Clearline Capital LP Makes New Investment in Paramount Global (NASDAQ:PARA)

Clearline Capital LP bought a new stake in shares of Paramount Global (NASDAQ:PARA - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 62,788 shares of the company's stock, valued at approximately $657,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Deutsche Bank AG raised its position in Paramount Global by 11.6% during the 4th quarter. Deutsche Bank AG now owns 3,808,989 shares of the company's stock valued at $39,842,000 after purchasing an additional 397,231 shares in the last quarter. Bayesian Capital Management LP purchased a new position in shares of Paramount Global in the 4th quarter valued at approximately $1,600,000. Algert Global LLC acquired a new stake in shares of Paramount Global during the fourth quarter worth $1,002,000. Ariel Investments LLC lifted its position in Paramount Global by 3.2% during the 4th quarter. Ariel Investments LLC now owns 14,663,907 shares of the company's stock worth $153,384,000 after acquiring an additional 460,539 shares during the period. Finally, AlTi Global Inc. acquired a new stake in shares of Paramount Global during the fourth quarter worth about $492,000. Hedge funds and other institutional investors own 73.00% of the company's stock.

Paramount Global Stock Performance

Shares of Paramount Global stock traded up $0.26 during trading on Friday, reaching $11.94. The company's stock had a trading volume of 10,208,614 shares, compared to its average volume of 10,438,520. The firm has a market cap of $8.01 billion, a PE ratio of -1.45, a P/E/G ratio of 1.68 and a beta of 1.25. The company has a 50-day moving average price of $11.43 and a two-hundred day moving average price of $11.07. 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 has a fifty-two week low of $9.54 and a fifty-two week high of $13.40.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.02. The business had revenue of $7.19 billion during the quarter, compared to analysts' expectations of $7.14 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business's revenue was down 6.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.62 earnings per share. On average, analysts forecast that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend was Monday, March 17th. Paramount Global's payout ratio is currently -2.43%.

Analyst Upgrades and Downgrades

Several research firms have commented on PARA. Benchmark lowered their price target on shares of Paramount Global from $19.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a research report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft lowered Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price objective on the stock. in a report on Wednesday, April 2nd. Morgan Stanley dropped their price objective on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Tuesday, May 6th. Finally, StockNews.com assumed coverage on shares of Paramount Global in a research note on Friday. They issued a "hold" rating on the stock. Six equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, Paramount Global presently has an average rating of "Hold" and an average price target of $11.58.

Paramount Global 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.