Gamco Investors INC. ET AL reduced its stake in Formula One Group (NASDAQ:FWONK – Get Rating) by 7.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 95,369 shares of the company’s stock after selling 7,562 shares during the period. Gamco Investors INC. ET AL’s holdings in Formula One Group were worth $6,031,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Verity Asset Management Inc. acquired a new stake in Formula One Group in the fourth quarter valued at $241,000. New York State Common Retirement Fund raised its stake in Formula One Group by 141.8% in the fourth quarter. New York State Common Retirement Fund now owns 585,019 shares of the company’s stock valued at $36,997,000 after buying an additional 343,061 shares in the last quarter. James Investment Research Inc. acquired a new stake in Formula One Group in the fourth quarter valued at $37,000. Bessemer Group Inc. raised its stake in Formula One Group by 92.1% in the fourth quarter. Bessemer Group Inc. now owns 15,536 shares of the company’s stock valued at $983,000 after buying an additional 7,450 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in Formula One Group in the fourth quarter valued at $348,000. Institutional investors and hedge funds own 89.48% of the company’s stock.
Several equities analysts have issued reports on the company. Morgan Stanley raised their price objective on Formula One Group from $55.00 to $58.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 26th. Zacks Investment Research lowered Formula One Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. StockNews.com assumed coverage on Formula One Group in a report on Thursday, March 31st. They set a “hold” rating on the stock. Rosenblatt Securities assumed coverage on Formula One Group in a report on Monday, April 25th. They set a “buy” rating and a $81.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their price objective on Formula One Group from $65.00 to $77.00 in a report on Thursday, April 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $62.43.
Formula One Group (NASDAQ:FWONK – Get Rating) last posted its quarterly earnings results on Friday, February 25th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.81). Formula One Group had a negative net margin of 7.73% and a negative return on equity of 0.97%. The company had revenue of $787.00 million for the quarter, compared to analyst estimates of $726.07 million. Analysts expect that Formula One Group will post 0.17 EPS for the current year.
In related news, major shareholder Gamco Investors, Inc. Et Al acquired 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 20th. The stock was purchased at an average cost of $28.02 per share, for a total transaction of $140,100.00. Following the transaction, the insider now directly owns 5,000 shares of the company’s stock, valued at approximately $140,100. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have bought 12,000 shares of company stock valued at $328,850.
About Formula One Group (Get Rating)
Formula One Group engages in the motorsports business in the United States and internationally. It holds commercial rights for the world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.
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