Bank of America Upgrades FOX (NASDAQ:FOXA) to Buy

FOX (NASDAQ:FOXA) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday, FinViz reports. The firm presently has a $40.00 price objective on the stock, up from their prior price objective of $34.00. Bank of America‘s target price points to a potential upside of 20.63% from the stock’s current price.

A number of other research analysts have also weighed in on the stock. Rosenblatt Securities reissued a “neutral” rating and set a $34.00 target price on shares of FOX in a research report on Monday, April 15th. TheStreet lowered FOX from a “b-” rating to a “c” rating in a report on Wednesday, February 7th. Seaport Res Ptn upgraded FOX from a “neutral” rating to a “buy” rating in a report on Friday, April 5th. Citigroup upgraded shares of FOX from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $34.00 to $35.00 in a research note on Friday, February 23rd. Finally, Macquarie upped their target price on shares of FOX from $29.00 to $30.00 and gave the company a “neutral” rating in a research note on Thursday, February 8th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $34.00.

FOX Stock Performance

FOXA opened at $33.16 on Thursday. The stock has a 50-day moving average of $30.58 and a 200-day moving average of $30.43. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.01 and a current ratio of 2.29. FOX has a 52-week low of $28.28 and a 52-week high of $35.40. The company has a market cap of $15.75 billion, a PE ratio of 19.62, a price-to-earnings-growth ratio of 0.43 and a beta of 0.77.

FOX (NASDAQ:FOXA) last announced its quarterly earnings results on Wednesday, February 7th. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.10 by $0.24. The company had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.21 billion. FOX had a return on equity of 15.81% and a net margin of 5.75%. The company’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.48 earnings per share. As a group, equities research analysts forecast that FOX will post 3.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Empirical Finance LLC raised its holdings in shares of FOX by 3.8% in the 3rd quarter. Empirical Finance LLC now owns 10,212 shares of the company’s stock worth $319,000 after buying an additional 372 shares in the last quarter. Deane Retirement Strategies Inc. bought a new position in shares of FOX during the fourth quarter valued at $2,752,000. Federated Hermes Inc. boosted its stake in shares of FOX by 3.9% in the 3rd quarter. Federated Hermes Inc. now owns 33,935 shares of the company’s stock valued at $1,059,000 after purchasing an additional 1,271 shares in the last quarter. AustralianSuper Pty Ltd grew its holdings in shares of FOX by 66.6% in the 4th quarter. AustralianSuper Pty Ltd now owns 1,581,909 shares of the company’s stock worth $46,935,000 after purchasing an additional 632,522 shares during the last quarter. Finally, Duality Advisers LP increased its position in shares of FOX by 273.1% during the 3rd quarter. Duality Advisers LP now owns 49,233 shares of the company’s stock worth $1,536,000 after purchasing an additional 36,038 shares in the last quarter. Institutional investors and hedge funds own 52.52% of the company’s stock.

FOX Company Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). 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 through traditional cable television systems, direct broadcast satellite operators, and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.