Kornitzer Capital Management Inc. KS Sells 34,741 Shares of Liberty Media Corporation - Liberty Formula One Series C $FWONK

Key Points

• Kornitzer Capital Management cut its FWONK stake by 39.4% in the third quarter, selling 34,741 shares; it retained 53,429 shares valued at about $4.94 million.
• Institutional investors and hedge funds own 92.26% of the stock. Other large investors, including Janus Henderson and Bank of America, increased their positions.
• Analysts’ average rating is Moderate Buy, with a $117.62 average price target. Recent third-quarter results showed year-over-year EPS growth, but EPS of $0.43 and revenue of $1.23 billion both missed consensus estimates.

Kornitzer Capital Management Inc. KS lessened its holdings in shares of Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) by 39.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,429 shares of the company's stock after selling 34,741 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Liberty Media Corporation - Liberty Formula One Series C were worth $4,937,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Janus Henderson Group PLC lifted its position in shares of Liberty Media Corporation - Liberty Formula One Series C by 2.9% in the first quarter. Janus Henderson Group PLC now owns 10,883,212 shares of the company's stock worth $925,299,000 after purchasing an additional 302,191 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Liberty Media Corporation - Liberty Formula One Series C by 13.8% during the second quarter. The Manufacturers Life Insurance Company now owns 5,311,086 shares of the company's stock worth $505,297,000 after purchasing an additional 645,996 shares during the period. Bank of America Corp DE boosted its holdings in shares of Liberty Media Corporation - Liberty Formula One Series C by 43.2% during the first quarter. Bank of America Corp DE now owns 4,561,809 shares of the company's stock worth $387,845,000 after purchasing an additional 1,376,984 shares during the period. Junto Capital Management LP grew its position in Liberty Media Corporation - Liberty Formula One Series C by 178.1% during the second quarter. Junto Capital Management LP now owns 1,707,281 shares of the company's stock valued at $162,431,000 after purchasing an additional 1,093,372 shares in the last quarter. Finally, Hawk Ridge Capital Management LP grew its position in Liberty Media Corporation - Liberty Formula One Series C by 38.9% during the first quarter. Hawk Ridge Capital Management LP now owns 1,849,660 shares of the company's stock valued at $157,258,000 after purchasing an additional 518,300 shares in the last quarter. Institutional investors and hedge funds own 92.26% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Liberty Media Corporation - Liberty Formula One Series C in a research note on Wednesday, September 9th. They issued a "buy" rating and a $115.00 price objective on the stock. Zacks Research lowered shares of Liberty Media Corporation - Liberty Formula One Series C from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 29th. JPMorgan Chase & Co. lifted their target price on shares of Liberty Media Corporation - Liberty Formula One Series C from $124.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Weiss Ratings restated a "hold (c)" rating on shares of Liberty Media Corporation - Liberty Formula One Series C in a report on Wednesday, July 29th. Finally, Sanford C. Bernstein upped their price target on shares of Liberty Media Corporation - Liberty Formula One Series C from $115.00 to $119.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 28th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Liberty Media Corporation - Liberty Formula One Series C presently has an average rating of "Moderate Buy" and an average price target of $117.62.

Key Stories Impacting Liberty Media Corporation - Liberty Formula One Series C

Here are the key news stories impacting Liberty Media Corporation - Liberty Formula One Series C this week:

• Positive Sentiment: Wells Fargo raised its price target to $113 from $96, indicating about 6.3% potential upside from the cited $106.33 price. The firm maintained an “equal weight” rating, so the higher target is a modestly supportive signal rather than a bullish upgrade. Wells Fargo ratings
• Neutral Sentiment: Liberty Media’s third-quarter revenue rose, and EPS increased to $0.43 from $0.24 a year earlier. The report also said John Malone’s voting power declined to 3%; the articles provided no further details on the implications. Liberty Media Q3 revenue and voting power
• Negative Sentiment: Quarterly EPS of $0.43 missed analyst estimates of $0.56–$0.59, and revenue of $1.23 billion was below the $1.24 billion consensus. The earnings and revenue shortfalls may weigh on investor sentiment despite year-over-year EPS growth. Q3 earnings and revenue results

Liberty Media Corporation - Liberty Formula One Series C Price Performance

Shares of FWONK stock opened at $106.33 on Monday. Liberty Media Corporation - Liberty Formula One Series C has a fifty-two week low of $80.15 and a fifty-two week high of $108.35. The stock's 50-day moving average is $94.54 and its two-hundred day moving average is $92.18. The firm has a market cap of $23.85 billion, a P/E ratio of 122.22 and a beta of 0.46.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.22). The firm had revenue of $934.00 million during the quarter, compared to analyst estimates of $952.78 million. As a group, research analysts expect that Liberty Media Corporation - Liberty Formula One Series C will post 2.01 EPS for the current year.

Liberty Media Corporation - Liberty Formula One Series C Company Profile

Liberty Media Corporation's Liberty Formula One Series C stock NASDAQ: FWONK is a tracking stock associated with the company's Formula One Group. The group's principal business is Formula 1, the international motorsport series, which organizes and promotes races and manages the championship's commercial rights, including media, sponsorship, licensing and race-promotion activities.

Formula 1 has held world championship races since 1950 and serves a global audience, with events staged across multiple continents.

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