Sierra Summit Advisors LLC Takes $780,000 Position in Fox Corporation (NASDAQ:FOXA)

Key Points

• Sierra Summit Advisors LLC has acquired a new stake in Fox Corporation (NASDAQ: FOXA), purchasing 13,780 shares valued at approximately $780,000.
• Several institutional investors have increased their positions in FOX, contributing to an overall institutional ownership of 52.52% of the company's stock.
• The company recently declared an increase in its dividend to $0.28 per share, up from the previous $0.18, with the payment date set for September 24th.

Sierra Summit Advisors LLC purchased a new position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 13,780 shares of the company's stock, valued at approximately $780,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FOXA. Hemington Wealth Management boosted its stake in shares of FOX by 217.6% in the first quarter. Hemington Wealth Management now owns 524 shares of the company's stock valued at $29,000 after buying an additional 359 shares in the last quarter. MV Capital Management Inc. lifted its holdings 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 acquiring an additional 623 shares during the period. Zions Bancorporation National Association UT purchased a new stake in shares of FOX during the 1st quarter worth $40,000. Sentry Investment Management LLC purchased a new stake in shares of FOX during the 1st quarter worth $43,000. Finally, Allworth Financial LP grew its stake in shares of FOX by 55.2% during the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock worth $45,000 after purchasing an additional 280 shares during the period. Hedge funds and other institutional investors own 52.52% of the company's stock.

Insider Buying and Selling

In other FOX news, CFO Steven Tomsic sold 5,607 shares of FOX stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $55.37, for a total value of $310,459.59. Following the completion of the sale, the chief financial officer directly owned 133,923 shares of the company's stock, valued at approximately $7,415,316.51. The trade was a 4.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 21.77% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Cowen reiterated a "hold" rating on shares of FOX in a research note on Tuesday, May 13th. Guggenheim reaffirmed a "buy" rating and issued a $62.00 target price (up from $60.00) on shares of FOX in a report on Wednesday, June 25th. UBS Group set a $65.00 target price on shares of FOX and gave the company a "buy" rating in a report on Wednesday, June 25th. Wall Street Zen downgraded shares of FOX from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Cfra Research upgraded shares of FOX from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 5th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, FOX has a consensus rating of "Hold" and an average target price of $55.93.

FOX Trading Up 3.0%

FOXA stock traded up $1.63 during midday trading on Tuesday, hitting $56.13. The stock had a trading volume of 2,842,931 shares, compared to its average volume of 3,977,456. The firm has a market cap of $25.24 billion, a PE ratio of 11.43, a price-to-earnings-growth ratio of 1.29 and a beta of 0.54. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 2.76. Fox Corporation has a 12-month low of $38.72 and a 12-month high of $58.74. The company's 50-day moving average price is $55.38 and its 200 day moving average price is $53.81.

FOX (NASDAQ:FOXA - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, topping the consensus estimate of $1.01 by $0.26. The firm had revenue of $3.29 billion during the quarter, compared to analysts' expectations of $3.12 billion. FOX had a net margin of 13.88% and a return on equity of 18.86%. FOX's revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 EPS. On average, equities research analysts predict that Fox Corporation will post 4.38 earnings per share for the current fiscal year.

FOX Increases Dividend

The company also recently announced a dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be paid a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This is an increase from FOX's previous dividend of $0.18. FOX's dividend payout ratio is presently 11.00%.

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.