Connor Clark & Lunn Investment Management Ltd. Takes $423,000 Position in News Corporation $NWSA

Connor Clark & Lunn Investment Management Ltd. purchased a new position in News Corporation (NASDAQ:NWSA) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 14,229 shares of the company’s stock, valued at approximately $423,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cullen Frost Bankers Inc. bought a new position in News in the 2nd quarter valued at about $30,000. Caitong International Asset Management Co. Ltd boosted its position in shares of News by 12,084.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,584 shares of the company’s stock worth $43,000 after acquiring an additional 1,571 shares in the last quarter. SVB Wealth LLC bought a new position in News in the first quarter valued at approximately $73,000. True Wealth Design LLC raised its position in News by 661.1% during the second quarter. True Wealth Design LLC now owns 3,448 shares of the company’s stock valued at $102,000 after purchasing an additional 2,995 shares in the last quarter. Finally, Horizon Investments LLC boosted its holdings in shares of News by 7.7% in the 1st quarter. Horizon Investments LLC now owns 5,575 shares of the company’s stock valued at $152,000 after purchasing an additional 398 shares in the last quarter. Institutional investors own 66.97% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Zacks Research cut News from a “hold” rating to a “strong sell” rating in a report on Thursday, October 23rd. Macquarie reissued a “neutral” rating and set a $32.70 target price on shares of News in a research note on Wednesday, August 6th. Weiss Ratings reissued a “buy (b)” rating on shares of News in a report on Wednesday, October 8th. Guggenheim decreased their price target on shares of News from $45.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Finally, JPMorgan Chase & Co. increased their price objective on shares of News from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, News has an average rating of “Moderate Buy” and an average target price of $38.28.

News Stock Performance

News stock opened at $24.80 on Friday. The business has a 50 day moving average of $27.46 and a 200-day moving average of $28.41. The company has a market capitalization of $13.93 billion, a P/E ratio of 11.98 and a beta of 1.15. News Corporation has a 1 year low of $23.38 and a 1 year high of $31.61. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.76 and a quick ratio of 1.63.

News (NASDAQ:NWSA) last posted its earnings results on Thursday, November 6th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.04. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.11 billion. News had a net margin of 13.80% and a return on equity of 5.68%. The company’s revenue for the quarter was down 16.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.21 EPS. On average, equities research analysts predict that News Corporation will post 0.94 earnings per share for the current year.

News Company Profile

News Corporation, a media and information services company, creates and distributes authoritative and engaging content, and other products and services for consumers and businesses worldwide. It operates through six segments: Digital Real Estate Services, Subscription Video Services, Dow Jones, Book Publishing, News Media, and Other.