FOX (NASDAQ:FOXA) Hits New 1-Year Low – Here’s Why

Fox Corporation (NASDAQ:FOXA) shares hit a new 52-week low on Tuesday . The company traded as low as $48.55 and last traded at $49.39, with a volume of 11672904 shares. The stock had previously closed at $52.23.

Analysts Set New Price Targets

Several analysts have issued reports on FOXA shares. Seaport Research Partners restated a “buy” rating and set a $61.00 price objective on shares of FOX in a report on Tuesday, June 16th. UBS Group reiterated a “neutral” rating on shares of FOX in a report on Monday, June 15th. Zacks Research raised shares of FOX from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Bank of America lowered shares of FOX from a “buy” rating to an “underperform” rating and set a $45.00 price target on the stock. in a report on Wednesday, February 25th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of FOX in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $74.36.

FOX Stock Down 5.4%

The business’s 50 day simple moving average is $63.25 and its 200-day simple moving average is $64.62. The company has a market cap of $20.75 billion, a price-to-earnings ratio of 13.03, a price-to-earnings-growth ratio of 1.86 and a beta of 0.51. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.65 and a current ratio of 2.90.

FOX (NASDAQ:FOXA) last posted its quarterly earnings results on Monday, May 11th. The company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.30. FOX had a net margin of 10.56% and a return on equity of 18.90%. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same period in the prior year, the business posted $1.10 earnings per share. FOX’s revenue for the quarter was down 8.6% compared to the same quarter last year. Sell-side analysts expect that Fox Corporation will post 4.93 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. PFA Pension Forsikringsaktieselskab acquired a new stake in shares of FOX during the 4th quarter valued at about $67,467,000. Ameriprise Financial Inc. increased its holdings in FOX by 72.0% in the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock worth $101,948,000 after buying an additional 762,645 shares during the last quarter. SG Americas Securities LLC increased its holdings in FOX by 299.8% in the first quarter. SG Americas Securities LLC now owns 511,811 shares of the company’s stock worth $29,890,000 after buying an additional 383,782 shares during the last quarter. Lazard Asset Management LLC raised its position in FOX by 624.5% during the second quarter. Lazard Asset Management LLC now owns 281,126 shares of the company’s stock valued at $15,753,000 after acquiring an additional 242,321 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S raised its position in FOX by 150.9% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 377,731 shares of the company’s stock valued at $27,601,000 after acquiring an additional 227,209 shares in the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

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.