FOX (FOXA) Projected to Post Quarterly Earnings on Thursday

Key Points

• FOX is expected to report quarterly results before the market opens Thursday, August 6. Analysts forecast earnings of $1.44 per share on revenue of approximately $3.64 billion.
• In its prior quarter, FOX earned $1.32 per share, exceeding estimates by $0.30, while revenue of $3.99 billion surpassed expectations but declined 8.6% year over year.
• FOX shares were trading around $58.95, while analysts maintained a consensus “Moderate Buy” rating and an average price target of $73.56; institutional investors and hedge funds own 52.52% of the stock.

FOX (NASDAQ:FOXA - Get Free Report) is expected to be posting its results before the market opens on Thursday, August 6th. Analysts expect FOX to post earnings of $1.44 per share and revenue of $3.6434 billion for the quarter.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.30. FOX had a return on equity of 18.90% and a net margin of 10.56%.The business had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $3.78 billion. During the same quarter last year, the business posted $1.10 EPS. The firm's revenue for the quarter was down 8.6% compared to the same quarter last year. On average, analysts expect FOX to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

FOX Trading Up 2.1%

FOXA stock opened at $58.95 on Thursday. FOX has a fifty-two week low of $48.34 and a fifty-two week high of $76.39. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.65 and a current ratio of 2.90. The firm has a fifty day moving average price of $58.15 and a 200 day moving average price of $61.26. The firm has a market cap of $24.77 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 1.64 and a beta of 0.54.

Hedge Funds Weigh In On FOX

A number of institutional investors and hedge funds have recently made changes to their positions in FOXA. Ameriprise Financial Inc. boosted its holdings in shares of FOX by 72.0% in the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company's stock valued at $101,948,000 after acquiring an additional 762,645 shares during the period. California State Teachers Retirement System raised its holdings in FOX by 11.5% during the fourth quarter. California State Teachers Retirement System now owns 417,901 shares of the company's stock worth $30,536,000 after purchasing an additional 43,232 shares in the last quarter. Lazard Asset Management LLC raised its stake in shares of FOX by 624.5% during the 2nd quarter. Lazard Asset Management LLC now owns 281,126 shares of the company's stock worth $15,753,000 after buying an additional 242,321 shares in the last quarter. Marshall Wace LLP lifted its holdings in FOX by 20.1% in the third quarter. Marshall Wace LLP now owns 276,831 shares of the company's stock valued at $17,457,000 after acquiring an additional 46,261 shares during the period. Finally, New York State Common Retirement Fund lifted its stake in shares of FOX by 1.3% in the fourth quarter. New York State Common Retirement Fund now owns 128,984 shares of the company's stock valued at $9,425,000 after purchasing an additional 1,644 shares during the period. 52.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Barclays dropped their price target on FOX from $67.00 to $60.00 and set an "equal weight" rating for the company in a research report on Monday, June 15th. Wells Fargo & Company decreased their price objective on shares of FOX from $71.00 to $65.00 and set an "equal weight" rating for the company in a report on Monday, July 6th. UBS Group reiterated a "neutral" rating on shares of FOX in a report on Monday, June 15th. Evercore set a $73.00 price target on shares of FOX in a research report on Tuesday, May 12th. Finally, JPMorgan Chase & Co. raised their price objective on FOX from $69.00 to $70.00 and gave the company a "neutral" rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $73.56.

FOX Company Profile

Fox Corporation NASDAQ: FOXA is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp's operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.

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