News Corporation $NWSA Shares Sold by Harspring Capital Management LLC

Key Points

• Harspring Capital Management cut its News Corporation stake by 20.2% in the first quarter, selling 121,500 shares and leaving it with 480,000 shares valued at about $12 million.
• News reported better-than-expected quarterly results, posting $0.21 EPS versus $0.16 expected and revenue of $2.19 billion, up 8.8% from a year earlier.
• Analyst sentiment is generally positive, with several firms raising ratings and the stock carrying a consensus Buy rating and average price target of $37.14.

Harspring Capital Management LLC trimmed its position in shares of News Corporation (NASDAQ:NWSA - Free Report) by 20.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 480,000 shares of the company's stock after selling 121,500 shares during the period. News makes up 6.3% of Harspring Capital Management LLC's portfolio, making the stock its 7th biggest holding. Harspring Capital Management LLC owned approximately 0.09% of News worth $11,966,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in NWSA. CYBER HORNET ETFs LLC bought a new stake in News during the 2nd quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd bought a new position in News in the 3rd quarter worth approximately $31,000. Advisory Services Network LLC bought a new position in News in the 3rd quarter worth approximately $35,000. Brown Brothers Harriman & Co. lifted its holdings in shares of News by 154.5% during the third quarter. Brown Brothers Harriman & Co. now owns 1,285 shares of the company's stock worth $39,000 after buying an additional 780 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its position in shares of News by 561.1% in the fourth quarter. Global Retirement Partners LLC now owns 1,732 shares of the company's stock valued at $45,000 after acquiring an additional 1,470 shares during the period. 66.97% of the stock is currently owned by institutional investors.

News Trading Down 0.7%

Shares of News stock opened at $27.34 on Thursday. News Corporation has a 52-week low of $22.20 and a 52-week high of $31.61. The firm has a market capitalization of $14.97 billion, a PE ratio of 13.60 and a beta of 0.89. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.70 and a quick ratio of 1.59. The company's fifty day moving average price is $26.44 and its two-hundred day moving average price is $25.56.

News (NASDAQ:NWSA - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.21 EPS for the quarter, topping analysts' consensus estimates of $0.16 by $0.05. The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.11 billion. News had a net margin of 12.92% and a return on equity of 6.12%. The firm's revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period last year, the firm earned $0.17 EPS. On average, analysts expect that News Corporation will post 0.92 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Weiss Ratings raised shares of News from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, July 16th. Zacks Research raised shares of News from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 9th. Citigroup dropped their price objective on shares of News from $39.00 to $38.00 and set a "buy" rating on the stock in a report on Wednesday, May 13th. Wall Street Zen raised shares of News from a "hold" rating to a "buy" rating in a research report on Saturday, May 16th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $34.00 target price on shares of News in a research note on Sunday, May 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $37.14.

About News

News Corporation NASDAQ: NWSA is a global diversified media and information services company headquartered in New York City. It operates through two principal segments: News and Information Services, and Digital Real Estate Services. The company's news and information division oversees a portfolio of leading newspapers, magazines and digital platforms, offering content across print and online channels. Its properties include Dow Jones, publisher of The Wall Street Journal and Barron's, News UK titles such as The Times and The Sun, as well as News Corp Australia mastheads.

In addition to its journalism assets, News Corp is a significant player in book publishing through HarperCollins, one of the world's largest consumer publishers.

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