LSV Asset Management Sells 444,855 Shares of Fox Corporation (NASDAQ:FOXA)

Key Points

• LSV Asset Management has reduced its stake in Fox Corporation (NASDAQ: FOXA) by 5.3%, now holding 7,913,368 shares after selling 444,855 shares in the first quarter.
• In contrast, several other institutional investors have increased their holdings in FOX, with CIBC Private Wealth Group raising its position by 122.3% in the fourth quarter.
• Fox Corporation reported earnings of $1.10 EPS for the last quarter, exceeding analysts' expectations, with a 26.8% increase in year-over-year revenue.

LSV Asset Management reduced its stake in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,913,368 shares of the company's stock after selling 444,855 shares during the quarter. FOX accounts for 1.1% of LSV Asset Management's holdings, making the stock its 15th biggest holding. LSV Asset Management owned approximately 1.75% of FOX worth $447,897,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. CIBC Private Wealth Group LLC boosted its stake in FOX by 122.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company's stock valued at $33,000 after buying an additional 368 shares in the last quarter. MV Capital Management Inc. boosted its stake in FOX by 929.9% in the first quarter. MV Capital Management Inc. now owns 690 shares of the company's stock valued at $39,000 after buying an additional 623 shares in the last quarter. Sentry Investment Management LLC acquired a new stake in FOX in the first quarter valued at about $43,000. Allworth Financial LP boosted its stake in FOX by 55.2% in the first quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after buying an additional 280 shares in the last quarter. Finally, TCTC Holdings LLC boosted its stake in FOX by 112.5% in the first quarter. TCTC Holdings LLC now owns 797 shares of the company's stock valued at $45,000 after buying an additional 422 shares in the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

Insider Activity at FOX

In other news, CFO Steven Tomsic sold 5,607 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $55.37, for a total transaction of $310,459.59. Following the completion of the sale, the chief financial officer owned 133,923 shares in the company, valued at $7,415,316.51. The trade was a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 21.77% of the stock is currently owned by corporate insiders.

FOX Trading Up 2.6%

FOXA stock traded up $1.44 during mid-day trading on Monday, reaching $56.98. The company's stock had a trading volume of 6,540,116 shares, compared to its average volume of 3,952,996. The company has a current ratio of 2.45, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. Fox Corporation has a 12 month low of $36.09 and a 12 month high of $58.74. The business's 50 day moving average price is $55.44 and its 200 day moving average price is $53.53. The company has a market cap of $25.62 billion, a price-to-earnings ratio of 14.17, a price-to-earnings-growth ratio of 1.24 and a beta of 0.54.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $0.93 by $0.17. The firm had revenue of $4.37 billion during the quarter, compared to the consensus estimate of $4.14 billion. FOX had a return on equity of 17.99% and a net margin of 11.58%. The company's quarterly revenue was up 26.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.40 earnings per share. On average, equities research analysts predict that Fox Corporation will post 4.38 EPS for the current year.

Analysts Set New Price Targets

FOXA has been the subject of several research reports. Morgan Stanley increased their target price on FOX from $57.00 to $60.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 13th. Bank of America increased their target price on FOX from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Guggenheim reiterated a "buy" rating and issued a $62.00 target price (up from $60.00) on shares of FOX in a research report on Wednesday, June 25th. Cfra Research downgraded FOX from a "moderate buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, Barclays reiterated an "outperform" rating on shares of FOX in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, FOX currently has an average rating of "Hold" and an average target price of $53.53.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.