Investors Buy Large Volume of Call Options on FOX (FOXA)

Fox Corp (NASDAQ:FOXA) saw unusually large options trading activity on Wednesday. Stock traders bought 14,033 call options on the company. This represents an increase of 2,684% compared to the typical daily volume of 504 call options.

NASDAQ FOXA opened at $37.42 on Thursday. FOX has a 12-month low of $35.90 and a 12-month high of $41.95.

FOX (NASDAQ:FOXA) last posted its earnings results on Wednesday, May 8th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.15. The business had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.61 billion. FOX’s revenue was up 11.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.49 earnings per share. On average, research analysts expect that FOX will post 2.18 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of FOXA. Standard Life Aberdeen plc lifted its stake in FOX by 17.5% in the third quarter. Standard Life Aberdeen plc now owns 839,264 shares of the company’s stock valued at $38,887,000 after acquiring an additional 125,065 shares during the last quarter. Legal & General Group Plc lifted its stake in FOX by 0.6% in the third quarter. Legal & General Group Plc now owns 4,601,571 shares of the company’s stock valued at $213,174,000 after acquiring an additional 26,826 shares during the last quarter. Vanguard Group Inc lifted its stake in FOX by 1.0% in the third quarter. Vanguard Group Inc now owns 72,845,313 shares of the company’s stock valued at $3,374,922,000 after acquiring an additional 731,573 shares during the last quarter. Moody National Bank Trust Division acquired a new stake in FOX in the fourth quarter valued at approximately $49,000. Finally, State of Alaska Department of Revenue lifted its stake in FOX by 8.3% in the fourth quarter. State of Alaska Department of Revenue now owns 170,569 shares of the company’s stock valued at $8,206,000 after acquiring an additional 13,041 shares during the last quarter. Hedge funds and other institutional investors own 1.03% of the company’s stock.

FOXA has been the topic of a number of recent analyst reports. Moffett Nathanson initiated coverage on shares of FOX in a research report on Friday, March 15th. They set a “buy” rating and a $51.00 price target on the stock. JPMorgan Chase & Co. assumed coverage on shares of FOX in a research note on Monday, March 25th. They issued an “overweight” rating and a $46.00 price objective on the stock. BMO Capital Markets assumed coverage on shares of FOX in a research note on Wednesday, April 10th. They issued a “market perform” rating and a $37.00 price objective on the stock. Buckingham Research assumed coverage on shares of FOX in a research note on Thursday, March 21st. They issued a “buy” rating on the stock. Finally, UBS Group lifted their price objective on shares of FOX to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 13th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $47.10.

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About FOX

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.

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