Pinebridge Investments L.P. Takes Position in Fox Co. (NASDAQ:FOXA)

Pinebridge Investments L.P. purchased a new position in shares of Fox Co. (NASDAQ:FOXA - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 39,149 shares of the company's stock, valued at approximately $1,902,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. WealthTrak Capital Management LLC acquired a new stake in FOX in the 4th quarter valued at $26,000. SRS Capital Advisors Inc. increased its position in shares of FOX by 91.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 550 shares of the company's stock valued at $27,000 after acquiring an additional 262 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in FOX during the fourth quarter worth about $28,000. Jones Financial Companies Lllp boosted its position in FOX by 61.5% during the fourth quarter. Jones Financial Companies Lllp now owns 654 shares of the company's stock valued at $32,000 after purchasing an additional 249 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its stake in FOX by 122.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company's stock valued at $33,000 after purchasing an additional 368 shares in the last quarter. 52.52% of the stock is currently owned by institutional investors and hedge funds.

FOX Stock Performance

FOX stock traded down $0.57 during midday trading on Thursday, hitting $49.22. The company's stock had a trading volume of 3,370,857 shares, compared to its average volume of 3,397,564. The company has a 50-day moving average price of $52.35 and a two-hundred day moving average price of $49.47. Fox Co. has a 1-year low of $30.95 and a 1-year high of $58.74. The company has a market cap of $22.32 billion, a price-to-earnings ratio of 10.54, a PEG ratio of 1.27 and a beta of 0.51. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.14.

FOX (NASDAQ:FOXA - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.34. FOX had a return on equity of 18.50% and a net margin of 14.39%. The business had revenue of $5.08 billion during the quarter, compared to analysts' expectations of $4.78 billion. During the same period in the previous year, the company posted $0.34 earnings per share. The firm's revenue for the quarter was up 19.9% compared to the same quarter last year. As a group, sell-side analysts predict that Fox Co. will post 4.38 earnings per share for the current year.

FOX Announces Dividend

The business also recently declared a semi-annual dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 5th were paid a $0.27 dividend. This represents a yield of 1%. The ex-dividend date was Wednesday, March 5th. FOX's dividend payout ratio (DPR) is presently 11.56%.

Insider Buying and Selling

In related news, insider Adam G. Ciongoli sold 1,278 shares of FOX stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $54.13, for a total value of $69,178.14. Following the transaction, the insider now directly owns 29,897 shares of the company's stock, valued at $1,618,324.61. This trade represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Keith Rupert Murdoch sold 58,000 shares of the company's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $53.17, for a total value of $3,083,860.00. Following the sale, the chairman now owns 1,200,862 shares of the company's stock, valued at $63,849,832.54. The trade was a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 21.77% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FOXA. Barclays cut their price objective on FOX from $50.00 to $45.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Moffett Nathanson downgraded shares of FOX from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $51.00 to $52.00 in a research report on Tuesday, January 21st. The Goldman Sachs Group set a $60.00 target price on shares of FOX and gave the company a "buy" rating in a research note on Tuesday, February 4th. Loop Capital upped their price objective on FOX from $60.00 to $62.00 and gave the company a "buy" rating in a research note on Tuesday, April 1st. Finally, Wolfe Research cut FOX from a "peer perform" rating to an "underperform" rating and set a $48.00 price objective for the company. in a research report on Monday, April 7th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $50.65.

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.