Acadian Asset Management LLC Increases Stock Position in E.W. Scripps Company (The) $SSP

Key Points

• Acadian Asset Management LLC increased its stock position in E.W. Scripps Company by 37.6% during the first quarter, owning 1,157,372 shares worth $3.42 million.
• Several institutional investors, including Northwestern Mutual Wealth Management Co., have significantly expanded their holdings in E.W. Scripps, resulting in 67.81% of the company's stock now being owned by institutional investors and hedge funds.
• Wall Street analysts have downgraded E.W. Scripps' rating from "hold" to "sell," with Wells Fargo reducing its price target from $4.00 to $3.00, while analysts currently maintain an average target price of $5.50.

Acadian Asset Management LLC lifted its position in shares of E.W. Scripps Company (The) (NASDAQ:SSP - Free Report) by 37.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,157,372 shares of the company's stock after acquiring an additional 316,545 shares during the quarter. Acadian Asset Management LLC owned 1.32% of E.W. Scripps worth $3,421,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. grew its holdings in shares of E.W. Scripps by 111.8% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 8,931 shares of the company's stock worth $26,000 after acquiring an additional 4,715 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in shares of E.W. Scripps in the 4th quarter worth approximately $25,000. Public Employees Retirement System of Ohio acquired a new stake in shares of E.W. Scripps in the 4th quarter worth approximately $29,000. Group One Trading LLC grew its holdings in shares of E.W. Scripps by 479.9% in the 4th quarter. Group One Trading LLC now owns 13,998 shares of the company's stock worth $31,000 after acquiring an additional 11,584 shares during the period. Finally, Atria Wealth Solutions Inc. acquired a new stake in shares of E.W. Scripps in the 1st quarter worth approximately $44,000. Institutional investors and hedge funds own 67.81% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SSP. Wall Street Zen cut E.W. Scripps from a "hold" rating to a "sell" rating in a report on Sunday, August 31st. Wells Fargo & Company lowered their price target on E.W. Scripps from $4.00 to $3.00 and set an "equal weight" rating on the stock in a report on Monday, August 11th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $5.50.

E.W. Scripps Stock Performance

Shares of E.W. Scripps stock opened at $2.91 on Monday. E.W. Scripps Company has a fifty-two week low of $1.36 and a fifty-two week high of $4.17. The firm has a market cap of $257.04 million, a PE ratio of 6.06 and a beta of 1.05. The business's fifty day moving average is $3.15 and its two-hundred day moving average is $2.69. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 2.92.

E.W. Scripps (NASDAQ:SSP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.08). E.W. Scripps had a return on equity of 17.68% and a net margin of 4.25%.The business had revenue of $540.08 million for the quarter, compared to analysts' expectations of $544.17 million. Analysts anticipate that E.W. Scripps Company will post 1.07 earnings per share for the current year.

About E.W. Scripps

The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local television stations, national news, and entertainment networks in the United States. It operates through Local Media, Scripps Networks, and Other segments. The Local Media segment operates broadcast television stations, which produce news, information, sports, and entertainment content, as well as its related digital operations; runs network, syndicated, and original programming, and local sporting events; and provides core and political advertising services.

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