Paramount Global (NASDAQ:PARAA) Trading Up 6.2%

Paramount Global (NASDAQ:PARAA) shares shot up 6.2% during trading on Monday . The company traded as high as 23.98 and last traded at 23.80. 62,196 shares changed hands during mid-day trading, a decline of 19% from the average session volume of 76,994 shares. The stock had previously closed at 22.42.

Wall Street Analysts Forecast Growth

Separately, Seaport Res Ptn lowered shares of Paramount Global from a “buy” rating to a “neutral” rating in a report on Thursday.

Paramount Global Stock Performance

The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.19. The company has a market capitalization of $15.26 billion, a price-to-earnings ratio of -159.86 and a beta of 1.66. The firm has a fifty day simple moving average of 21.87 and a 200 day simple moving average of 19.88.

Paramount Global (NASDAQ:PARAA) last posted its quarterly earnings data on Wednesday, February 28th. The company reported 0.04 earnings per share for the quarter, missing analysts’ consensus estimates of 0.08 by -0.04. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. The company had revenue of 7.64 billion for the quarter, compared to analyst estimates of 7.89 billion. During the same quarter in the prior year, the company posted $0.08 earnings per share. On average, analysts anticipate that Paramount Global will post 1.25 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be issued a dividend of $0.05 per share. The ex-dividend date is Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.86%. Paramount Global’s payout ratio is currently -133.32%.

Institutional Investors Weigh In On Paramount Global

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Gamco Investors INC. ET AL raised its position in Paramount Global by 0.7% in the fourth quarter. Gamco Investors INC. ET AL now owns 2,852,411 shares of the company’s stock valued at $56,078,000 after purchasing an additional 20,883 shares during the period. Ninety One UK Ltd acquired a new position in Paramount Global in the fourth quarter valued at about $3,421,000. GABELLI & Co INVESTMENT ADVISERS INC. increased its position in shares of Paramount Global by 8.8% during the fourth quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 81,700 shares of the company’s stock valued at $1,606,000 after acquiring an additional 6,600 shares during the last quarter. Honeycomb Asset Management LP purchased a new stake in shares of Paramount Global in the 4th quarter valued at approximately $880,000. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in shares of Paramount Global by 29.5% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 35,160 shares of the company’s stock worth $557,000 after acquiring an additional 8,007 shares during the last quarter. Institutional investors and hedge funds own 5.98% of the company’s stock.

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.