Blue Grotto Capital LLC Reduces Position in News Corporation $NWSA

Blue Grotto Capital LLC lessened its position in News Corporation (NASDAQ:NWSA) by 44.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 346,450 shares of the company’s stock after selling 273,778 shares during the period. News comprises 1.2% of Blue Grotto Capital LLC’s portfolio, making the stock its 25th largest holding. Blue Grotto Capital LLC owned approximately 0.06% of News worth $10,296,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in NWSA. Cullen Frost Bankers Inc. acquired a new stake in shares of News in the second quarter worth approximately $30,000. Caitong International Asset Management Co. Ltd raised its holdings 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 valued at $43,000 after buying an additional 1,571 shares during the period. SVB Wealth LLC acquired a new position in shares of News during the first quarter worth $73,000. Allworth Financial LP boosted its position in News by 160.1% in the 2nd quarter. Allworth Financial LP now owns 3,361 shares of the company’s stock valued at $100,000 after buying an additional 2,069 shares during the last quarter. Finally, True Wealth Design LLC increased its holdings in News by 661.1% during the 2nd quarter. True Wealth Design LLC now owns 3,448 shares of the company’s stock worth $102,000 after purchasing an additional 2,995 shares during the last quarter. 66.97% of the stock is owned by institutional investors and hedge funds.

News Price Performance

Shares of NWSA opened at $26.22 on Friday. News Corporation has a fifty-two week low of $23.38 and a fifty-two week 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. The company has a market capitalization of $14.72 billion, a price-to-earnings ratio of 12.67 and a beta of 0.97. The business’s 50-day moving average is $26.09 and its 200-day moving average is $28.15.

News (NASDAQ:NWSA) last posted its quarterly 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. News had a net margin of 13.80% and a return on equity of 5.68%. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same period in the prior year, the business posted $0.21 earnings per share. News’s revenue for the quarter was down 16.8% compared to the same quarter last year. Equities research analysts expect that News Corporation will post 0.94 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on NWSA shares. Guggenheim reduced their price target on shares of News from $45.00 to $43.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of News in a research note on Wednesday, October 8th. Zacks Research cut shares of News from a “hold” rating to a “strong sell” rating in a report on Thursday, October 23rd. Finally, JPMorgan Chase & Co. lowered their target price on News from $40.00 to $38.00 and set an “overweight” rating on the stock in a report on Tuesday, November 25th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.95.

News 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.