Intech Investment Management LLC Invests $117,000 in Paramount Global (NASDAQ:PARA)

Intech Investment Management LLC bought a new position in Paramount Global (NASDAQ:PARA) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 11,052 shares of the company’s stock, valued at approximately $117,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Commerce Bank boosted its position in shares of Paramount Global by 18.0% in the third quarter. Commerce Bank now owns 13,972 shares of the company’s stock worth $148,000 after buying an additional 2,133 shares during the period. Alpine Associates Management Inc. purchased a new position in Paramount Global in the third quarter valued at about $5,186,000. PNC Financial Services Group Inc. boosted its holdings in Paramount Global by 1.6% in the third quarter. PNC Financial Services Group Inc. now owns 92,019 shares of the company’s stock valued at $977,000 after purchasing an additional 1,481 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Paramount Global in the third quarter valued at about $123,000. Finally, Banque Cantonale Vaudoise purchased a new position in Paramount Global in the third quarter valued at about $224,000. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Trading Up 1.7 %

NASDAQ PARA opened at $10.99 on Friday. Paramount Global has a one year low of $9.54 and a one year high of $17.50. The company has a 50-day simple moving average of $10.73 and a 200-day simple moving average of $10.88. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The firm has a market capitalization of $7.33 billion, a PE ratio of -1.34, a price-to-earnings-growth ratio of 1.33 and a beta of 1.71.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.24 by $0.25. The business had revenue of $6.73 billion during the quarter, compared to analyst estimates of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.30 EPS. On average, equities analysts forecast that Paramount Global will post 1.86 earnings per share for the current year.

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Monday, December 16th. Paramount Global’s payout ratio is -2.43%.

Analyst Upgrades and Downgrades

PARA has been the subject of a number of analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. StockNews.com raised Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Guggenheim reduced their price target on Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. Macquarie reissued an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a report on Monday, November 11th. Finally, JPMorgan Chase & Co. cut their price objective on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research note on Thursday, August 15th. Eight equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $12.40.

About Paramount Global

Paramount Global operates as a media, streaming, and entertainment company worldwide. It operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates CBS Television Network, a domestic broadcast television network; CBS Stations, a television station; and international free-to-air networks comprising Network 10, Channel 5, Telefe, and Chilevisión; domestic premium and basic cable networks, such as Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, and CBS Sports Network; and international extensions of these brands.