E.W. Scripps Company (The) $SSP Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. has reduced its stake in E.W. Scripps Company by 19.3%, selling 326,133 shares and now owning approximately 1.56% of the company valued at $4,038,000.
• Research analysts recently lowered their ratings on E.W. Scripps, with Wall Street Zen downgrading it from "hold" to "sell" and Wells Fargo reducing its price target from $4.00 to $3.00.
• E.W. Scripps reported an earnings miss in its last quarter, posting an EPS of ($0.12) compared to the consensus estimate of ($0.04), alongside a revenue of $540.08 million, falling short of expectations.

Goldman Sachs Group Inc. cut its position in E.W. Scripps Company (The) (NASDAQ:SSP - Free Report) by 19.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,364,209 shares of the company's stock after selling 326,133 shares during the period. Goldman Sachs Group Inc. owned 1.56% of E.W. Scripps worth $4,038,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of SSP. Northwestern Mutual Wealth Management Co. increased its position in shares of E.W. Scripps by 111.8% during the first 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. Public Employees Retirement System of Ohio bought a new position in E.W. Scripps in the 4th quarter valued at about $29,000. Group One Trading LLC boosted its position in E.W. Scripps by 479.9% during 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 during the period. Atria Wealth Solutions Inc. acquired a new position in shares of E.W. Scripps in the 1st quarter worth approximately $44,000. Finally, Chicago Partners Investment Group LLC bought a new stake in shares of E.W. Scripps in the 1st quarter valued at $49,000. 67.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on SSP shares. Wall Street Zen downgraded shares of E.W. Scripps from a "hold" rating to a "sell" rating in a report on Sunday, August 31st. Wells Fargo & Company reduced their price target 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 research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, E.W. Scripps currently has an average rating of "Moderate Buy" and an average price target of $5.50.

E.W. Scripps Trading Down 1.4%

NASDAQ:SSP traded down $0.04 during midday trading on Friday, hitting $2.87. 1,733,386 shares of the company traded hands, compared to its average volume of 488,629. 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's fifty day moving average is $3.05 and its 200-day moving average is $2.74. E.W. Scripps Company has a 12-month low of $1.36 and a 12-month high of $4.17. The firm has a market capitalization of $253.51 million, a P/E ratio of 5.98 and a beta of 1.05.

E.W. Scripps (NASDAQ:SSP - Get Free Report) last issued its quarterly earnings data 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 net margin of 4.25% and a return on equity of 17.68%. The company had revenue of $540.08 million for the quarter, compared to the consensus estimate of $544.17 million. On average, sell-side analysts predict that E.W. Scripps Company will post 1.07 EPS 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.