November 10, 2019 at 1:48 pm

Retirement Systems of Alabama Invests $2.24 Million in Fox Corp (NASDAQ:FOX)

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Retirement Systems of Alabama purchased a new position in shares of Fox Corp (NASDAQ:FOX) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 71,103 shares of the company’s stock, valued at approximately $2,243,000.

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Several other large investors have also recently added to or reduced their stakes in FOX. Cacti Asset Management LLC purchased a new stake in FOX during the 3rd quarter worth about $31,092,000. Alberta Investment Management Corp purchased a new stake in FOX during the 3rd quarter worth about $12,540,000. Teacher Retirement System of Texas purchased a new stake in FOX during the 3rd quarter worth about $8,360,000. Rhumbline Advisers purchased a new stake in FOX during the 3rd quarter worth about $7,333,000. Finally, New York State Teachers Retirement System purchased a new stake in FOX during the 3rd quarter worth about $5,971,000. 23.58% of the stock is owned by institutional investors and hedge funds.

In other FOX news, Chairman Keith Rupert Murdoch bought 500,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were bought at an average cost of $32.06 per share, with a total value of $16,030,000.00. Following the transaction, the chairman now directly owns 805,714 shares in the company, valued at approximately $25,831,190.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roland A. Hernandez bought 3,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was acquired at an average cost of $34.91 per share, for a total transaction of $104,730.00. The disclosure for this purchase can be found here. Corporate insiders own 17.47% of the company’s stock.

Several research firms have commented on FOX. BidaskClub upgraded FOX from a “sell” rating to a “hold” rating in a report on Friday. Wells Fargo & Co restated an “underperform” rating and issued a $32.00 price target (up previously from $30.00) on shares of FOX in a report on Thursday. Finally, Zacks Investment Research cut FOX from a “hold” rating to a “sell” rating in a report on Wednesday, August 21st. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. FOX presently has an average rating of “Hold” and an average price target of $40.00.

FOX opened at $34.43 on Friday. The business has a 50-day moving average of $31.56 and a two-hundred day moving average of $34.53. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.12 and a current ratio of 3.78. Fox Corp has a 12 month low of $29.61 and a 12 month high of $41.73.

FOX (NASDAQ:FOX) last announced its earnings results on Wednesday, August 7th. The company reported $0.62 earnings per share (EPS) for the quarter. The business had revenue of $2.51 billion during the quarter.

FOX Company Profile

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: Capital Gains Distribution

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Institutional Ownership by Quarter for FOX (NASDAQ:FOX)

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