Liberty Media Corporation - Liberty Formula One Series A $FWONA Shares Newly Purchased by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management initiated a position in FWONA, buying 21,600 shares worth approximately $1.83 million in the third quarter. Institutional investors collectively own 8.38% of the stock.
• Liberty Formula One reported quarterly EPS of $0.43, below the $0.56 consensus estimate, and revenue of $1.23 billion, slightly under expectations of $1.24 billion.
• Analysts have a consensus Buy rating and an average price target of $114.67; shares opened at $102.83, near their reported 12-month high of $103.10.

Kornitzer Capital Management Inc. KS purchased a new stake in Liberty Media Corporation - Liberty Formula One Series A (NASDAQ:FWONA - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 21,600 shares of the company's stock, valued at approximately $1,828,000.

A number of other institutional investors have also modified their holdings of FWONA. Madison Asset Management LLC bought a new position in Liberty Media Corporation - Liberty Formula One Series A in the second quarter worth about $131,567,000. Principal Financial Group Inc. grew its holdings in shares of Liberty Media Corporation - Liberty Formula One Series A by 14.4% during the first quarter. Principal Financial Group Inc. now owns 1,518,828 shares of the company's stock valued at $118,593,000 after purchasing an additional 191,619 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Liberty Media Corporation - Liberty Formula One Series A by 1.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,006,144 shares of the company's stock worth $78,560,000 after purchasing an additional 10,603 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Liberty Media Corporation - Liberty Formula One Series A in the 2nd quarter worth approximately $56,066,000. Finally, Hawk Ridge Capital Management LP lifted its holdings in shares of Liberty Media Corporation - Liberty Formula One Series A by 47.3% in the 1st quarter. Hawk Ridge Capital Management LP now owns 441,500 shares of the company's stock worth $34,472,000 after purchasing an additional 141,700 shares during the last quarter. Institutional investors own 8.38% of the company's stock.

Liberty Media Corporation - Liberty Formula One Series A Price Performance

Shares of FWONA stock opened at $102.83 on Tuesday. Liberty Media Corporation - Liberty Formula One Series A has a 12-month low of $73.70 and a 12-month high of $103.10. The firm has a market capitalization of $25.76 billion, a price-to-earnings ratio of 133.87 and a beta of 0.52. The business has a 50 day simple moving average of $87.08 and a 200 day simple moving average of $84.75.

Liberty Media Corporation - Liberty Formula One Series A (NASDAQ:FWONA - Get Free Report) last announced its earnings results on Thursday, November 5th. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.13). The business had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.24 billion.

Analysts Set New Price Targets

Several brokerages have weighed in on FWONA. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Liberty Media Corporation - Liberty Formula One Series A in a research report on Monday, September 21st. Citigroup reaffirmed a "market outperform" rating on shares of Liberty Media Corporation - Liberty Formula One Series A in a report on Wednesday, July 22nd. Finally, Guggenheim lifted their price objective on shares of Liberty Media Corporation - Liberty Formula One Series A from $116.00 to $124.00 and gave the company a "buy" rating in a research report on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $114.67.

About Liberty Media Corporation - Liberty Formula One Series A

Liberty Media Corporation's Liberty Formula One Group is a tracking-stock group whose principal business is Formula 1, the international motor-racing series. Formula 1 organizes and promotes the FIA Formula One World Championship and commercializes its media, sponsorship, licensing, hospitality and other related rights.

The business serves a global audience, with races, broadcast distribution and commercial partnerships spanning multiple regions. Its activities include working with race promoters, teams, broadcasters and sponsors, as well as developing digital content and experiences for fans.

Liberty Media acquired Formula 1 in 2017.

Want to see what other hedge funds are holding FWONA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Liberty Media Corporation - Liberty Formula One Series A (NASDAQ:FWONA - 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.