Mount Lucas Management LP Purchases New Shares in Fox Corporation (NASDAQ:FOXA)

Mount Lucas Management LP bought a new stake in Fox Corporation (NASDAQ:FOXA - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 51,606 shares of the company's stock, valued at approximately $2,921,000. FOX makes up about 0.9% of Mount Lucas Management LP's investment portfolio, making the stock its 14th largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in shares of FOX by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,815,004 shares of the company's stock valued at $185,344,000 after acquiring an additional 39,959 shares during the last quarter. Northern Trust Corp increased its stake in shares of FOX by 17.1% during the 4th quarter. Northern Trust Corp now owns 3,501,659 shares of the company's stock valued at $170,111,000 after acquiring an additional 511,554 shares during the last quarter. Norges Bank acquired a new position in shares of FOX during the 4th quarter valued at about $132,161,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of FOX by 8.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,676,877 shares of the company's stock valued at $130,043,000 after acquiring an additional 219,016 shares during the last quarter. Finally, AustralianSuper Pty Ltd increased its position in FOX by 8.8% during the 1st quarter. AustralianSuper Pty Ltd now owns 2,636,367 shares of the company's stock worth $149,218,000 after purchasing an additional 212,348 shares in the last quarter. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

FOX Stock Performance

Shares of FOXA traded up $0.40 during trading hours on Friday, reaching $56.67. 2,413,102 shares of the company's stock traded hands, compared to its average volume of 2,979,113. The firm has a market capitalization of $25.48 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 1.26 and a beta of 0.51. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.45 and a quick ratio of 2.33. Fox Corporation has a twelve month low of $36.09 and a twelve month high of $58.74. The business's fifty day simple moving average is $55.41 and its two-hundred day simple moving average is $53.22.

FOX (NASDAQ:FOXA - Get Free Report) last released its earnings results on Monday, May 12th. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.17. The firm had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.14 billion. FOX had a return on equity of 17.99% and a net margin of 11.58%. FOX's revenue was up 26.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.40 earnings per share. Analysts predict that Fox Corporation will post 4.38 earnings per share for the current year.

Insider Transactions at FOX

In related news, CFO Steven Tomsic sold 39,642 shares of FOX stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $55.30, for a total transaction of $2,192,202.60. Following the transaction, the chief financial officer directly owned 133,923 shares of the company's stock, valued at $7,405,941.90. The trade was a 22.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 21.77% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FOXA. Wells Fargo & Company increased their target price on shares of FOX from $58.00 to $62.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 13th. Cfra Research downgraded shares of FOX from a "moderate buy" rating to a "hold" rating in a research report on Friday, June 27th. 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 note on Wednesday, June 25th. 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 note on Tuesday, May 13th. Finally, Guggenheim reiterated a "buy" rating and set a $62.00 target price (up from $60.00) on shares of FOX in a research note on Wednesday, June 25th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $53.53.

FOX Profile

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.