Horizon Investments LLC Reduces Position in Fox Corporation $FOXA

Key Points

• Horizon Investments LLC cut its Fox Corporation stake by 92.7% in the fourth quarter, leaving it with 3,482 shares valued at about $254,000 after selling 44,349 shares.
• Several analysts recently adjusted their views on FOXA, with target prices mostly raised but ratings still averaging “Hold”; the consensus price target is $72.93.
• Fox reported stronger-than-expected quarterly results, posting $0.82 EPS versus the $0.47 estimate and revenue of $5.18 billion, while insiders also sold a significant amount of stock in recent months.

Horizon Investments LLC lessened its position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 92.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,482 shares of the company's stock after selling 44,349 shares during the quarter. Horizon Investments LLC's holdings in FOX were worth $254,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. FWL Investment Management LLC purchased a new position in FOX during the 3rd quarter worth approximately $26,000. CYBER HORNET ETFs LLC purchased a new position in FOX during the 2nd quarter worth approximately $35,000. Rosenberg Matthew Hamilton grew its stake in FOX by 58.5% during the 4th quarter. Rosenberg Matthew Hamilton now owns 696 shares of the company's stock worth $51,000 after buying an additional 257 shares during the last quarter. Private Trust Co. NA grew its stake in FOX by 35.6% during the 4th quarter. Private Trust Co. NA now owns 712 shares of the company's stock worth $52,000 after buying an additional 187 shares during the last quarter. Finally, Torren Management LLC purchased a new position in shares of FOX in the 4th quarter valued at approximately $55,000. Hedge funds and other institutional investors own 52.52% of the company's stock.

Analyst Ratings Changes

FOXA has been the topic of several analyst reports. TD Cowen lifted their target price on FOX from $55.00 to $65.00 and gave the company a "hold" rating in a research note on Thursday, February 5th. JPMorgan Chase & Co. lifted their target price on FOX from $65.00 to $69.00 and gave the company a "neutral" rating in a research note on Thursday, February 5th. Morgan Stanley lifted their target price on FOX from $74.00 to $77.00 and gave the company an "equal weight" rating in a research note on Thursday, February 5th. Argus upgraded FOX to a "hold" rating in a research note on Thursday, February 19th. Finally, Wells Fargo & Company lowered their target price on FOX from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research note on Friday, March 27th. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, FOX presently has an average rating of "Hold" and an average price target of $72.93.

Insider Buying and Selling at FOX

In related news, COO John Nallen sold 242,309 shares of FOX stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.74, for a total transaction 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 approximately $20,650,884.22. The trade was a 40.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Lachlan K. Murdoch sold 637,752 shares of FOX stock in a transaction 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 transaction, the chief executive officer directly owned 152 shares of the company's stock, valued at approximately $8,846.40. This represents a 99.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 1,586,871 shares of company stock valued at $91,893,926. 19.68% of the stock is currently owned by insiders.

FOX Stock Up 0.4%

FOXA opened at $62.94 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.78 and a quick ratio of 2.44. The business has a 50 day simple moving average of $60.15 and a 200-day simple moving average of $64.79. The stock has a market capitalization of $26.77 billion, a P/E ratio of 15.13, a P/E/G ratio of 7.75 and a beta of 0.52. Fox Corporation has a 12 month low of $50.03 and a 12 month high of $76.39.

FOX (NASDAQ:FOXA - Get Free Report) last posted its quarterly earnings results on Wednesday, February 4th. The company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.47 by $0.35. The business had revenue of $5.18 billion during the quarter, compared to analysts' expectations of $5.02 billion. FOX had a return on equity of 18.14% and a net margin of 11.41%.The company's quarterly revenue was up 2.0% compared to the same quarter last year. During the same period last year, the firm earned $0.96 EPS. On average, equities analysts anticipate that Fox Corporation will post 4.6 earnings per share for the current fiscal year.

FOX Company Profile

Fox Corporation NASDAQ: FOXA is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp's operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.

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