Engineers Gate Manager LP Purchases 69,490 Shares of Fox Corporation $FOX

Key Points

• Engineers Gate Manager LP increased its FOX stake by 1,257.1% in the second quarter, acquiring 69,490 additional shares for a total holding of 75,018 shares valued at approximately $3.5 million.
• Several other institutional investors also established or expanded FOX positions, bringing institutional ownership to 26.41% of the company’s stock.
• FOX exceeded quarterly earnings expectations, reporting $1.79 EPS and $4.21 billion in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $77.89, versus a recent share price of $58.45.

Engineers Gate Manager LP boosted its position in shares of Fox Corporation (NASDAQ:FOX - Free Report) by 1,257.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,018 shares of the company's stock after acquiring an additional 69,490 shares during the period. Engineers Gate Manager LP's holdings in FOX were worth $3,514,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Great Lakes Advisors LLC bought a new position in FOX in the 2nd quarter valued at $4,222,000. Wedge Capital Management L L P NC bought a new position in shares of FOX in the second quarter worth $35,047,000. Gabelli Funds LLC raised its position in shares of FOX by 5.2% in the fourth quarter. Gabelli Funds LLC now owns 566,600 shares of the company's stock worth $36,789,000 after buying an additional 28,200 shares in the last quarter. Foster & Motley Inc. purchased a new stake in shares of FOX in the second quarter worth $9,237,000. Finally, F&V Capital Management LLC boosted its stake in FOX by 31.0% during the second quarter. F&V Capital Management LLC now owns 373,105 shares of the company's stock valued at $17,476,000 after buying an additional 88,395 shares during the period. Institutional investors own 26.41% of the company's stock.

FOX Price Performance

FOX opened at $58.45 on Monday. The stock has a market cap of $24.53 billion, a PE ratio of 15.26, a P/E/G ratio of 1.58 and a beta of 0.58. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.56. Fox Corporation has a 52 week low of $44.08 and a 52 week high of $68.18. The business's fifty day simple moving average is $55.35 and its 200 day simple moving average is $54.72.

FOX (NASDAQ:FOX - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.35. FOX had a return on equity of 20.64% and a net margin of 9.84%.The firm had revenue of $4.21 billion during the quarter, compared to analyst estimates of $3.64 billion. As a group, research analysts expect that Fox Corporation will post 5.99 earnings per share for the current fiscal year.

FOX Announces Dividend

The company also recently disclosed a dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 2nd will be issued a dividend of $0.29 per share. This represents a dividend yield of 96.0%. The ex-dividend date of this dividend is Wednesday, September 2nd. FOX's dividend payout ratio (DPR) is currently 15.14%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Guggenheim restated a "buy" rating on shares of FOX in a research note on Tuesday, August 25th. Citigroup reiterated a "buy" rating on shares of FOX in a research report on Friday, July 17th. Weiss Ratings raised FOX from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday. Wells Fargo & Company upgraded shares of FOX from a "hold" rating to an "overweight" rating and set a $80.00 price objective on the stock in a research report on Friday, August 14th. Finally, Rothschild & Co Redburn set a $71.00 target price on shares of FOX in a research note on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $77.89.

FOX Profile

Fox Corporation NASDAQ: FOX is a U.S.-based media and entertainment company formed in 2019 following the acquisition of most of 21st Century Fox's entertainment assets by The Walt Disney Company. FOX retained a portfolio focused on news, sports, broadcast television and digital streaming.

The company's principal businesses include Fox News Media, which operates Fox News Channel, Fox Business Network and related digital platforms; Fox Sports, which provides national and regional sports programming; and Fox Entertainment, which develops and distributes scripted and unscripted television content.

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