Zacks Research Upgrades FOX (NASDAQ:FOX) to Strong-Buy

Key Points

• Zacks Research has upgraded FOX (NASDAQ:FOX) from a "hold" rating to a "strong-buy" rating, signaling increased confidence in the stock's performance.
• FOX reported an earnings per share (EPS) of $1.27 for the last quarter, significantly surpassing analysts' expectations by $0.24.
• Institutional investors currently own 26.41% of FOX, with several funds recently increasing their stakes in the company.

FOX (NASDAQ:FOX - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Tuesday,Zacks.com reports.

Separately, Weiss Ratings reiterated a "buy (b+)" rating on shares of FOX in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy".

FOX Price Performance

NASDAQ:FOX traded down $0.43 during mid-day trading on Tuesday, hitting $53.33. 84,502 shares of the stock traded hands, compared to its average volume of 1,426,927. The business's 50-day moving average price is $53.73 and its 200 day moving average price is $50.87. The company has a market cap of $23.76 billion, a PE ratio of 10.86, a price-to-earnings-growth ratio of 1.35 and a beta of 0.59. FOX has a 12-month low of $37.97 and a 12-month high of $59.29. The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55.

FOX (NASDAQ:FOX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, beating the consensus estimate of $1.03 by $0.24. The company 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%. On average, analysts expect that FOX will post 4.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FOX. Wealth Enhancement Advisory Services LLC purchased a new stake in FOX in the fourth quarter worth about $201,000. GAMMA Investing LLC lifted its stake in FOX by 36.3% in the first quarter. GAMMA Investing LLC now owns 8,972 shares of the company's stock worth $473,000 after acquiring an additional 2,388 shares during the period. Handelsbanken Fonder AB lifted its stake in FOX by 187.4% in the first quarter. Handelsbanken Fonder AB now owns 67,200 shares of the company's stock worth $3,542,000 after acquiring an additional 43,816 shares during the period. CX Institutional purchased a new stake in FOX in the first quarter worth about $128,000. Finally, Fifth Third Bancorp lifted its stake in FOX by 7.5% in the first quarter. Fifth Third Bancorp now owns 4,398 shares of the company's stock worth $232,000 after acquiring an additional 307 shares during the period. 26.41% of the stock is currently owned by institutional investors.

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.

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