Gabelli Funds LLC Grows Position in Fox Corporation $FOX

Key Points

• Gabelli Funds LLC increased its FOX stake by 5.2% in the fourth quarter, adding 28,200 shares to reach 566,600 shares valued at about $36.8 million. Other institutional investors also boosted positions, and hedge funds and other institutions own 26.41% of FOX.
• Insiders sold heavily over the past 90 days, including COO John Nallen and CEO Lachlan K. Murdoch. Total insider sales amounted to 1,586,871 shares worth about $91.9 million, though insiders still own 23.06% of the company.
• Analyst sentiment improved slightly after Zacks upgraded FOX to “strong-buy,” even as other firms remain cautious, including Bank of America’s underperform rating. FOX also reported better-than-expected quarterly results, with EPS of $1.32 versus $1.02 expected and revenue of $3.99 billion versus $3.78 billion expected.

Gabelli Funds LLC boosted its stake in shares of Fox Corporation (NASDAQ:FOX - Free Report) by 5.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 566,600 shares of the company's stock after purchasing an additional 28,200 shares during the period. Gabelli Funds LLC owned approximately 0.13% of FOX worth $36,789,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FOX. Marshall Wace LLP grew its position in FOX by 792.4% during the 3rd quarter. Marshall Wace LLP now owns 3,184,642 shares of the company's stock worth $182,448,000 after purchasing an additional 2,827,768 shares during the last quarter. SG Americas Securities LLC grew its position in FOX by 2,459.6% during the 4th quarter. SG Americas Securities LLC now owns 413,037 shares of the company's stock worth $26,818,000 after purchasing an additional 396,900 shares during the last quarter. Jane Street Group LLC grew its position in 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 last quarter. State of Tennessee Department of Treasury grew its position in FOX by 352.7% during the 2nd quarter. State of Tennessee Department of Treasury now owns 80,407 shares of the company's stock worth $4,151,000 after purchasing an additional 62,646 shares during the last quarter. Finally, Andra AP fonden grew its position in FOX by 2.7% during the 3rd quarter. Andra AP fonden now owns 1,110,900 shares of the company's stock worth $63,643,000 after purchasing an additional 29,200 shares during the last quarter. Hedge funds and other institutional investors own 26.41% of the company's stock.

Key Headlines Impacting 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.

Insider Buying and Selling at FOX

In other news, COO John Nallen sold 216,806 shares of the company's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $57.68, for a total value of $12,505,370.08. Following the sale, the chief operating officer directly owned 362,206 shares of the company's stock, valued at $20,892,042.08. This represents a 37.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Lachlan K. Murdoch sold 637,752 shares of the stock in a transaction on Friday, March 13th. The stock was sold at an average price of $58.20, for a total transaction of $37,117,166.40. Following the sale, the chief executive officer directly owned 152 shares in the company, valued at $8,846.40. This trade represents a 99.98% 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 worth $91,893,926 over the last ninety days. Insiders own 23.06% of the company's stock.

Wall Street Analysts Forecast Growth

FOX has been the topic of several research analyst reports. Zacks Research raised shares of FOX from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 12th. Bank of America reissued an "underperform" rating and set a $45.00 target price (down from $80.00) on shares of FOX in a research report on Wednesday, February 25th. Finally, Wells Fargo & Company downgraded shares of FOX from a "strong-buy" rating to a "hold" rating in a 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 assigned a Sell rating to the company. According to data from MarketBeat, FOX presently has a consensus rating of "Moderate Buy" and an average target price of $75.00.

FOX Price Performance

FOX stock opened at $57.87 on Monday. The firm's fifty day simple moving average is $55.16 and its 200-day simple moving average is $58.49. The company has a market capitalization of $24.62 billion, a P/E ratio of 15.27, a price-to-earnings-growth ratio of 6.83 and a beta of 0.54. 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 Corporation has a 12 month low of $48.42 and a 12 month high of $68.18.

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

About FOX

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.

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