Convergence Investment Partners LLC Increases Holdings in Fox Corporation (NASDAQ:FOXA)

Convergence Investment Partners LLC increased its position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 168.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 44,452 shares of the company's stock after buying an additional 27,891 shares during the quarter. Convergence Investment Partners LLC's holdings in FOX were worth $2,516,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FOXA. WealthTrak Capital Management LLC bought a new stake in FOX during the 4th quarter worth approximately $26,000. CIBC Private Wealth Group LLC raised its position in shares of FOX by 122.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company's stock worth $33,000 after buying an additional 368 shares in the last quarter. MV Capital Management Inc. raised its position in FOX by 929.9% during the first quarter. MV Capital Management Inc. now owns 690 shares of the company's stock valued at $39,000 after purchasing an additional 623 shares in the last quarter. Sentry Investment Management LLC purchased a new position in shares of FOX in the first quarter worth about $43,000. Finally, Allworth Financial LP increased its holdings in shares of FOX by 55.2% in the first quarter. Allworth Financial LP now owns 787 shares of the company's stock worth $45,000 after buying an additional 280 shares during the period. 52.52% of the stock is owned by institutional investors.

Insider Transactions at FOX

In related news, CFO Steven Tomsic sold 39,642 shares of FOX stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $55.30, for a total transaction of $2,192,202.60. Following the sale, the chief financial officer directly owned 133,923 shares in the company, valued at approximately $7,405,941.90. This trade represents a 22.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 21.77% of the company's stock.

FOX Stock Up 0.7%

FOX stock traded up $0.40 during midday trading on Friday, reaching $56.67. The stock had a trading volume of 2,413,102 shares, compared to its average volume of 2,979,113. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.45. The firm's fifty day simple moving average is $55.41 and its 200-day simple moving average is $53.22. The stock has a market capitalization of $25.48 billion, a P/E ratio of 14.10, a price-to-earnings-growth ratio of 1.26 and a beta of 0.51. Fox Corporation has a 1-year low of $36.09 and a 1-year high of $58.74.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.17. FOX had a return on equity of 17.99% and a net margin of 11.58%. The business had revenue of $4.37 billion during the quarter, compared to the consensus estimate of $4.14 billion. During the same period in the previous year, the company posted $1.40 EPS. The firm's quarterly revenue was up 26.8% on a year-over-year basis. As a group, analysts expect that Fox Corporation will post 4.38 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on FOXA. Wolfe Research upgraded FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. Morgan Stanley boosted their price objective on shares of FOX from $57.00 to $60.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 13th. Cfra Research lowered FOX from a "moderate buy" rating to a "hold" rating in a research note on Friday, June 27th. Cowen reaffirmed a "hold" rating on shares of FOX in a report on Tuesday, May 13th. Finally, Barclays reissued an "outperform" rating on shares of FOX in a report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $53.53.

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.