Dimensional Fund Advisors LP Sells 175,414 Shares of Fox Corporation $FOXA

Key Points

• Dimensional Fund Advisors LP has reduced its stake in Fox Corporation by 4.6%, selling 175,414 shares, and now holds approximately 3,639,590 shares valued at about $205.9 million.
• Fox Corporation recently reported $1.27 earnings per share, exceeding analysts' expectations, with revenue of $3.29 billion for the quarter, representing a 6.3% increase from the previous year.
• The company announced an increase in its dividend from $0.18 to $0.28, which will be paid to stockholders on September 24th.

Dimensional Fund Advisors LP trimmed its holdings in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 4.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,639,590 shares of the company's stock after selling 175,414 shares during the quarter. Dimensional Fund Advisors LP owned 0.80% of FOX worth $205,933,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. lifted its holdings in shares of FOX by 752.1% during the first quarter. Assetmark Inc. now owns 1,951,657 shares of the company's stock worth $110,464,000 after purchasing an additional 1,722,616 shares during the period. Federated Hermes Inc. increased its holdings in FOX by 164,675.7% in the first quarter. Federated Hermes Inc. now owns 1,255,591 shares of the company's stock valued at $71,066,000 after purchasing an additional 1,254,829 shares during the period. Nuveen LLC bought a new position in FOX during the 1st quarter worth $63,125,000. Allianz Asset Management GmbH lifted its holdings in FOX by 85.4% during the 1st quarter. Allianz Asset Management GmbH now owns 1,641,592 shares of the company's stock worth $92,914,000 after buying an additional 756,116 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in FOX by 54.9% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,886,623 shares of the company's stock worth $106,783,000 after buying an additional 668,553 shares during the period. 52.52% of the stock is currently owned by institutional investors and hedge funds.

FOX Trading Up 0.7%

NASDAQ FOXA traded up $0.39 during trading hours on Friday, hitting $59.42. 2,847,112 shares of the company's stock were exchanged, compared to its average volume of 3,939,127. The firm has a market cap of $26.47 billion, a price-to-earnings ratio of 12.10, a PEG ratio of 1.41 and a beta of 0.54. The stock has a 50-day simple moving average of $56.02 and a 200 day simple moving average of $54.18. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55. Fox Corporation has a 1-year low of $38.72 and a 1-year high of $60.24.

FOX (NASDAQ:FOXA - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.26. The firm had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.12 billion. FOX had a return on equity of 18.86% and a net margin of 13.88%.The company's revenue was up 6.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 earnings per share. On average, equities analysts forecast that Fox Corporation will post 4.38 EPS for the current fiscal year.

FOX Increases Dividend

The business also recently announced a dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. This is a boost from FOX's previous dividend of $0.18. The ex-dividend date of this dividend is Wednesday, September 3rd. FOX's payout ratio is currently 11.41%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on FOXA shares. Wolfe Research raised FOX from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, July 9th. Bank of America upped their target price on FOX from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. UBS Group set a $65.00 target price on shares of FOX and gave the company a "buy" rating in a research report on Wednesday, June 25th. Wall Street Zen downgraded shares of FOX from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Morgan Stanley upped their price objective on shares of FOX from $60.00 to $65.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Nine research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $56.20.

Insider Buying and Selling

In other FOX news, CFO Steven Tomsic sold 5,607 shares of FOX stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $55.37, for a total value of $310,459.59. Following the completion of the sale, the chief financial officer directly owned 133,923 shares of the company's stock, valued at approximately $7,415,316.51. The trade was a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 21.77% of the company's stock.

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.