Acadian Asset Management LLC Purchases 316,545 Shares of 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 boosted its position in shares of E.W. Scripps Company (The) (NASDAQ:SSP - Free Report) by 37.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,157,372 shares of the company's stock after acquiring an additional 316,545 shares during the period. Acadian Asset Management LLC owned 1.32% of E.W. Scripps worth $3,421,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of SSP. The Manufacturers Life Insurance Company purchased a new position in E.W. Scripps during the fourth quarter valued at approximately $25,000. Northern Trust Corp grew its stake in E.W. Scripps by 6.1% in the 4th quarter. Northern Trust Corp now owns 532,334 shares of the company's stock worth $1,176,000 after buying an additional 30,501 shares in the last quarter. Graham Capital Management L.P. grew its stake in E.W. Scripps by 39.7% in the 4th quarter. Graham Capital Management L.P. now owns 109,466 shares of the company's stock worth $242,000 after buying an additional 31,131 shares in the last quarter. Group One Trading LLC grew its stake in 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 buying an additional 11,584 shares in the last quarter. Finally, Jefferies Financial Group Inc. purchased a new position in E.W. Scripps in the 4th quarter worth approximately $291,000. Hedge funds and other institutional investors own 67.81% of the company's stock.

E.W. Scripps Trading Down 1.4%

Shares of E.W. Scripps stock traded down $0.04 during trading on Friday, reaching $2.87. The company's stock had a trading volume of 1,733,386 shares, compared to its average volume of 438,311. E.W. Scripps Company has a 52-week low of $1.36 and a 52-week high of $4.17. The company has a market cap of $253.51 million, a price-to-earnings ratio of 5.98 and a beta of 1.05. The firm's 50-day moving average is $3.05 and its two-hundred day moving average is $2.72. 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 announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.08). E.W. Scripps had a net margin of 4.25% and a return on equity of 17.68%. The business had revenue of $540.08 million during the quarter, compared to analysts' expectations of $544.17 million. On average, sell-side analysts anticipate that E.W. Scripps Company will post 1.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

SSP has been the subject of a number of research reports. Wall Street Zen cut shares of E.W. Scripps from a "hold" rating to a "sell" rating in a research note on Sunday, August 31st. Wells Fargo & Company cut their price target on shares of E.W. Scripps from $4.00 to $3.00 and set an "equal weight" rating for the company in a research note on Monday, August 11th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $5.50.

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.