Charles Schwab Investment Management Inc. Increases Stake in E.W. Scripps Company (The) $SSP

Key Points

• Charles Schwab Investment Management Inc. increased its ownership of E.W. Scripps Company shares by 155.0%, acquiring a total of 1,926,461 shares worth approximately $5.7 million.
• Other institutional investors have also boosted their positions in E.W. Scripps, with 67.81% of the stock now held by institutional investors and hedge funds.
• The company reported an earnings miss in its latest quarter with an earnings per share (EPS) of ($0.12), falling short of the consensus estimate of ($0.04).

Charles Schwab Investment Management Inc. increased its holdings in E.W. Scripps Company (The) (NASDAQ:SSP - Free Report) by 155.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,926,461 shares of the company's stock after purchasing an additional 1,171,102 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 2.22% of E.W. Scripps worth $5,702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also bought and sold shares of SSP. The Manufacturers Life Insurance Company purchased a new position in shares of E.W. Scripps during the fourth quarter valued at approximately $25,000. Public Employees Retirement System of Ohio bought a new stake in E.W. Scripps in the 4th quarter worth approximately $29,000. Tower Research Capital LLC TRC grew its position in E.W. Scripps by 137.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 13,700 shares of the company's stock worth $30,000 after purchasing an additional 7,927 shares during the period. Group One Trading LLC grew its position 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 purchasing an additional 11,584 shares during the period. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in E.W. Scripps in the 4th quarter worth approximately $37,000. 67.81% of the stock is owned by institutional investors.

E.W. Scripps Stock Performance

Shares of NASDAQ:SSP traded up $0.02 on Monday, hitting $2.99. 243,222 shares of the company were exchanged, compared to its average volume of 826,583. E.W. Scripps Company has a 1-year low of $1.36 and a 1-year high of $4.17. The stock's 50 day moving average price is $3.17 and its 200 day moving average price is $2.61. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 2.92. The firm has a market capitalization of $264.12 million, a P/E ratio of 6.23 and a beta of 1.05.

E.W. Scripps (NASDAQ:SSP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate 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. Sell-side analysts predict that E.W. Scripps Company will post 1.07 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of E.W. Scripps from a "hold" rating to a "sell" rating in a report on Sunday. Wells Fargo & Company decreased their target price on shares of E.W. Scripps from $4.00 to $3.00 and set an "equal weight" rating on the stock in a research report on Monday, August 11th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company 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.