Jacobs Levy Equity Management Inc. Lowers Position in Paramount Global (NASDAQ:PARA)

Jacobs Levy Equity Management Inc. lowered its stake in shares of Paramount Global (NASDAQ:PARA) by 19.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,738,661 shares of the company’s stock after selling 427,411 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.26% of Paramount Global worth $20,464,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Archer Investment Corp bought a new stake in shares of Paramount Global in the 4th quarter valued at approximately $30,000. Friedenthal Financial acquired a new position in shares of Paramount Global in the 4th quarter worth $39,000. Newbridge Financial Services Group Inc. purchased a new position in Paramount Global in the 4th quarter worth about $44,000. SageView Advisory Group LLC purchased a new position in shares of Paramount Global in the first quarter worth approximately $56,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in Paramount Global during the 4th quarter worth approximately $59,000. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Stock Up 2.9 %

Shares of NASDAQ:PARA traded up $0.33 on Wednesday, hitting $11.57. The stock had a trading volume of 7,568,630 shares, compared to its average volume of 18,055,725. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. The company has a quick ratio of 1.19, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The firm’s 50 day moving average price is $11.26 and its 200-day moving average price is $11.89.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.28. The business had revenue of $7.69 billion for the quarter, compared to the consensus estimate of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.09 EPS. Research analysts forecast that Paramount Global will post 1.34 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on PARA shares. Argus downgraded Paramount Global from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a research note on Wednesday, May 8th. Evercore ISI dropped their target price on Paramount Global from $13.00 to $11.50 and set an “in-line” rating on the stock in a research report on Tuesday, July 9th. Rosenblatt Securities reiterated a “neutral” rating and issued a $14.00 price objective on shares of Paramount Global in a report on Tuesday, June 4th. Finally, Wolfe Research lowered Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price for the company. in a report on Tuesday, July 9th. Eleven equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $12.83.

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.