Rock Point Advisors LLC Reduces Stake in Paramount Global (NASDAQ:PARA)

Rock Point Advisors LLC cut its holdings in shares of Paramount Global (NASDAQ:PARA) by 0.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 551,845 shares of the company’s stock after selling 2,142 shares during the quarter. Paramount Global accounts for about 1.6% of Rock Point Advisors LLC’s portfolio, making the stock its 24th largest holding. Rock Point Advisors LLC owned about 0.08% of Paramount Global worth $5,861,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Blue Trust Inc. grew its holdings in Paramount Global by 162.8% during the third quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock worth $26,000 after acquiring an additional 1,573 shares during the period. Huntington National Bank increased its stake in shares of Paramount Global by 129.0% in the 3rd quarter. Huntington National Bank now owns 2,771 shares of the company’s stock valued at $29,000 after purchasing an additional 1,561 shares in the last quarter. Atlas Capital Advisors LLC acquired a new position in Paramount Global in the 2nd quarter worth about $35,000. Ashton Thomas Private Wealth LLC purchased a new position in Paramount Global during the second quarter worth approximately $43,000. Finally, Kennebec Savings Bank purchased a new stake in shares of Paramount Global in the third quarter valued at approximately $47,000. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Stock Down 0.2 %

Shares of NASDAQ PARA traded down $0.02 during midday trading on Tuesday, hitting $11.10. 234,568 shares of the company’s stock were exchanged, compared to its average volume of 14,898,991. The firm’s fifty day simple moving average is $10.67 and its 200-day simple moving average is $10.97. The company has a market cap of $7.40 billion, a PE ratio of -1.35, a P/E/G ratio of 1.31 and a beta of 1.74. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. 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 (NASDAQ:PARA) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.25. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The company had revenue of $6.73 billion for the quarter, compared to analyst estimates of $6.94 billion. During the same quarter last year, the company posted $0.30 earnings per share. The business’s quarterly revenue was down 5.6% compared to the same quarter last year. Research analysts predict 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. Investors of record on Monday, December 16th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s dividend payout ratio (DPR) is presently -2.43%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PARA shares. Macquarie restated an “underperform” rating and set a $10.00 target price on shares of Paramount Global in a report on Monday, November 11th. JPMorgan Chase & Co. reduced their price target on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a report on Thursday, August 15th. Guggenheim dropped their price target on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, September 25th. StockNews.com raised Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Eight equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus 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.