Short Interest in Fox Co. (NASDAQ:FOX) Drops By 9.7%

Fox Co. (NASDAQ:FOX) was the target of a significant drop in short interest during the month of May. As of May 31st, there was short interest totalling 3,370,000 shares, a drop of 9.7% from the May 15th total of 3,730,000 shares. Approximately 2.6% of the company’s shares are sold short. Based on an average trading volume of 1,210,000 shares, the short-interest ratio is currently 2.8 days.

Insider Buying and Selling

In other news, CFO Steven Tomsic sold 30,000 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $34.26, for a total transaction of $1,027,800.00. Following the completion of the sale, the chief financial officer now directly owns 110,568 shares in the company, valued at approximately $3,788,059.68. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Chairman Keith Rupert Murdoch sold 13,176 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $30.89, for a total transaction of $407,006.64. Following the completion of the sale, the chairman now directly owns 1,408,862 shares of the company’s stock, valued at approximately $43,519,747.18. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Steven Tomsic sold 30,000 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $34.26, for a total value of $1,027,800.00. Following the completion of the sale, the chief financial officer now owns 110,568 shares of the company’s stock, valued at approximately $3,788,059.68. The disclosure for this sale can be found here. Corporate insiders own 19.21% of the company’s stock.

Institutional Investors Weigh In On FOX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in FOX during the fourth quarter valued at about $70,598,000. Bank of Nova Scotia boosted its holdings in FOX by 315.5% during the fourth quarter. Bank of Nova Scotia now owns 1,052,781 shares of the company’s stock valued at $29,108,000 after acquiring an additional 799,383 shares during the period. National Bank of Canada FI grew its position in shares of FOX by 315.0% in the fourth quarter. National Bank of Canada FI now owns 917,745 shares of the company’s stock valued at $25,825,000 after purchasing an additional 696,610 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of FOX by 93.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 945,930 shares of the company’s stock worth $26,155,000 after purchasing an additional 456,546 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in FOX by 377.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 359,678 shares of the company’s stock valued at $9,945,000 after purchasing an additional 284,353 shares during the period. Institutional investors own 26.41% of the company’s stock.

FOX Stock Performance

Shares of FOX traded up $0.18 during trading hours on Wednesday, reaching $31.21. 866,382 shares of the company’s stock traded hands, compared to its average volume of 1,188,011. FOX has a twelve month low of $25.82 and a twelve month high of $33.24. The business’s fifty day simple moving average is $30.21 and its two-hundred day simple moving average is $28.75. The company has a debt-to-equity ratio of 0.67, a current ratio of 3.24 and a quick ratio of 2.94. The firm has a market capitalization of $14.57 billion, a price-to-earnings ratio of 9.78, a P/E/G ratio of 7.91 and a beta of 0.83.

FOX (NASDAQ:FOX) last released its earnings results on Wednesday, May 8th. The company reported $1.09 EPS for the quarter. The firm had revenue of $3.45 billion for the quarter. FOX had a net margin of 11.19% and a return on equity of 15.90%. Analysts predict that FOX will post 3.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Seaport Res Ptn raised FOX from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 9th.

About FOX

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.