FOX (NASDAQ:FOX) Rating Lowered to Sell at BidaskClub

BidaskClub downgraded shares of FOX (NASDAQ:FOX) from a hold rating to a sell rating in a research note published on Saturday, BidAskClub reports.

A number of other brokerages also recently issued reports on FOX. Zacks Investment Research downgraded FOX from a hold rating to a sell rating in a research report on Wednesday, August 21st. Wells Fargo & Co reiterated an underperform rating and issued a $32.00 price objective (up previously from $30.00) on shares of FOX in a research report on Thursday, November 7th. Four investment analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $40.00.

Shares of FOX stock traded up $0.98 on Friday, reaching $35.44. The company’s stock had a trading volume of 322,527 shares, compared to its average volume of 1,548,319. The company has a current ratio of 3.73, a quick ratio of 2.96 and a debt-to-equity ratio of 0.65. FOX has a 12-month low of $29.61 and a 12-month high of $41.73. The stock’s 50 day simple moving average is $31.94 and its 200-day simple moving average is $34.35.

In other news, Chairman Keith Rupert Murdoch bought 500,000 shares of FOX stock in a transaction that occurred on Wednesday, August 28th. The shares were acquired at an average price of $32.06 per share, with a total value of $16,030,000.00. Following the completion of the purchase, the chairman now directly owns 805,714 shares in the company, valued at $25,831,190.84. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 17.47% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Truvestments Capital LLC bought a new position in FOX in the third quarter valued at $42,000. Hall Laurie J Trustee bought a new position in FOX in the third quarter valued at $57,000. Quest Capital Management Inc. ADV bought a new position in FOX in the third quarter valued at $57,000. Livforsakringsbolaget Skandia Omsesidigt bought a new position in FOX in the third quarter valued at $63,000. Finally, Municipal Employees Retirement System of Michigan bought a new position in FOX in the third quarter valued at $69,000. 24.15% of the stock is currently owned by institutional investors and hedge funds.

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.

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