News Corp (NASDAQ:NWSA) Sees Large Drop in Short Interest

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News Corp (NASDAQ:NWSA) was the recipient of a large drop in short interest in June. As of June 15th, there was short interest totalling 9,008,400 shares, a drop of 18.8% from the May 15th total of 11,089,900 shares. Currently, 2.4% of the company’s shares are sold short. Based on an average trading volume of 3,060,000 shares, the short-interest ratio is currently 2.9 days.

Hedge funds have recently added to or reduced their stakes in the business. Moody National Bank Trust Division acquired a new position in News during the 1st quarter valued at about $26,000. Advisor Group Inc. boosted its stake in News by 83.2% during the 4th quarter. Advisor Group Inc. now owns 3,355 shares of the company’s stock valued at $38,000 after purchasing an additional 1,524 shares during the last quarter. Capital Financial Planning LLC acquired a new position in News during the 4th quarter valued at about $48,000. Municipal Employees Retirement System of Michigan acquired a new position in News during the 4th quarter valued at about $112,000. Finally, Corient Capital Partners LLC acquired a new position in News during the 1st quarter valued at about $157,000. Institutional investors and hedge funds own 63.89% of the company’s stock.

Shares of NWSA traded up $0.13 during trading hours on Thursday, hitting $13.43. The stock had a trading volume of 2,598,700 shares, compared to its average volume of 2,825,903. The company has a quick ratio of 1.04, a current ratio of 1.15 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $12.01. The firm has a market cap of $7.75 billion, a price-to-earnings ratio of 30.52 and a beta of 1.42. News has a 1-year low of $10.65 and a 1-year high of $15.81.

News (NASDAQ:NWSA) last issued its earnings results on Thursday, May 9th. The company reported $0.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.05. The company had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.51 billion. News had a positive return on equity of 2.59% and a negative net margin of 1.60%. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period last year, the business posted $0.06 EPS. On average, research analysts forecast that News will post 0.38 EPS for the current fiscal year.

Several research analysts have recently weighed in on NWSA shares. Zacks Investment Research lowered News from a “hold” rating to a “sell” rating in a research report on Wednesday, March 27th. BidaskClub raised News from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 19th. Finally, ValuEngine raised News from a “sell” rating to a “hold” rating in a research report on Monday, June 17th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. News has a consensus rating of “Hold” and a consensus target price of $14.17.

About News

News Corporation, a media and information services company, creates and distributes content for consumers and businesses worldwide. It operates in five segments: News and Information Services, Book Publishing, Digital Real Estate Services, Subscription Video Services, and Other. The company distributes content and data products, including The Wall Street Journal, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, Barron's, MarketWatch, and DJX through various media channels, such as newspapers, newswires, Websites, mobile device applications, tablets and e-book readers, newsletters, magazines, proprietary databases, live journalism, video, and podcasts.

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