Mirae Asset Global Investments Co. Ltd. Makes New $3.53 Million Investment in Fox Corporation $FOXA

Key Points

• Mirae Asset Global Investments acquired 56,289 Fox shares in the third quarter, worth approximately $3.53 million. Institutional investors and hedge funds collectively own 52.52% of the stock.
• Fox reported quarterly earnings of $2.54 per share, beating the $2.02 consensus estimate, while revenue of $4.57 billion also topped expectations and rose 22.3% year over year.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $79.16. Shares were trading at $66.64, down 1.5% on Friday.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Fox Corporation (NASDAQ:FOXA - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 56,289 shares of the company's stock, valued at approximately $3,527,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Squarepoint Ops LLC increased its position in shares of FOX by 12.4% during the second quarter. Squarepoint Ops LLC now owns 1,127,389 shares of the company's stock valued at $58,805,000 after buying an additional 124,143 shares during the period. Allianz Asset Management GmbH grew its holdings in shares of FOX by 2.6% during the 2nd quarter. Allianz Asset Management GmbH now owns 966,811 shares of the company's stock worth $50,429,000 after acquiring an additional 24,511 shares during the period. Junto Capital Management LP bought a new position in shares of FOX in the 2nd quarter worth approximately $34,773,000. Robeco Institutional Asset Management B.V. bought a new position in shares of FOX in the 3rd quarter worth approximately $29,395,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of FOX in the 2nd quarter valued at approximately $21,519,000. 52.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on FOXA. Bank of America raised FOX from an "underperform" rating to a "buy" rating and raised their price objective for the company from $54.00 to $85.00 in a research report on Friday, October 16th. Needham & Company LLC assumed coverage on shares of FOX in a research note on Friday, October 16th. They issued a "buy" rating for the company. Citizens Jmp started coverage on shares of FOX in a research note on Monday, September 14th. They set a "market outperform" rating and a $95.00 target price for the company. Seaport Research Partners cut FOX from a "buy" rating to a "neutral" rating in a research report on Friday, August 7th. Finally, Arete Research upped their price target on FOX from $112.00 to $125.00 and gave the stock a "buy" rating in a research note on Tuesday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $79.16.

FOX Stock Down 1.5%

FOX stock traded down $1.03 during trading hours on Friday, hitting $66.64. The stock had a trading volume of 19,576,650 shares, compared to its average volume of 5,016,970. The company has a quick ratio of 2.99, a current ratio of 3.79 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $27.97 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 1.09 and a beta of 0.63. Fox Corporation has a 12-month low of $48.34 and a 12-month high of $76.39. The stock's 50-day moving average price is $64.86 and its 200-day moving average price is $62.17.

FOX (NASDAQ:FOXA - Get Free Report) last posted its quarterly earnings results on Monday, November 2nd. The company reported $2.54 EPS for the quarter, beating analysts' consensus estimates of $2.02 by $0.52. The firm had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.32 billion. FOX had a net margin of 11.30% and a return on equity of 23.96%. The business's revenue for the quarter was up 22.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.51 earnings per share. Equities research analysts anticipate that Fox Corporation will post 5.97 EPS for the current fiscal year.

Insider Transactions at FOX

In other FOX news, CEO Lachlan Murdoch bought 149,934 shares of the business's stock in a transaction on Tuesday, September 15th. The shares were acquired at an average cost of $68.53 per share, for a total transaction of $10,274,977.02. Following the purchase, the chief executive officer owned 1,401,713 shares in the company, valued at approximately $96,059,391.89. This trade represents a 11.98% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 20.89% of the company's stock.

FOX Profile

Fox Corporation is a media company focused primarily on news, sports and entertainment for audiences in the United States. Its businesses include Fox News Media, Fox Sports and Fox Entertainment, which produce and distribute television programming, news coverage, live sports and entertainment content.

The company also operates the Fox broadcast network and local television stations, and offers streaming services including Tubi, an ad-supported streaming platform, and Fox Nation, a subscription service.

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