Bank of America Corp DE Cuts Stock Position in Fox Co. (NASDAQ:FOX)

Bank of America Corp DE lowered its stake in Fox Co. (NASDAQ:FOX) by 47.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 645,554 shares of the company’s stock after selling 587,580 shares during the quarter. Bank of America Corp DE’s holdings in FOX were worth $29,528,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in FOX during the 4th quarter valued at $29,000. CIBC Private Wealth Group LLC boosted its stake in FOX by 135.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 907 shares of the company’s stock valued at $42,000 after purchasing an additional 522 shares during the last quarter. Principal Securities Inc. boosted its stake in FOX by 51.5% during the 4th quarter. Principal Securities Inc. now owns 1,065 shares of the company’s stock valued at $49,000 after purchasing an additional 362 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its holdings in shares of FOX by 82.7% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 1,343 shares of the company’s stock valued at $61,000 after buying an additional 608 shares during the period. Finally, Westpac Banking Corp lifted its holdings in shares of FOX by 84.0% during the 4th quarter. Westpac Banking Corp now owns 1,625 shares of the company’s stock valued at $74,000 after buying an additional 742 shares during the period. 26.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Chairman Keith Rupert Murdoch sold 58,000 shares of the firm’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 transaction, the chairman now directly owns 1,200,862 shares of the company’s stock, valued at approximately $63,849,832.54. This trade represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 23.06% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Moffett Nathanson cut FOX from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st.

FOX Price Performance

NASDAQ FOX opened at $51.85 on Friday. The business’s fifty day moving average price is $47.61 and its 200-day moving average price is $47.18. The stock has a market capitalization of $23.31 billion, a price-to-earnings ratio of 11.10, a PEG ratio of 1.55 and a beta of 0.56. 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 Co. has a 1-year low of $30.10 and a 1-year high of $55.00.

FOX (NASDAQ:FOX) last released its quarterly earnings results on Monday, May 12th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.14. The firm had revenue of $4.37 billion for the quarter, compared to analysts’ expectations of $4.19 billion. FOX had a return on equity of 18.50% and a net margin of 14.39%. On average, equities analysts predict that Fox Co. will post 4.25 earnings per share for the current year.

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.