FOX (NASDAQ:FOXA) Downgraded to “Underperform” Rating by Bank of America

FOX (NASDAQ:FOXA) was downgraded by equities research analysts at Bank of America from a “buy” rating to an “underperform” rating in a research report issued on Wednesday. They currently have a $45.00 price objective on the stock. Bank of America‘s price target would suggest a potential downside of 19.61% from the stock’s previous close.

A number of other analysts have also recently issued reports on the company. Guggenheim boosted their price objective on FOX from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of FOX in a research note on Monday, December 29th. TD Cowen raised their target price on FOX from $55.00 to $65.00 and gave the stock a “hold” rating in a research report on Thursday, February 5th. UBS Group set a $64.00 price target on FOX in a research report on Tuesday. Finally, Arete Research raised FOX from a “neutral” rating to a “buy” rating and set a $97.00 price objective for the company in a report on Tuesday, October 28th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, FOX presently has a consensus rating of “Hold” and a consensus target price of $71.80.

FOX Stock Performance

NASDAQ:FOXA opened at $55.98 on Wednesday. The firm’s 50-day moving average is $69.00 and its 200-day moving average is $64.58. The company has a market cap of $23.81 billion, a price-to-earnings ratio of 13.46, a PEG ratio of 7.23 and a beta of 0.51. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.44 and a current ratio of 2.78. FOX has a 52-week low of $46.42 and a 52-week high of $76.39.

FOX (NASDAQ:FOXA) last released its earnings results on Wednesday, February 4th. The company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.35. FOX had a return on equity of 18.14% and a net margin of 11.41%.The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.02 billion. During the same period last year, the business earned $0.96 earnings per share. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. Equities research analysts anticipate that FOX will post 4.38 earnings per share for the current year.

Insider Buying and Selling

In other FOX news, insider Adam G. Ciongoli sold 29,897 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $69.55, for a total value of $2,079,336.35. Following the completion of the sale, the insider owned 35,978 shares in the company, valued at approximately $2,502,269.90. This trade represents a 45.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 19.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FOXA. DGS Capital Management LLC bought a new position in FOX in the 4th quarter valued at $266,000. State of Tennessee Department of Treasury lifted its stake in shares of FOX by 46.2% during the fourth quarter. State of Tennessee Department of Treasury now owns 107,661 shares of the company’s stock valued at $7,836,000 after acquiring an additional 33,997 shares during the period. Auxier Asset Management LLC acquired a new stake in FOX in the fourth quarter worth about $222,000. California State Teachers Retirement System raised its holdings in FOX by 11.5% during the 4th quarter. California State Teachers Retirement System now owns 417,901 shares of the company’s stock worth $30,536,000 after purchasing an additional 43,232 shares during the last quarter. Finally, Captrust Financial Advisors lifted its position in FOX by 6.6% during the 4th quarter. Captrust Financial Advisors now owns 7,063 shares of the company’s stock valued at $516,000 after purchasing an additional 435 shares during the period. Institutional investors own 52.52% of the company’s stock.

FOX Company Profile

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.