Kodai Capital Management LP Reduces Stake in Fox Corporation $FOX

Key Points

• Kodai Capital Management LP has reduced its position in Fox Corporation by 43.1%, selling 100,874 shares and now holding 133,065 shares valued at approximately $7 million.
• In the first quarter, several institutional investors made significant changes to their holdings of FOX, with Federated Hermes Inc. increasing their stake by 66.2%.
• Fox Corporation reported earnings of $1.27 per share, exceeding analysts' expectations of $1.03, along with a revenue of $3.29 billion for the quarter.

Kodai Capital Management LP cut its position in Fox Corporation (NASDAQ:FOX - Free Report) by 43.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 133,065 shares of the company's stock after selling 100,874 shares during the quarter. Kodai Capital Management LP's holdings in FOX were worth $7,014,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FOX. Raymond James Financial Inc. acquired a new stake in shares of FOX in the 4th quarter valued at about $1,295,000. State of Tennessee Department of Treasury lifted its position in FOX by 55.0% during the 4th quarter. State of Tennessee Department of Treasury now owns 30,786 shares of the company's stock worth $1,408,000 after acquiring an additional 10,930 shares during the period. Susquehanna International Group LLP lifted its position in FOX by 49.4% during the 4th quarter. Susquehanna International Group LLP now owns 74,258 shares of the company's stock worth $3,397,000 after acquiring an additional 24,539 shares during the period. Price T Rowe Associates Inc. MD lifted its position in FOX by 1.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 184,000 shares of the company's stock worth $8,417,000 after acquiring an additional 2,347 shares during the period. Finally, Voya Investment Management LLC lifted its position in FOX by 2.5% during the 4th quarter. Voya Investment Management LLC now owns 41,946 shares of the company's stock worth $1,919,000 after acquiring an additional 1,017 shares during the period. 26.41% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Steven Tomsic sold 5,607 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $55.37, for a total transaction of $310,459.59. Following the completion of the transaction, the chief financial officer directly owned 133,923 shares of the company's stock, valued at approximately $7,415,316.51. This represents a 4.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 23.06% of the company's stock.

FOX Stock Performance

FOX stock traded up $1.07 during mid-day trading on Tuesday, reaching $55.62. 1,430,645 shares of the company were exchanged, compared to its average volume of 1,226,210. Fox Corporation has a twelve month low of $35.89 and a twelve month high of $55.70. The firm's 50-day simple moving average is $51.94 and its two-hundred day simple moving average is $50.22. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.76 and a current ratio of 2.91. The firm has a market cap of $24.78 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 1.34 and a beta of 0.57.

FOX (NASDAQ:FOX - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.24. FOX had a return on equity of 18.86% and a net margin of 13.88%.The company had revenue of $3.29 billion during the quarter, compared to analysts' expectations of $3.12 billion. Equities analysts predict that Fox Corporation will post 4.25 earnings per share for the current fiscal year.

FOX Dividend Announcement

The firm also recently announced a half year 25 dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. FOX's dividend payout ratio is 11.00%.

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.