Permanent Capital Management LP Buys Shares of 26,361 News Corporation $NWSA

Permanent Capital Management LP acquired a new stake in News Corporation (NASDAQ:NWSA) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 26,361 shares of the company’s stock, valued at approximately $812,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of NWSA. Vanguard Group Inc. boosted its position in shares of News by 0.8% during the second quarter. Vanguard Group Inc. now owns 52,171,790 shares of the company’s stock worth $1,550,546,000 after buying an additional 407,293 shares during the period. Independent Franchise Partners LLP boosted its position in News by 7.3% during the 2nd quarter. Independent Franchise Partners LLP now owns 29,170,531 shares of the company’s stock worth $866,948,000 after acquiring an additional 1,980,941 shares during the period. 59 North Capital Management LP grew its stake in shares of News by 13.5% in the second quarter. 59 North Capital Management LP now owns 12,650,867 shares of the company’s stock worth $375,984,000 after purchasing an additional 1,503,213 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of News by 2.1% during the second quarter. Geode Capital Management LLC now owns 10,154,121 shares of the company’s stock valued at $300,578,000 after purchasing an additional 208,692 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of News by 488.0% during the second quarter. AQR Capital Management LLC now owns 8,124,507 shares of the company’s stock valued at $241,054,000 after purchasing an additional 6,742,836 shares in the last quarter. Institutional investors own 66.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on NWSA. Weiss Ratings reissued a “buy (b-)” rating on shares of News in a research note on Monday, December 22nd. JPMorgan Chase & Co. lowered their price objective on shares of News from $40.00 to $38.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 25th. Guggenheim cut their target price on News from $45.00 to $43.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. Finally, Zacks Research cut News from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, News has an average rating of “Moderate Buy” and an average price target of $37.34.

News Trading Down 0.8%

Shares of NASDAQ:NWSA opened at $26.22 on Monday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.63 and a current ratio of 1.76. The stock has a market capitalization of $14.72 billion, a price-to-earnings ratio of 12.67 and a beta of 0.97. News Corporation has a 1-year low of $23.38 and a 1-year high of $31.61. The company has a 50 day moving average price of $26.01 and a 200 day moving average price of $28.02.

News (NASDAQ:NWSA) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.04. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.11 billion. News had a return on equity of 5.68% and a net margin of 13.80%.The company’s quarterly revenue was down 16.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.21 EPS. On average, research analysts anticipate that News Corporation will post 0.94 EPS for the current fiscal year.

About News

News Corporation (NASDAQ: NWSA) is a global diversified media and information services company headquartered in New York City. It operates through two principal segments: News and Information Services, and Digital Real Estate Services. The company’s news and information division oversees a portfolio of leading newspapers, magazines and digital platforms, offering content across print and online channels. Its properties include Dow Jones, publisher of The Wall Street Journal and Barron’s, News UK titles such as The Times and The Sun, as well as News Corp Australia mastheads.

In addition to its journalism assets, News Corp is a significant player in book publishing through HarperCollins, one of the world’s largest consumer publishers.