Loop Capital Forecasts Strong Price Appreciation for FOX (NASDAQ:FOXA) Stock

FOX (NASDAQ:FOXA) had its price target boosted by stock analysts at Loop Capital from $48.00 to $55.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Loop Capital’s target price would indicate a potential upside of 9.87% from the stock’s current price.

Other analysts also recently issued research reports about the stock. The Goldman Sachs Group upped their target price on shares of FOX from $46.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. UBS Group raised their price objective on FOX from $44.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Guggenheim boosted their target price on FOX from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Bank of America raised their price target on FOX from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Seaport Res Ptn downgraded FOX from a “strong-buy” rating to a “hold” rating in a report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, FOX has an average rating of “Hold” and a consensus target price of $46.47.

FOX Stock Up 2.0 %

NASDAQ:FOXA traded up $0.99 during midday trading on Wednesday, reaching $50.06. The company had a trading volume of 913,177 shares, compared to its average volume of 3,104,184. FOX has a 12-month low of $28.28 and a 12-month high of $50.07. The firm has a market capitalization of $22.86 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 1.18 and a beta of 0.77. The company has a current ratio of 2.59, a quick ratio of 2.33 and a debt-to-equity ratio of 0.58. The stock’s fifty day simple moving average is $44.68 and its 200-day simple moving average is $40.33.

FOX (NASDAQ:FOXA) last released its quarterly earnings data on Monday, November 4th. The company reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.33. The business had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $3.38 billion. FOX had a return on equity of 16.49% and a net margin of 13.40%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.09 EPS. On average, sell-side analysts anticipate that FOX will post 3.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other FOX news, Chairman Keith Rupert Murdoch sold 186,871 shares of FOX stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $46.22, for a total transaction of $8,637,177.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO John Nallen sold 182,481 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $43.73, for a total transaction of $7,979,894.13. Following the transaction, the chief operating officer now directly owns 249,424 shares of the company’s stock, valued at approximately $10,907,311.52. This trade represents a 42.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 469,352 shares of company stock valued at $20,822,072. Corporate insiders own 21.77% of the company’s stock.

Institutional Trading of FOX

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quest Partners LLC acquired a new stake in FOX during the third quarter worth approximately $51,000. Duncker Streett & Co. Inc. acquired a new position in FOX in the second quarter valued at $52,000. Quarry LP purchased a new position in FOX during the third quarter worth about $70,000. Transamerica Financial Advisors Inc. acquired a new stake in FOX in the 3rd quarter worth about $119,000. Finally, Exchange Traded Concepts LLC purchased a new stake in FOX in the 3rd quarter valued at about $141,000. 52.52% of the stock is currently owned by hedge funds and other 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.