - Liberty Formula One Series A in a research report on Thursday, July 2nd. Citigroup restated a "market outperform" rating on shares of Liberty Media Corporation - Liberty Formula One Series A in a report on Wednesday, July 22nd. Zacks Research raised Liberty Media Corporation - Liberty Formula One Series A from a "strong sell" rating to a "strong-buy" rating in a report on Tuesday, May 12th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Liberty Media Corporation - Liberty Formula One Series A in a research note on Wednesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Liberty Media Corporation - Liberty Formula One Series A has an average rating of "Buy" and an average price target of $114.67.

About Liberty Media Corporation - Liberty Formula One Series A

Liberty Media Corporation – Liberty Formula One Series A NASDAQ: FWONA is a tracking stock that represents Liberty Media's economic interest in its Liberty Formula One Group business. The tracking stock is designed to give investors direct exposure to the performance of Formula One-related activities within the broader Liberty Media structure while Liberty Media remains the corporate parent. FWONA is a class A equity security tied specifically to the Formula One operations rather than to Liberty Media's other media and entertainment holdings.

The Liberty Formula One Group owns and manages the commercial rights to the FIA Formula One World Championship and derives revenue from global media and broadcasting rights, sponsorship and advertising, race promotion and hospitality, licensing and merchandising, and digital content and distribution.

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