Van ECK Associates Corp Sells 121,622 Shares of Paramount Global (NASDAQ:PARA)

Van ECK Associates Corp cut its stake in shares of Paramount Global (NASDAQ:PARA - Free Report) by 85.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,215 shares of the company's stock after selling 121,622 shares during the period. Van ECK Associates Corp's holdings in Paramount Global were worth $208,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PARA. Allspring Global Investments Holdings LLC increased its holdings in Paramount Global by 3.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company's stock valued at $291,000 after purchasing an additional 934 shares during the period. Texas Permanent School Fund Corp grew its holdings in Paramount Global by 4.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 99,705 shares of the company's stock worth $1,174,000 after acquiring an additional 4,152 shares during the period. Empowered Funds LLC grew its holdings in Paramount Global by 45.1% during the 1st quarter. Empowered Funds LLC now owns 15,270 shares of the company's stock worth $180,000 after acquiring an additional 4,748 shares during the period. SG Americas Securities LLC grew its holdings in Paramount Global by 109.9% during the 1st quarter. SG Americas Securities LLC now owns 100,473 shares of the company's stock worth $1,183,000 after acquiring an additional 52,614 shares during the period. Finally, ProShare Advisors LLC grew its holdings in Paramount Global by 146.5% during the 1st quarter. ProShare Advisors LLC now owns 151,864 shares of the company's stock worth $1,787,000 after acquiring an additional 90,262 shares during the period. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Stock Performance

Shares of NASDAQ PARA traded up $0.19 during midday trading on Thursday, reaching $11.35. The company's stock had a trading volume of 9,293,496 shares, compared to its average volume of 14,851,461. Paramount Global has a 12-month low of $9.54 and a 12-month high of $17.50. The firm has a 50 day moving average price of $10.60 and a 200-day moving average price of $11.09. The stock has a market capitalization of $7.57 billion, a P/E ratio of -1.38, a PEG ratio of 1.44 and a beta of 1.74. 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 - Get Free Report) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping 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 negative net margin of 18.89% and a positive return on equity of 5.81%. Paramount Global's revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.30 EPS. As a group, equities analysts predict that Paramount Global will post 1.78 earnings per share for the current year.

Paramount Global Dividend Announcement

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 issued a $0.05 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.76%. Paramount Global's dividend payout ratio (DPR) is presently -2.43%.

Wall Street Analysts Forecast Growth

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