Fox Corporation $FOX Shares Sold by GABELLI & Co INVESTMENT ADVISERS INC.

Key Points

• GABELLI & Co. Investment Advisers reduced its FOX position by 13.6% in the fourth quarter, selling 35,000 shares and leaving it with 222,911 shares valued at about $14.47 million.
• FOX reported better-than-expected quarterly results, posting EPS of $1.32 versus the $1.02 estimate and revenue of $3.99 billion versus $3.78 billion expected.
• Analyst sentiment is mixed: Zacks upgraded FOX to “strong-buy,” while other firms were more cautious, and the stock currently carries a consensus Moderate Buy rating with a $75 target price.

GABELLI & Co INVESTMENT ADVISERS INC. trimmed its stake in shares of Fox Corporation (NASDAQ:FOX - Free Report) by 13.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 222,911 shares of the company's stock after selling 35,000 shares during the quarter. FOX comprises 2.2% of GABELLI & Co INVESTMENT ADVISERS INC.'s portfolio, making the stock its 16th largest position. GABELLI & Co INVESTMENT ADVISERS INC. owned approximately 0.05% of FOX worth $14,474,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in FOX. AQR Capital Management LLC raised its position in shares of FOX by 65.6% during the 1st quarter. AQR Capital Management LLC now owns 26,715 shares of the company's stock worth $1,408,000 after purchasing an additional 10,579 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of FOX by 4.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,446 shares of the company's stock worth $656,000 after purchasing an additional 586 shares during the period. NewEdge Advisors LLC acquired a new stake in shares of FOX during the 1st quarter worth approximately $224,000. Woodline Partners LP raised its position in shares of FOX by 40.7% during the 1st quarter. Woodline Partners LP now owns 11,145 shares of the company's stock worth $587,000 after purchasing an additional 3,222 shares during the period. Finally, Jane Street Group LLC raised its position in shares of FOX by 427.0% during the 1st quarter. Jane Street Group LLC now owns 97,261 shares of the company's stock worth $5,127,000 after purchasing an additional 78,804 shares during the period. 26.41% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about FOX

Here are the key news stories impacting FOX this week:

• Positive Sentiment: FOX was upgraded by Zacks Research from “hold” to “strong-buy,” which can support sentiment by signaling improved analyst confidence in the stock’s outlook.
• Neutral Sentiment: Fox News content highlighted a range of political and world-news topics, including the Trump-Xi summit, Iran, immigration, and a reported Ebola outbreak. These stories may help drive audience engagement, but they do not appear to be direct earnings or operational catalysts for Fox Corporation.
• Neutral Sentiment: Several Fox News video segments focused on commentary and interviews rather than company-specific business updates, so their immediate impact on FOX shares is likely limited.

FOX Stock Performance

Shares of FOX stock opened at $57.87 on Monday. Fox Corporation has a 12-month low of $48.42 and a 12-month high of $68.18. The firm has a market capitalization of $24.62 billion, a price-to-earnings ratio of 15.27, a price-to-earnings-growth ratio of 6.83 and a beta of 0.54. The business has a 50 day simple moving average of $55.16 and a 200 day simple moving average of $58.49. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.90 and a quick ratio of 2.65.

FOX (NASDAQ:FOX - Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported $1.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.30. FOX had a return on equity of 18.90% and a net margin of 10.56%.The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.78 billion. On average, equities research analysts anticipate that Fox Corporation will post 4.76 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on FOX. Bank of America reiterated an "underperform" rating and set a $45.00 price target (down from $80.00) on shares of FOX in a research report on Wednesday, February 25th. Zacks Research upgraded FOX from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 12th. Finally, Wells Fargo & Company cut FOX from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $75.00.

Insider Buying and Selling

In related news, CEO Lachlan K. Murdoch sold 637,752 shares of the stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $58.20, for a total value of $37,117,166.40. Following the completion of the transaction, the chief executive officer directly owned 152 shares of the company's stock, valued at $8,846.40. This represents a 99.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO John Nallen sold 242,309 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $57.74, for a total value of $13,990,921.66. Following the completion of the transaction, the chief operating officer directly owned 357,653 shares of the company's stock, valued at $20,650,884.22. This trade represents a 40.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,586,871 shares of company stock valued at $91,893,926 over the last three months. Corporate insiders own 23.06% of the company's stock.

FOX Profile

Fox Corporation NASDAQ: FOX is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution.

FOX's core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations.

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