FOX (NASDAQ:FOXA) Releases Quarterly Earnings Results, Beats Expectations By $0.33 EPS

FOX (NASDAQ:FOXA) issued its earnings results on Monday. The company reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.33, Briefing.com reports. FOX had a return on equity of 15.57% and a net margin of 10.74%. The business had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the prior year, the firm posted $1.09 EPS. FOX’s quarterly revenue was up 11.1% compared to the same quarter last year.

FOX Price Performance

Shares of FOX stock traded up $0.85 on Tuesday, hitting $43.85. 1,301,939 shares of the company traded hands, compared to its average volume of 2,953,878. FOX has a 12-month low of $28.28 and a 12-month high of $45.82. The firm’s 50-day simple moving average is $41.39 and its 200 day simple moving average is $37.34. The company has a market cap of $20.18 billion, a P/E ratio of 10.70, a P/E/G ratio of 1.90 and a beta of 0.76. The company has a current ratio of 2.54, a quick ratio of 2.33 and a debt-to-equity ratio of 0.61.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FOXA shares. Barclays lifted their price objective on FOX from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of FOX from $42.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday. Guggenheim raised their price target on FOX from $44.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Loop Capital upped their price objective on FOX from $43.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Finally, Bank of America boosted their target price on FOX from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $43.31.

Insiders Place Their Bets

In related news, COO John Nallen sold 52,874 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $38.96, for a total transaction of $2,059,971.04. Following the transaction, the chief operating officer now directly owns 249,424 shares of the company’s stock, valued at approximately $9,717,559.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Lachlan K. Murdoch acquired 119,705 shares of the stock in a transaction on Thursday, August 15th. The stock was purchased at an average price of $39.06 per share, for a total transaction of $4,675,677.30. Following the completion of the transaction, the chief executive officer now owns 1,076,407 shares of the company’s stock, valued at $42,044,457.42. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO John Nallen sold 52,874 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $38.96, for a total transaction of $2,059,971.04. Following the completion of the transaction, the chief operating officer now owns 249,424 shares in the company, valued at $9,717,559.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 21.77% of the company’s stock.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses 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.