Grandview Asset Management LLC Trims Stake in Paramount Global (NASDAQ:PARA)

Grandview Asset Management LLC cut its holdings in shares of Paramount Global (NASDAQ:PARA) by 29.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,625 shares of the company’s stock after selling 12,188 shares during the quarter. Grandview Asset Management LLC’s holdings in Paramount Global were worth $299,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PARA. FNY Investment Advisers LLC boosted its stake in Paramount Global by 102.4% during the fourth quarter. FNY Investment Advisers LLC now owns 7,224 shares of the company’s stock worth $75,000 after buying an additional 3,654 shares during the period. Czech National Bank boosted its position in shares of Paramount Global by 6.5% during the 4th quarter. Czech National Bank now owns 129,023 shares of the company’s stock worth $1,350,000 after purchasing an additional 7,874 shares during the period. Graypoint LLC boosted its position in shares of Paramount Global by 119.9% during the 4th quarter. Graypoint LLC now owns 47,989 shares of the company’s stock worth $502,000 after purchasing an additional 26,168 shares during the period. Range Financial Group LLC acquired a new stake in Paramount Global in the 4th quarter valued at approximately $165,000. Finally, Everence Capital Management Inc. purchased a new stake in Paramount Global in the fourth quarter valued at approximately $255,000. 73.00% of the stock is owned by institutional investors and hedge funds.

Paramount Global Price Performance

Shares of PARA opened at $10.72 on Tuesday. The firm has a market capitalization of $7.15 billion, a price-to-earnings ratio of -1.30, a PEG ratio of 1.35 and a beta of 1.70. The firm’s fifty day simple moving average is $10.86 and its 200-day simple moving average is $10.80. Paramount Global has a twelve month low of $9.54 and a twelve month high of $15.70. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85.

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on PARA. Guggenheim lowered their price target 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. Macquarie restated an “underperform” rating and set a $10.00 target price on shares of Paramount Global in a report on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research note on Monday, November 11th. Finally, StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $12.50.

Paramount Global Company 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.