Foundation Resource Management Inc. Trims Stake in Paramount Global (NASDAQ:PARA)

Foundation Resource Management Inc. lessened its holdings in Paramount Global (NASDAQ:PARA) by 4.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,037,987 shares of the company’s stock after selling 50,444 shares during the period. Paramount Global accounts for approximately 1.8% of Foundation Resource Management Inc.’s portfolio, making the stock its 21st largest holding. Foundation Resource Management Inc. owned approximately 0.16% of Paramount Global worth $10,857,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PARA. Charles Schwab Investment Management Inc. grew its position in Paramount Global by 16.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock worth $78,533,000 after acquiring an additional 1,030,592 shares in the last quarter. Bridgewater Associates LP lifted its stake in Paramount Global by 50.7% during the third quarter. Bridgewater Associates LP now owns 328,099 shares of the company’s stock worth $3,484,000 after purchasing an additional 110,357 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Paramount Global by 824.1% during the 3rd quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock valued at $2,029,000 after purchasing an additional 174,514 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Paramount Global by 22.3% during the 3rd quarter. Principal Financial Group Inc. now owns 683,401 shares of the company’s stock valued at $7,258,000 after buying an additional 124,740 shares in the last quarter. Finally, HBK Investments L P bought a new stake in Paramount Global in the 3rd quarter worth approximately $5,098,000. Institutional investors own 73.00% of the company’s stock.

Paramount Global Price Performance

PARA opened at $10.67 on Wednesday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The stock has a market capitalization of $7.12 billion, a PE ratio of -1.30, a price-to-earnings-growth ratio of 1.35 and a beta of 1.70. The stock’s 50 day moving average price is $10.86 and its 200-day moving average price is $10.80. Paramount Global has a 52-week low of $9.54 and a 52-week high of $15.70.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.94 billion. During the same period in the previous year, the firm earned $0.30 EPS. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. On average, equities research analysts predict that Paramount Global will post 1.86 EPS for the current year.

Analysts Set New Price Targets

Several research firms have commented on PARA. Guggenheim decreased their price target on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, September 25th. Macquarie reiterated an “underperform” rating and issued a $10.00 target price on shares of Paramount Global in a research report on Monday, November 11th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Six analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Paramount Global presently has a consensus rating of “Hold” and an average target price of $12.50.

Paramount Global Company 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.