Auxier Asset Management Lowers Stock Position in Paramount Global (NASDAQ:PARA)

Auxier Asset Management trimmed its position in Paramount Global (NASDAQ:PARA) by 5.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,376 shares of the company’s stock after selling 975 shares during the quarter. Auxier Asset Management’s holdings in Paramount Global were worth $185,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its stake in shares of Paramount Global by 162.8% in the third quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock worth $26,000 after purchasing an additional 1,573 shares in the last quarter. Huntington National Bank boosted its holdings in Paramount Global by 129.0% in the 3rd quarter. Huntington National Bank now owns 2,771 shares of the company’s stock worth $29,000 after buying an additional 1,561 shares during the period. Atlas Capital Advisors LLC bought a new stake in Paramount Global during the second quarter valued at about $35,000. Ashton Thomas Private Wealth LLC bought a new stake in Paramount Global during the second quarter valued at about $43,000. Finally, Kennebec Savings Bank purchased a new position in shares of Paramount Global in the third quarter valued at about $47,000. Institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Up 1.2 %

NASDAQ:PARA opened at $10.77 on Friday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. Paramount Global has a 1-year low of $9.54 and a 1-year high of $17.50. The company has a 50-day moving average of $10.68 and a 200 day moving average of $10.95. The firm has a market cap of $7.18 billion, a PE ratio of -1.31, a price-to-earnings-growth ratio of 1.30 and a beta of 1.74.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.25. The firm had revenue of $6.73 billion during the quarter, compared to analysts’ expectations 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 revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.30 EPS. As a group, research analysts anticipate that Paramount Global will post 1.86 EPS for the current fiscal year.

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.86%. Paramount Global’s dividend payout ratio is presently -2.43%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their target price 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. Wells Fargo & Company raised shares of Paramount Global from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $10.00 to $11.00 in a report on Friday, August 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research note on Monday, November 11th. Macquarie reiterated an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a research note on Monday, November 11th. Finally, Guggenheim cut their price objective on Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Eight equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.40.

Paramount Global Profile

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.