Ingalls & Snyder LLC trimmed its stake in Paramount Global (NASDAQ:PARA - Free Report) by 50.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 162,221 shares of the company's stock after selling 168,220 shares during the period. Ingalls & Snyder LLC's holdings in Paramount Global were worth $1,685,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Atlas Capital Advisors LLC purchased a new position in Paramount Global during the 2nd quarter valued at $35,000. Newbridge Financial Services Group Inc. bought a new stake in Paramount Global during the 4th quarter valued at about $44,000. SageView Advisory Group LLC purchased a new stake in Paramount Global in the 1st quarter valued at about $56,000. GAMMA Investing LLC increased its position in shares of Paramount Global by 22.8% during the second quarter. GAMMA Investing LLC now owns 5,742 shares of the company's stock worth $60,000 after acquiring an additional 1,067 shares during the period. Finally, Innealta Capital LLC purchased a new stake in shares of Paramount Global in the second quarter valued at approximately $65,000. Hedge funds and other institutional investors own 73.00% of the company's stock.
Paramount Global Stock Performance
PARA stock traded up $0.01 during trading on Friday, reaching $10.47. The company had a trading volume of 18,652,605 shares, compared to its average volume of 17,186,320. The company has a market cap of $6.98 billion, a price-to-earnings ratio of -69.80, a price-to-earnings-growth ratio of 0.62 and a beta of 1.78. 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 quick ratio of 1.15 and a current ratio of 1.30. The firm has a 50-day simple moving average of $11.00 and a 200-day simple moving average of $11.44.
Paramount Global Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be paid a dividend of $0.05 per share. The ex-dividend date is Monday, September 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.91%. Paramount Global's payout ratio is currently -133.32%.
Wall Street Analyst Weigh In
Several brokerages have weighed in on PARA. Wells Fargo & Company upgraded Paramount Global from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $10.00 to $11.00 in a report on Friday, August 9th. Benchmark reaffirmed a "buy" rating and issued a $19.00 price target on shares of Paramount Global in a research report on Friday, August 9th. Evercore ISI cut their price objective on shares of Paramount Global from $13.00 to $11.50 and set an "in-line" rating on the stock in a report on Tuesday, July 9th. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. dropped their target price on Paramount Global from $12.00 to $11.00 and set an "underweight" rating on the stock in a research report on Thursday, August 15th. Eleven analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $12.47.
Read Our Latest Stock Report on Paramount Global
About Paramount Global
(
Free Report)
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.
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