Bank of Nova Scotia Sells 18,874 Shares of News Co. (NASDAQ:NWSA)

Bank of Nova Scotia lowered its position in News Co. (NASDAQ:NWSAGet Rating) by 36.8% in the 2nd quarter, Holdings Channel reports. The fund owned 32,400 shares of the company’s stock after selling 18,874 shares during the quarter. Bank of Nova Scotia’s holdings in News were worth $505,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Community Bank N.A. purchased a new stake in News during the 2nd quarter valued at $42,000. Rosenberg Matthew Hamilton purchased a new position in News during the second quarter valued at $54,000. Dupont Capital Management Corp lifted its position in News by 43.7% during the second quarter. Dupont Capital Management Corp now owns 4,844 shares of the company’s stock valued at $75,000 after purchasing an additional 1,472 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new position in News during the first quarter valued at $98,000. Finally, AIA Group Ltd lifted its position in News by 57.4% during the first quarter. AIA Group Ltd now owns 5,006 shares of the company’s stock valued at $111,000 after purchasing an additional 1,826 shares in the last quarter. Institutional investors own 64.40% of the company’s stock.

News Stock Performance

Shares of NWSA stock opened at $17.83 on Monday. The company has a current ratio of 1.25, a quick ratio of 1.12 and a debt-to-equity ratio of 0.34. The business’s fifty day simple moving average is $16.49 and its 200-day simple moving average is $16.74. News Co. has a 12-month low of $14.87 and a 12-month high of $23.73. The company has a market cap of $10.26 billion, a PE ratio of 22.29 and a beta of 1.28.

News (NASDAQ:NWSAGet Rating) last posted its earnings results on Tuesday, November 8th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.08). The firm had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.49 billion. News had a return on equity of 7.02% and a net margin of 4.51%. The company’s revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.23 earnings per share. Analysts expect that News Co. will post 0.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. StockNews.com cut News from a “buy” rating to a “hold” rating in a report on Thursday, November 10th. Loop Capital cut News from a “buy” rating to a “hold” rating and reduced their target price for the stock from $30.00 to $17.00 in a report on Monday, October 17th. Guggenheim reduced their target price on News to $32.00 in a report on Thursday, October 20th. Finally, Macquarie cut News from an “outperform” rating to a “neutral” rating and set a $21.10 target price on the stock. in a report on Thursday, July 28th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $23.37.

News Company Profile

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News Corp. is a media and information services company, which engages in the creation and distribution of content and other services. It operates through the following segments: Digital Real Estate Services, Subscription Video Services, Dow Jones, Book Publishing, News Media, and Other. The Digital Real Estate Services segment refers to the firm’s interest in the REA Group, a company with operations focused on property and property-related advertising and services, as well as financial services.

See Also

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Institutional Ownership by Quarter for News (NASDAQ:NWSA)

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