Allstate Corp Takes $571,000 Position in Formula One Group (NASDAQ:FWONK)

Allstate Corp acquired a new stake in Formula One Group (NASDAQ:FWONK) in the fourth quarter, Holdings Channel.com reports. The fund acquired 6,166 shares of the company’s stock, valued at approximately $571,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FWONK. MetLife Investment Management LLC grew its position in Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares during the period. Greenwood Gearhart Inc. grew its holdings in shares of Formula One Group by 8.1% during the 3rd quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock worth $13,640,000 after purchasing an additional 13,146 shares during the period. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group during the 4th quarter worth about $827,000. Janney Montgomery Scott LLC raised its holdings in Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after buying an additional 287 shares during the period. Finally, Hahn Capital Management LLC lifted its position in Formula One Group by 47.7% in the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after buying an additional 21,699 shares during the last quarter. 92.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on FWONK. JPMorgan Chase & Co. lifted their price target on shares of Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, March 6th. StockNews.com raised Formula One Group to a “sell” rating in a research report on Tuesday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $102.00 price objective on shares of Formula One Group in a research note on Friday, March 7th. Morgan Stanley decreased their target price on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Finally, Seaport Res Ptn raised Formula One Group from a “hold” rating to a “strong-buy” rating in a research report on Sunday, March 16th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $95.33.

Formula One Group Trading Down 1.2 %

NASDAQ:FWONK opened at $88.89 on Wednesday. The stock has a fifty day moving average price of $92.93 and a 200 day moving average price of $88.01. Formula One Group has a 12-month low of $64.37 and a 12-month high of $102.33. The firm has a market cap of $22.16 billion, a PE ratio of 77.30 and a beta of 0.13.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The firm had revenue of $20.71 billion during the quarter, compared to analyst estimates of $1.37 billion. Equities analysts forecast that Formula One Group will post 1.36 EPS for the current year.

Formula One Group Profile

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.