Engineers Gate Manager LP Makes New $1.56 Million Investment in Fox Corporation $FOXA

Key Points

• Engineers Gate Manager LP initiated a $1.56 million position in Fox Corporation during the second quarter, buying 29,861 shares. Institutional investors and hedge funds collectively own 52.52% of FOX.
• Fox reported quarterly earnings of $1.79 per share, exceeding the $1.44 consensus estimate, while revenue rose 28.1% year over year to $4.21 billion.
• CEO Lachlan Murdoch purchased nearly $10.3 million of FOX shares, increasing his position by 11.98%. Analysts maintain a consensus “Hold” rating with an average price target of $76.35.

Engineers Gate Manager LP bought a new position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 29,861 shares of the company's stock, valued at approximately $1,558,000.

Other hedge funds have also modified their holdings of the company. NewEdge Advisors LLC boosted its stake in shares of FOX by 88.4% in the second quarter. NewEdge Advisors LLC now owns 10,773 shares of the company's stock valued at $562,000 after buying an additional 5,056 shares in the last quarter. Squarepoint Ops LLC raised its position in FOX by 12.4% in the second quarter. Squarepoint Ops LLC now owns 1,127,389 shares of the company's stock worth $58,805,000 after acquiring an additional 124,143 shares in the last quarter. Arizona State Retirement System raised its position in FOX by 1.6% in the second quarter. Arizona State Retirement System now owns 57,541 shares of the company's stock worth $3,001,000 after acquiring an additional 924 shares in the last quarter. Nykredit A S acquired a new stake in FOX in the second quarter valued at $3,485,000. Finally, Allianz Asset Management GmbH lifted its holdings in FOX by 2.6% in the second quarter. Allianz Asset Management GmbH now owns 966,811 shares of the company's stock valued at $50,429,000 after acquiring an additional 24,511 shares during the period. 52.52% of the stock is owned by institutional investors and hedge funds.

FOX Stock Down 2.1%

FOX stock opened at $66.16 on Thursday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.99 and a current ratio of 3.17. The firm has a market capitalization of $27.76 billion, a price-to-earnings ratio of 17.27, a price-to-earnings-growth ratio of 1.21 and a beta of 0.55. Fox Corporation has a fifty-two week low of $48.34 and a fifty-two week high of $76.39. The stock's fifty day moving average is $62.72 and its two-hundred day moving average is $61.15.

FOX (NASDAQ:FOXA - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $1.79 earnings per share for the quarter, beating analysts' consensus estimates of $1.44 by $0.35. FOX had a return on equity of 20.64% and a net margin of 9.84%.The business had revenue of $4.21 billion during the quarter, compared to analysts' expectations of $3.64 billion. During the same quarter last year, the business posted $1.27 earnings per share. The business's revenue for the quarter was up 28.1% on a year-over-year basis. Analysts predict that Fox Corporation will post 5.94 EPS for the current fiscal year.

FOX Announces Dividend

The firm also recently announced a dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 2nd will be issued a dividend of $0.29 per share. This represents a yield of 86.0%. The ex-dividend date is Wednesday, September 2nd. FOX's dividend payout ratio (DPR) is 15.14%.

Insider Transactions at FOX

In other FOX news, CEO Lachlan Murdoch bought 149,934 shares of the business's stock in a transaction on Tuesday, September 15th. The stock was bought at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the transaction, the chief executive officer owned 1,401,713 shares in the company, valued at approximately $96,059,391.89. The trade was a 11.98% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 19.68% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on FOXA shares. Wall Street Zen raised shares of FOX from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Seaport Research Partners cut shares of FOX from a "buy" rating to a "neutral" rating in a research note on Friday, August 7th. JPMorgan Chase & Co. raised shares of FOX from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $70.00 to $82.00 in a report on Friday, August 14th. Guggenheim reissued a "buy" rating and set a $85.00 price objective on shares of FOX in a report on Tuesday, August 25th. Finally, Wolfe Research upgraded shares of FOX from a "peer perform" rating to an "outperform" rating and set a $71.00 target price on the stock in a research report on Tuesday, June 30th. Ten analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, FOX has a consensus rating of "Hold" and an average price target of $76.35.

FOX Profile

Fox Corporation NASDAQ: FOXA is a media and entertainment company formed in 2019 following the separation of certain assets from 21st Century Fox. The company operates a portfolio of news, sports and entertainment brands focused primarily on the United States, with select services and programming available internationally.

Fox's businesses include FOX News Media, which operates FOX News Channel, FOX Business Network, FOX News Digital and related subscription and streaming services. Its sports operations include FOX Sports, FS1, FS2, FOX Deportes, the Big Ten Network and sports programming distributed through digital platforms.

Want to see what other hedge funds are holding FOXA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fox Corporation (NASDAQ:FOXA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.