FOX (NASDAQ:FOXA) Lifted to “Hold” at Zacks Investment Research

FOX (NASDAQ:FOXA) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Fox Corporation produces and distributes compelling news, sports and entertainment content. The company’s brand includes FOX News, FOX Sports, the FOX Network, the FOX Television Stations and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network. Fox Corporation is based in New York, United States. “

Several other equities research analysts have also recently issued reports on the stock. Guggenheim cut shares of FOX from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $43.00 to $38.00 in a research report on Monday, July 1st. Loop Capital initiated coverage on shares of FOX in a research report on Monday, March 25th. They issued a “hold” rating and a $42.00 target price on the stock. Bank of America raised their price target on shares of Altria Group from $56.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Buckingham Research initiated coverage on shares of FOX in a report on Thursday, March 21st. They issued a “buy” rating on the stock. Finally, ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. FOX has a consensus rating of “Hold” and an average price target of $46.09.

Shares of FOXA traded down $0.32 during mid-day trading on Tuesday, hitting $36.69. The company had a trading volume of 2,681,090 shares, compared to its average volume of 6,036,896. The business has a 50-day moving average of $35.71. The company has a debt-to-equity ratio of 0.78, a quick ratio of 3.77 and a current ratio of 4.60. FOX has a 1-year low of $33.78 and a 1-year high of $41.95.

FOX (NASDAQ:FOXA) last released its earnings results on Wednesday, May 8th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.12. The company had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same period in the prior year, the business posted $0.49 earnings per share. FOX’s revenue was up 11.7% on a year-over-year basis. As a group, sell-side analysts expect that FOX will post 2.68 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of FOXA. FMR LLC raised its stake in shares of FOX by 15.2% during the fourth quarter. FMR LLC now owns 33,154,386 shares of the company’s stock valued at $1,595,388,000 after purchasing an additional 4,364,397 shares during the period. Norges Bank purchased a new stake in shares of FOX during the fourth quarter valued at approximately $98,035,000. Naya Capital Management UK Ltd. raised its stake in shares of FOX by 63.2% during the fourth quarter. Naya Capital Management UK Ltd. now owns 4,472,703 shares of the company’s stock valued at $215,226,000 after purchasing an additional 1,731,632 shares during the period. Geode Capital Management LLC raised its stake in shares of FOX by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 13,669,016 shares of the company’s stock valued at $656,632,000 after purchasing an additional 860,913 shares during the period. Finally, Legal & General Group Plc raised its stake in shares of FOX by 17.5% during the fourth quarter. Legal & General Group Plc now owns 5,404,836 shares of the company’s stock valued at $260,072,000 after purchasing an additional 803,265 shares during the period. Institutional investors own 51.24% of the company’s stock.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States. The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business news, and sports content for distribution primarily through cable television systems, direct broadcast satellite operators, telecommunications companies, and online video distributors.

Further Reading: What is a capital gains distribution?

Get a free copy of the Zacks research report on FOX (FOXA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for FOX (NASDAQ:FOXA)

Receive News & Ratings for FOX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FOX and related companies with MarketBeat.com's FREE daily email newsletter.