FOX (NASDAQ:FOX) Shares Gap Down - Here's Why

Key Points

• FOX Corporation's stock gapped down from $56.81 to $54.16, closing at $53.18 after a volume of nearly 2.9 million shares traded.
• The company reported a higher-than-expected quarterly EPS of $1.27, along with revenue of $3.29 billion, beating analyst estimates.
• FOX announced a dividend of $0.28 per share, set to be paid on September 24, with a payout ratio of 11.41%.

Fox Corporation (NASDAQ:FOX - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $56.81, but opened at $54.16. FOX shares last traded at $53.18, with a volume of 2,892,388 shares traded.

FOX Stock Performance

The firm has a market capitalization of $23.62 billion, a P/E ratio of 10.80, a price-to-earnings-growth ratio of 1.27 and a beta of 0.57. The stock has a 50-day moving average of $52.41 and a 200 day moving average of $50.34. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.76 and a current ratio of 2.91.

FOX (NASDAQ:FOX - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.24. The business had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.12 billion. FOX had a return on equity of 18.86% and a net margin of 13.88%. On average, research analysts anticipate that Fox Corporation will post 4.25 earnings per share for the current year.

FOX Dividend Announcement

The company also recently disclosed a half year 25 dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be given a $0.28 dividend. The ex-dividend date is Wednesday, September 3rd. FOX's dividend payout ratio (DPR) is presently 11.41%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of FOX by 82.7% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,355 shares of the company's stock valued at $1,126,000 after purchasing an additional 9,669 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of FOX by 24.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 5,449 shares of the company's stock valued at $287,000 after purchasing an additional 1,060 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of FOX by 13.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 43,126 shares of the company's stock valued at $2,273,000 after purchasing an additional 5,089 shares during the period. Cerity Partners LLC acquired a new position in shares of FOX in the 1st quarter valued at $360,000. Finally, KBC Group NV lifted its stake in shares of FOX by 35.8% in the 1st quarter. KBC Group NV now owns 34,095 shares of the company's stock valued at $1,797,000 after purchasing an additional 8,987 shares during the period. Institutional investors and hedge funds own 26.41% of the company's stock.

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.