Ethic Inc. Invests $208,000 in Fox Co. (NASDAQ:FOXA)

Posted by Defense World Staff on Mar 10th, 2023

Ethic Inc. purchased a new position in Fox Co. (NASDAQ:FOXA – Get Rating) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 6,785 shares of the company’s stock, valued at approximately $208,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FOXA. Raymond James Financial Services Advisors Inc. lifted its holdings in FOX by 13.7% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 20,289 shares of the company’s stock worth $800,000 after acquiring an additional 2,440 shares in the last quarter. American Century Companies Inc. lifted its holdings in FOX by 2.6% during the first quarter. American Century Companies Inc. now owns 56,001 shares of the company’s stock worth $2,210,000 after acquiring an additional 1,428 shares in the last quarter. US Bancorp DE lifted its holdings in FOX by 34.7% during the first quarter. US Bancorp DE now owns 12,614 shares of the company’s stock worth $498,000 after acquiring an additional 3,249 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in FOX by 6.4% during the first quarter. PNC Financial Services Group Inc. now owns 24,691 shares of the company’s stock worth $974,000 after acquiring an additional 1,486 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in FOX by 196.3% during the first quarter. Acadian Asset Management LLC now owns 2,717 shares of the company’s stock worth $107,000 after acquiring an additional 1,800 shares in the last quarter. 55.65% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Viet D. Dinh sold 72,207 shares of the business’s stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $35.91, for a total transaction of $2,592,953.37. Following the completion of the sale, the insider now owns 49,384 shares in the company, valued at $1,773,379.44. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 19.86% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FOXA shares. Rosenblatt Securities lifted their target price on FOX from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Thursday, February 9th. Citigroup lifted their price target on FOX from $35.00 to $40.00 and gave the company a “neutral” rating in a research note on Monday, February 13th. StockNews.com downgraded FOX from a “buy” rating to a “hold” rating in a research note on Saturday, November 26th. UBS Group dropped their price target on FOX from $44.00 to $42.00 and set a “buy” rating on the stock in a research note on Monday, January 9th. Finally, Loop Capital raised FOX from a “hold” rating to a “buy” rating and lifted their price target for the company from $34.00 to $40.00 in a research note on Wednesday, January 25th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, FOX has an average rating of “Hold” and a consensus target price of $37.88.

FOX Trading Down 3.6 %

FOX stock opened at $33.27 on Friday. Fox Co. has a 52 week low of $28.01 and a 52 week high of $42.02. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.86 and a current ratio of 3.37. The stock has a market capitalization of $17.78 billion, a P/E ratio of 12.19, a PEG ratio of 0.84 and a beta of 0.86. The stock has a 50-day simple moving average of $33.87 and a 200 day simple moving average of $32.29.

FOX (NASDAQ:FOXA – Get Rating) last posted its quarterly earnings results on Wednesday, February 8th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. FOX had a return on equity of 15.71% and a net margin of 10.55%. The business had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.58 billion. During the same quarter last year, the company posted $0.13 earnings per share. FOX’s quarterly revenue was up 3.7% on a year-over-year basis. Analysts expect that Fox Co. will post 3.49 earnings per share for the current year.

FOX Announces Dividend

The firm also recently declared a Semi-Annual dividend, which will be paid on Wednesday, March 29th. Investors of record on Wednesday, March 1st will be issued a dividend of $0.25 per share. This represents a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, February 28th. FOX’s payout ratio is currently 18.32%.

FOX Company Profile

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Fox Corp. delivers news, sports and entertainment content. The company provides news under the brands FOX News Media, FOX Sports, FOX Entertainment and FOX Television Stations. It operates through three segments: Cable Network Programming, Television, and Other, Corporate and Eliminations. The Cable Network Programming segment consists of the production and licensing of news and sports content distributed primarily through traditional cable television systems, direct broadcast satellite operators and telecommunication companies and online multi-channel video programming distributors.