State of Michigan Retirement System Increases Stake in Fox Co. (NASDAQ:FOX)

State of Michigan Retirement System lifted its stake in shares of Fox Co. (NASDAQ:FOX) by 1.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,531 shares of the company’s stock after acquiring an additional 500 shares during the period. State of Michigan Retirement System’s holdings in FOX were worth $1,458,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FOX. Blue Trust Inc. raised its holdings in FOX by 692.1% in the second quarter. Blue Trust Inc. now owns 1,410 shares of the company’s stock valued at $45,000 after buying an additional 1,232 shares during the period. Friedenthal Financial purchased a new stake in shares of FOX during the second quarter valued at approximately $51,000. GAMMA Investing LLC purchased a new stake in shares of FOX during the fourth quarter valued at approximately $54,000. CWM LLC raised its stake in shares of FOX by 27.9% during the fourth quarter. CWM LLC now owns 2,486 shares of the company’s stock valued at $69,000 after purchasing an additional 543 shares during the period. Finally, Federated Hermes Inc. raised its stake in shares of FOX by 148.7% during the fourth quarter. Federated Hermes Inc. now owns 3,245 shares of the company’s stock valued at $90,000 after purchasing an additional 1,940 shares during the period. Hedge funds and other institutional investors own 26.41% of the company’s stock.

Insiders Place Their Bets

In other FOX news, COO John Nallen sold 52,874 shares of FOX stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $38.96, for a total value of $2,059,971.04. Following the completion of the transaction, the chief operating officer now owns 249,424 shares of the company’s stock, valued at $9,717,559.04. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, COO John Nallen sold 52,874 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $38.96, for a total transaction of $2,059,971.04. Following the completion of the transaction, the chief operating officer now owns 249,424 shares of the company’s stock, valued at $9,717,559.04. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Lachlan K. Murdoch purchased 119,705 shares of FOX stock in a transaction dated Thursday, August 15th. The shares were purchased at an average cost of $39.06 per share, with a total value of $4,675,677.30. Following the acquisition, the chief executive officer now owns 1,076,407 shares of the company’s stock, valued at approximately $42,044,457.42. The disclosure for this purchase can be found here. 19.21% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Seaport Res Ptn upgraded shares of FOX from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 9th.

FOX Stock Down 0.1 %

FOX stock opened at $38.23 on Friday. Fox Co. has a twelve month low of $25.82 and a twelve month high of $38.48. The company has a current ratio of 3.24, a quick ratio of 2.94 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $17.84 billion, a P/E ratio of 11.98, a PEG ratio of 5.71 and a beta of 0.82. The firm has a 50 day simple moving average of $34.70 and a 200-day simple moving average of $31.00.

FOX (NASDAQ:FOX) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. FOX had a net margin of 11.19% and a return on equity of 15.90%. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter last year, the company earned $0.88 earnings per share. On average, equities research analysts predict that Fox Co. will post 3.32 earnings per share for the current fiscal year.

FOX Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 4th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend is Wednesday, September 4th. This is an increase from FOX’s previous quarterly dividend of $0.26. FOX’s payout ratio is currently 16.93%.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business 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.