Minerva Advisors LLC Acquires 92,000 Shares of E.W. Scripps Company (The) (NASDAQ:SSP)

Key Points

• Minerva Advisors LLC increased its stake in E.W. Scripps Company by 7.9%, acquiring an additional 92,000 shares, bringing its total holdings to approximately 1.26 million shares.
• Institutional investors collectively own 67.81% of E.W. Scripps, signaling significant interest in the company from various funds.
• Analysts at Wells Fargo & Company raised their target price for E.W. Scripps shares from $2.80 to $4.00 while maintaining an "equal weight" rating.

Minerva Advisors LLC grew its holdings in E.W. Scripps Company (The) (NASDAQ:SSP - Free Report) by 7.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,259,842 shares of the company's stock after purchasing an additional 92,000 shares during the quarter. E.W. Scripps comprises about 2.3% of Minerva Advisors LLC's portfolio, making the stock its 14th biggest position. Minerva Advisors LLC owned approximately 1.45% of E.W. Scripps worth $3,729,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SSP. The Manufacturers Life Insurance Company purchased a new stake in shares of E.W. Scripps in the 4th quarter worth approximately $25,000. Public Employees Retirement System of Ohio purchased a new position in E.W. Scripps during the fourth quarter valued at approximately $29,000. Tower Research Capital LLC TRC lifted its stake in shares of E.W. Scripps by 137.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 13,700 shares of the company's stock worth $30,000 after buying an additional 7,927 shares during the period. Group One Trading LLC raised its position 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 worth $31,000 after acquiring an additional 11,584 shares during the period. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of E.W. Scripps during the 4th quarter worth about $37,000. 67.81% of the stock is owned by institutional investors.

E.W. Scripps Stock Performance

SSP stock traded down $0.27 during trading hours on Thursday, hitting $2.88. 210,010 shares of the stock were exchanged, compared to its average volume of 976,037. The company has a 50-day simple moving average of $3.02 and a two-hundred day simple moving average of $2.49. The firm has a market capitalization of $252.17 million, a P/E ratio of 3.15 and a beta of 1.01. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 2.84. E.W. Scripps Company has a 12 month low of $1.36 and a 12 month high of $4.17.

E.W. Scripps (NASDAQ:SSP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.05. The business had revenue of $524.39 million for the quarter, compared to analysts' expectations of $520.04 million. E.W. Scripps had a return on equity of 17.81% and a net margin of 5.71%. On average, analysts forecast that E.W. Scripps Company will post 1.07 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Wall Street Zen raised shares of E.W. Scripps from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Wells Fargo & Company increased their target price on shares of E.W. Scripps from $2.80 to $4.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th.

E.W. Scripps 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.