Clear Harbor Asset Management LLC Buys 38,720 Shares of Paramount Global (NASDAQ:PARA)

Clear Harbor Asset Management LLC lifted its position in Paramount Global (NASDAQ:PARA) by 157.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,328 shares of the company’s stock after buying an additional 38,720 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Paramount Global were worth $673,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its stake in Paramount Global by 3.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company’s stock valued at $291,000 after buying an additional 934 shares during the period. Valley National Advisers Inc. boosted its position in shares of Paramount Global by 10.8% during the 1st quarter. Valley National Advisers Inc. now owns 32,578 shares of the company’s stock valued at $383,000 after acquiring an additional 3,164 shares during the last quarter. Kovack Advisors Inc. boosted its position in shares of Paramount Global by 21.6% during the 1st quarter. Kovack Advisors Inc. now owns 14,118 shares of the company’s stock valued at $166,000 after acquiring an additional 2,508 shares during the last quarter. Veracity Capital LLC bought a new position in shares of Paramount Global in the first quarter worth approximately $167,000. Finally, Principal Financial Group Inc. increased its position in shares of Paramount Global by 1.8% in the first quarter. Principal Financial Group Inc. now owns 559,491 shares of the company’s stock worth $6,585,000 after purchasing an additional 9,633 shares during the last quarter. 73.00% of the stock is currently owned by institutional investors.

Paramount Global Price Performance

NASDAQ:PARA opened at $10.27 on Monday. The company has a current ratio of 1.30, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85. The company has a fifty day moving average of $10.52 and a 200 day moving average of $11.14. Paramount Global has a 52 week low of $9.54 and a 52 week high of $17.50.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.14 by $0.40. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $7.21 billion. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. On average, equities research analysts predict that Paramount Global will post 1.6 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be given 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 1.95%. Paramount Global’s dividend payout ratio is currently -2.57%.

Analysts Set New Price Targets

PARA has been the subject of a number of research reports. Evercore ISI cut their price target on shares of Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research note on Tuesday, July 9th. Benchmark reissued a “buy” rating and issued a $19.00 target price on shares of Paramount Global in a research note on Friday, August 9th. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. Guggenheim reduced their price objective on Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. Finally, StockNews.com downgraded Paramount Global from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Nine analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.33.

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.