Permanent Capital Management LP Takes Position in News Corporation $NWSA

Permanent Capital Management LP acquired a new position in News Corporation (NASDAQ:NWSA) in the third quarter, Holdings Channel reports. The firm acquired 26,361 shares of the company’s stock, valued at approximately $812,000.

Several other large investors also recently added to or reduced their stakes in NWSA. Cullen Frost Bankers Inc. acquired a new stake in shares of News in the second quarter worth $30,000. CYBER HORNET ETFs LLC acquired a new stake in News during the 2nd quarter worth about $30,000. Allworth Financial LP boosted its position in News by 160.1% during the 2nd quarter. Allworth Financial LP now owns 3,361 shares of the company’s stock worth $100,000 after acquiring an additional 2,069 shares during the period. True Wealth Design LLC increased its holdings in shares of News by 661.1% in the 2nd quarter. True Wealth Design LLC now owns 3,448 shares of the company’s stock valued at $102,000 after purchasing an additional 2,995 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in shares of News in the third quarter worth approximately $146,000. 66.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on NWSA. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of News in a research report on Monday, December 22nd. Zacks Research cut shares of News from a “hold” rating to a “strong sell” rating in a report on Thursday, October 23rd. JPMorgan Chase & Co. cut their price objective on News from $40.00 to $38.00 and set an “overweight” rating for the company in a report on Tuesday, November 25th. Finally, Guggenheim lowered their target price on News from $45.00 to $43.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $37.34.

News Stock Down 0.8%

News stock opened at $26.22 on Monday. The company has a current ratio of 1.76, a quick ratio of 1.63 and a debt-to-equity ratio of 0.21. News Corporation has a 1-year low of $23.38 and a 1-year high of $31.61. The firm’s fifty day simple moving average is $26.01 and its 200-day simple moving average is $28.02. The company has a market capitalization of $14.72 billion, a P/E ratio of 12.67 and a beta of 0.97.

News (NASDAQ:NWSA) last posted its earnings results on Thursday, November 6th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.18 by $0.04. News had a net margin of 13.80% and a return on equity of 5.68%. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same period in the prior year, the business posted $0.21 earnings per share. The business’s quarterly revenue was down 16.8% on a year-over-year basis. Sell-side analysts forecast that News Corporation will post 0.94 earnings per share for the current fiscal year.

News Company Profile

News Corporation (NASDAQ: NWSA) is a global diversified media and information services company headquartered in New York City. It operates through two principal segments: News and Information Services, and Digital Real Estate Services. The company’s news and information division oversees a portfolio of leading newspapers, magazines and digital platforms, offering content across print and online channels. Its properties include Dow Jones, publisher of The Wall Street Journal and Barron’s, News UK titles such as The Times and The Sun, as well as News Corp Australia mastheads.

In addition to its journalism assets, News Corp is a significant player in book publishing through HarperCollins, one of the world’s largest consumer publishers.