Rossby Financial LCC Makes New $522,000 Investment in Fox Corporation (NASDAQ:FOXA)

Rossby Financial LCC acquired a new stake in Fox Corporation (NASDAQ:FOXA - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 9,216 shares of the company's stock, valued at approximately $522,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in shares of FOX during the fourth quarter valued at $132,161,000. Jupiter Asset Management Ltd. purchased a new position in FOX in the fourth quarter worth about $67,471,000. FMR LLC grew its position in FOX by 240.2% during the fourth quarter. FMR LLC now owns 1,884,927 shares of the company's stock valued at $91,570,000 after buying an additional 1,330,908 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in shares of FOX by 54.9% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,886,623 shares of the company's stock worth $106,783,000 after purchasing an additional 668,553 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of FOX by 338.7% in the fourth quarter. Victory Capital Management Inc. now owns 857,929 shares of the company's stock worth $41,678,000 after buying an additional 662,367 shares during the period. 52.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FOXA. Guggenheim reaffirmed a "buy" rating and issued a $62.00 price objective (up previously from $60.00) on shares of FOX in a research note on Wednesday, June 25th. Bank of America upped their price target on FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Morgan Stanley increased their price objective on shares of FOX from $57.00 to $60.00 and gave the company an "equal weight" rating in a report on Tuesday, May 13th. Wells Fargo & Company increased their price target on FOX from $58.00 to $62.00 and gave the company an "overweight" rating in a report on Tuesday, May 13th. Finally, Cfra Research downgraded FOX from a "moderate buy" rating to a "hold" rating in a report on Friday, June 27th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, FOX currently has a consensus rating of "Hold" and a consensus target price of $53.53.

FOX Stock Performance

Shares of FOXA traded down $0.84 during mid-day trading on Wednesday, reaching $55.13. The company had a trading volume of 3,520,360 shares, compared to its average volume of 3,592,954. The stock has a market capitalization of $24.79 billion, a P/E ratio of 13.71, a PEG ratio of 1.19 and a beta of 0.51. Fox Corporation has a 52-week low of $33.84 and a 52-week high of $58.74. The stock has a 50 day moving average of $53.68 and a two-hundred day moving average of $52.41. The company has a quick ratio of 2.33, a current ratio of 2.45 and a debt-to-equity ratio of 0.57.

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

Insider Activity at FOX

In other FOX news, CFO Steven Tomsic sold 5,607 shares of the 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 transaction, the chief financial officer owned 133,923 shares in the company, valued at approximately $7,415,316.51. This represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 21.77% of the stock is owned by company insiders.

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.