Atomi Financial Group Inc. Invests $335,000 in Fox Co. (NASDAQ:FOXA)

Atomi Financial Group Inc. has announced a new investment in Fox Co. (NASDAQ:FOXA) during the third quarter, as detailed in their recent filing with the Securities and Exchange Commission (SEC). The investment involved the purchase of 7,923 shares of Fox Co., valued at around $335,000.

Several other institutional investors have also adjusted their positions concerning Fox Co. Mather Group LLC increased its holdings in FOX by an impressive 74.5%, now owning 4,178 shares valued at $177,000 after acquiring an additional 1,784 shares in the past quarter. GAMMA Investing LLC also expanded its investment, growing its stake by 65.1%, now controlling 5,505 shares that are worth $233,000 following a purchase of 2,171 shares in the last quarter. Meanwhile, Czech National Bank has seen a modest growth of 3.9%, now holding 45,762 shares valued at $1,937,000 after acquiring 1,714 additional shares.

Sanctuary Advisors LLC took the opportunity to enter a new position in FOX from the second quarter, investing approximately $962,000. Additionally, the Teachers Retirement System of the State of Kentucky increased its stake by 9.7%, resulting in a total of 712,593 shares valued at $24,492,000 after adding 62,920 shares recently. Overall, institutional investors now own approximately 52.52% of Fox Co.'s stock.

Current Stock Performance

As of Friday, shares of NASDAQ:FOXA opened at $41.39. Fox Co. displays a debt-to-equity ratio of 0.61 and a current ratio of 2.54 with a quick ratio of 2.33. The company's stock has seen fluctuations, with a one-year low of $28.28 and a high of $42.63. Fox Co. holds a market capitalization of $19.05 billion, with a price-to-earnings (PE) ratio of 13.22 and a P/E growth ratio of 1.90, alongside a beta of 0.76. The firm's 50-day and 200-day moving averages stand at $40.48 and $35.93, respectively.

Earnings and Revenue Insights

Fox Co. recently reported its earnings results on August 6, revealing earnings of $0.90 per share (EPS) for the quarter, surpassing the anticipated $0.83 by $0.07. The reported revenue totaled $3.09 billion, slightly shy of analyst expectations that predicted $3.10 billion. Fox Co. has demonstrated a net margin of 10.74% and a return on equity of 15.57%. The company's quarterly revenue increased by 2.0% compared to the same period the previous year, with a posted EPS of $0.88 last year. Analysts forecast Fox Co. will achieve 3.69 EPS for the current fiscal year.

Dividend Announcement

In addition to performance indicators, Fox Co. recently unveiled a Semi-Annual dividend, which was paid out on September 25. Shareholders of record from September 4 received a dividend of $0.27 per share, which marks an increase from the prior dividend of $0.26. This dividend yields 1.4%, and the ex-dividend date was also September 4. The current dividend payout ratio (DPR) for the company is 17.25%.

Analyst Ratings and Price Targets

Various analysts have provided insights on Fox Co. Bank of America updated their price target from $45.00 to $50.00, rating the stock as a “buy” in a note dated September 25. Additionally, Barclays raised their target from $36.00 to $39.00, issuing an “equal weight” rating. Macquarie revised its target from $32.00 to $35.00 with a “neutral” rating, while Evercore ISI shifted its valuation from $33.00 to $38.00, maintaining an “in-line” rating. Wells Fargo & Company upgraded FOX, shifting their rating from “underweight” to “overweight” and increasing their price target from $29.00 to $46.00. Currently, one analyst rates the stock as a sell, eight maintain a hold rating, and seven suggest a buy. According to MarketBeat.com, FOX holds a consensus rating of “Hold” and a consensus price target of $41.08.

Insider Transactions

In related insider news, Chief Operating Officer John Nallen sold 52,874 shares on August 15 at an average price of $38.96, totaling approximately $2.06 million. Following this transaction, he owns a remaining stake of 249,424 shares valued at about $9.72 million. On the same day, Chief Executive Officer Lachlan K. Murdoch purchased 119,705 shares at an average price of $39.06, amounting to around $4.68 million. After the transaction, he holds 1,076,407 shares valued at $42.04 million. Insider ownership constitutes about 21.77% of Fox Co.'s stock.

Company Overview

Fox Corporation operates as a major player in the United States' news, sports, and entertainment sectors. The company's operations span across various segments, including Cable Network Programming, Television, and Others, Corporate and Eliminations. The Cable Network Programming segment focuses on producing and licensing news, sports, and business content, distributed through traditional cable systems, satellite operators, telecommunications, and various digital platforms.

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