Russell Investments Group Ltd. Decreases Holdings in Formula One Group (NASDAQ:FWONK)

Russell Investments Group Ltd. reduced its stake in shares of Formula One Group (NASDAQ:FWONK) by 63.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104,893 shares of the company’s stock after selling 178,325 shares during the period. Russell Investments Group Ltd.’s holdings in Formula One Group were worth $9,734,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Everence Capital Management Inc. acquired a new position in shares of Formula One Group during the fourth quarter worth about $827,000. Hahn Capital Management LLC boosted its holdings in shares of Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after buying an additional 21,699 shares during the period. Janney Montgomery Scott LLC grew its holdings in shares of Formula One Group by 1.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after purchasing an additional 287 shares during the last quarter. Finally, Allstate Corp bought a new position in Formula One Group during the 4th quarter worth $571,000. Institutional investors and hedge funds own 92.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Rosenblatt Securities reissued a “buy” rating and set a $102.00 price target on shares of Formula One Group in a report on Friday, March 7th. Wells Fargo & Company cut their target price on Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a research report on Friday, February 28th. Morgan Stanley lowered their price objective on shares of Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. StockNews.com raised shares of Formula One Group to a “sell” rating in a research report on Tuesday, April 1st. Finally, JPMorgan Chase & Co. boosted their target price on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $95.33.

Formula One Group Trading Down 1.5 %

Shares of NASDAQ:FWONK opened at $77.19 on Friday. The firm has a market capitalization of $19.24 billion, a PE ratio of 67.12 and a beta of 0.32. Formula One Group has a 1-year low of $66.37 and a 1-year high of $102.33. The business’s 50 day moving average is $90.39 and its 200-day moving average is $88.12.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($1.45). The business had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion. On average, sell-side analysts predict that Formula One Group will post 1.36 EPS for the current year.

Formula One Group Company Profile

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One 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.