Viacom (VIAB) Shares Gap Up Following Strong Earnings

Viacom, Inc. (NASDAQ:VIAB) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $32.63, but opened at $32.71. Viacom shares last traded at $30.89, with a volume of 3246109 shares trading hands.

The company reported $1.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.09. Viacom had a net margin of 14.13% and a return on equity of 28.95%. The business had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $3.14 billion. During the same period in the prior year, the company posted $1.04 earnings per share. Viacom’s revenue was down 7.6% compared to the same quarter last year.

VIAB has been the topic of a number of analyst reports. Loop Capital reduced their price objective on shares of Viacom from $32.00 to $27.00 and set a “hold” rating on the stock in a research note on Friday, November 17th. KeyCorp reiterated a “hold” rating on shares of Viacom in a research note on Friday, November 24th. Credit Suisse Group set a $38.00 price objective on shares of Viacom and gave the stock a “buy” rating in a research note on Wednesday, November 1st. Pivotal Research reiterated a “hold” rating and set a $25.00 price objective on shares of Viacom in a research note on Thursday, November 16th. Finally, Royal Bank of Canada upgraded shares of Viacom from an “underperform” rating to a “sector perform” rating and set a $35.00 price objective on the stock in a research note on Friday. Seven analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $34.77.

A number of hedge funds and other institutional investors have recently modified their holdings of VIAB. Lehman Financial Resources Inc. bought a new position in Viacom in the 4th quarter valued at approximately $207,000. Hourglass Capital LLC bought a new position in Viacom in the 4th quarter valued at approximately $220,000. SeaCrest Wealth Management LLC bought a new position in Viacom in the 4th quarter valued at approximately $225,000. Marathon Trading Investment Management LLC bought a new position in Viacom in the 3rd quarter valued at approximately $237,000. Finally, Lourd Capital LLC bought a new position in Viacom in the 4th quarter valued at approximately $252,000. Institutional investors and hedge funds own 78.74% of the company’s stock.

The firm has a market capitalization of $13,530.00, a price-to-earnings ratio of 6.57, a PEG ratio of 1.06 and a beta of 1.54. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.30 and a current ratio of 1.55.

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About Viacom

Viacom Inc offers global media brands that create television programs, motion pictures, short-form content, applications, games, consumer products, social media experiences and other entertainment content. As of September 30, 2016, the Company offered its services for audiences in more than 180 countries.

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