FOX (NASDAQ:FOXA) Rating Lowered to Equal Weight at Wells Fargo & Company

FOX (NASDAQ:FOXA – Get Rating) was downgraded by equities researchers at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report issued on Friday, The Fly reports. They currently have a $35.00 target price on the stock, down from their previous target price of $44.00. Wells Fargo & Company‘s price objective would suggest a potential upside of 13.93% from the company’s current price.

Several other equities research analysts have also recently issued reports on FOXA. Rosenblatt Securities cut their price target on FOX from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Wednesday, April 19th. Argus cut shares of FOX from a “buy” rating to a “hold” rating in a research report on Thursday, April 6th. Citigroup increased their price objective on shares of FOX from $35.00 to $40.00 and gave the company a “neutral” rating in a research note on Monday, February 13th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of FOX from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, February 9th. Finally, StockNews.com started coverage on shares of FOX in a report on Thursday, March 16th. They issued a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, FOX presently has an average rating of “Hold” and an average target price of $36.89.

FOX Price Performance

NASDAQ:FOXA opened at $30.72 on Friday. The company has a quick ratio of 2.86, a current ratio of 3.37 and a debt-to-equity ratio of 0.62. The firm has a market cap of $16.42 billion, a PE ratio of 11.25, a price-to-earnings-growth ratio of 0.96 and a beta of 0.85. The company’s 50-day moving average price is $33.15 and its two-hundred day moving average price is $32.51. FOX has a 12 month low of $28.01 and a 12 month high of $37.26.

FOX (NASDAQ:FOXA – Get Rating) last posted its earnings results on Tuesday, May 9th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.06. The firm had revenue of $4.08 billion for the quarter, compared to analyst estimates of $4.03 billion. FOX had a return on equity of 15.71% and a net margin of 10.55%. The company’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 earnings per share. On average, equities analysts anticipate that FOX will post 3.38 EPS for the current fiscal year.

Hedge Funds Weigh In On FOX

A number of large investors have recently added to or reduced their stakes in the stock. Eagle Bay Advisors LLC increased its position in FOX by 104.1% during the third quarter. Eagle Bay Advisors LLC now owns 890 shares of the company’s stock worth $27,000 after purchasing an additional 454 shares during the last quarter. Belpointe Asset Management LLC purchased a new stake in shares of FOX in the 4th quarter worth about $32,000. Ronald Blue Trust Inc. raised its stake in FOX by 174.3% in the 4th quarter. Ronald Blue Trust Inc. now owns 1,292 shares of the company’s stock valued at $40,000 after purchasing an additional 821 shares during the last quarter. American National Bank increased its stake in shares of FOX by 1,117.5% during the 4th quarter. American National Bank now owns 1,388 shares of the company’s stock valued at $42,000 after acquiring an additional 1,274 shares during the last quarter. Finally, Parallel Advisors LLC increased its stake in shares of FOX by 65.4% during the 1st quarter. Parallel Advisors LLC now owns 1,671 shares of the company’s stock valued at $57,000 after acquiring an additional 661 shares during the last quarter. 55.65% of the stock is currently owned by institutional investors and hedge funds.

About FOX

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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.