First National Trust Co Takes $932,000 Position in Paramount Global (NASDAQ:PARA)
First National Trust Co purchased a new stake in Paramount Global (NASDAQ:PARA - Get Rating) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund…

First National Trust Co purchased a new stake in Paramount Global (NASDAQ:PARA - Get Rating) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 48,988 shares of the company's stock, valued at approximately $932,000.
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Several other hedge funds also recently made changes to their positions in PARA. Money Concepts Capital Corp purchased a new position in Paramount Global during the third quarter worth about $25,000. Ellevest Inc. purchased a new position in Paramount Global during the third quarter worth about $25,000. Lowe Wealth Advisors LLC purchased a new position in Paramount Global during the third quarter worth about $29,000. Islay Capital Management LLC purchased a new position in Paramount Global during the third quarter worth about $29,000. Finally, MUFG Americas Holdings Corp purchased a new position in Paramount Global during the third quarter worth about $29,000. 74.13% of the stock is currently owned by hedge funds and other institutional investors.
Paramount Global Stock Up 2.9 %
PARA stock opened at $20.64 on Wednesday. Paramount Global has a fifty-two week low of $15.29 and a fifty-two week high of $39.21. The business's 50 day moving average price is $18.50 and its two-hundred day moving average price is $21.02. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.17 and a current ratio of 1.31. The company has a market capitalization of $13.40 billion, a price-to-earnings ratio of 4.39, a price-to-earnings-growth ratio of 1.22 and a beta of 1.51.
Paramount Global (NASDAQ:PARA - Get Rating) last posted its earnings results on Wednesday, November 2nd. The company reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.04). Paramount Global had a return on equity of 5.55% and a net margin of 10.46%. The firm had revenue of $6.92 billion for the quarter, compared to analysts' expectations of $7.05 billion. As a group, analysts forecast that Paramount Global will post 1.85 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several equities research analysts have issued reports on the company. Rosenblatt Securities dropped their price target on Paramount Global from $15.00 to $13.00 and set a "sell" rating for the company in a research note on Thursday, November 3rd. The Goldman Sachs Group dropped their price target on Paramount Global from $18.00 to $16.00 and set a "sell" rating for the company in a research note on Thursday, November 3rd. Morgan Stanley dropped their price target on Paramount Global from $15.00 to $14.00 and set an "underweight" rating for the company in a research note on Monday, December 19th. Deutsche Bank Aktiengesellschaft dropped their price target on Paramount Global from $32.00 to $28.00 in a research note on Friday, November 4th. Finally, Needham & Company LLC dropped their price target on Paramount Global from $36.00 to $23.00 and set a "buy" rating for the company in a research note on Wednesday, November 2nd. Nine analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $21.68.
About Paramount Global
Paramount Global operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. It operates its business through the following segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment is composed of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films, as well as the company's digital streaming services, CBS All Access and CBSN.
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