Gamco Investors INC. ET AL Sells 142,752 Shares of E.W. Scripps Company (The) $SSP

Key Points

• Gamco Investors has reduced its holdings in E.W. Scripps Company by 5.0%, selling 142,752 shares during the first quarter and now owning 2,736,553 shares valued at approximately $8.1 million.
• Other investors, including Northwestern Mutual Wealth Management Co. and Group One Trading LLC, have raised their positions significantly in E.W. Scripps, with Group One increasing its stake by 479.9%.
• Despite a recent earnings report where E.W. Scripps missed revenue and EPS estimates, analysts maintain a Moderate Buy average rating for the stock, with a consensus price target of $5.50.

Gamco Investors INC. ET AL cut its stake in shares of E.W. Scripps Company (The) (NASDAQ:SSP - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,736,553 shares of the company's stock after selling 142,752 shares during the quarter. Gamco Investors INC. ET AL owned 3.16% of E.W. Scripps worth $8,100,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its stake in shares of E.W. Scripps by 111.8% during 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 in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of E.W. Scripps in the fourth quarter valued at $25,000. Public Employees Retirement System of Ohio purchased a new stake in shares of E.W. Scripps in the fourth quarter valued at $29,000. Tower Research Capital LLC TRC lifted its holdings in shares of E.W. Scripps by 137.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 13,700 shares of the company's stock valued at $30,000 after purchasing an additional 7,927 shares in the last quarter. Finally, Group One Trading LLC lifted its holdings in shares of E.W. Scripps by 479.9% in the fourth quarter. Group One Trading LLC now owns 13,998 shares of the company's stock valued at $31,000 after purchasing an additional 11,584 shares in the last quarter. 67.81% of the stock is owned by institutional investors.

E.W. Scripps Stock Down 3.8%

Shares of NASDAQ SSP traded down $0.12 during trading hours on Tuesday, hitting $2.88. The stock had a trading volume of 80,848 shares, compared to its average volume of 966,104. The firm's 50-day moving average price is $3.17 and its two-hundred day moving average price is $2.62. 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 capitalization of $253.95 million, a P/E ratio of 5.99 and a beta of 1.05. The company has a debt-to-equity ratio of 2.92, a quick ratio of 1.27 and a current ratio of 1.27.

E.W. Scripps (NASDAQ:SSP - Get Free Report) last posted its earnings results 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). The business had revenue of $540.08 million during the quarter, compared to analyst estimates of $544.17 million. E.W. Scripps had a net margin of 4.25% and a return on equity of 17.68%. Analysts anticipate that E.W. Scripps Company will post 1.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SSP has been the subject of a number of research analyst reports. Wall Street Zen lowered E.W. Scripps from a "hold" rating to a "sell" rating in a report on Sunday. Wells Fargo & Company reduced their target price on E.W. Scripps from $4.00 to $3.00 and set an "equal weight" rating for the company in a report on Monday, August 11th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $5.50.

E.W. Scripps Company Profile

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.