Minerva Advisors LLC Purchases 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 lifted its holdings in E.W. Scripps Company (The) (NASDAQ:SSP - Free Report) by 7.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,259,842 shares of the company's stock after acquiring an additional 92,000 shares during the period. E.W. Scripps accounts for about 2.3% of Minerva Advisors LLC's portfolio, making the stock its 14th biggest holding. Minerva Advisors LLC owned approximately 1.45% of E.W. Scripps worth $3,729,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Millennium Management LLC raised its position in E.W. Scripps by 7.7% during the fourth quarter. Millennium Management LLC now owns 1,724,192 shares of the company's stock valued at $3,810,000 after purchasing an additional 123,663 shares during the period. Geode Capital Management LLC boosted its position in E.W. Scripps by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 1,468,827 shares of the company's stock valued at $3,247,000 after purchasing an additional 26,683 shares in the last quarter. Marshall Wace LLP boosted its position in shares of E.W. Scripps by 112.5% in the 4th quarter. Marshall Wace LLP now owns 1,055,343 shares of the company's stock worth $2,332,000 after purchasing an additional 558,818 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of E.W. Scripps by 16.0% in the 4th quarter. Two Sigma Investments LP now owns 712,221 shares of the company's stock valued at $1,574,000 after buying an additional 98,172 shares during the period. Finally, GSA Capital Partners LLP increased its stake in E.W. Scripps by 5.4% during the 1st quarter. GSA Capital Partners LLP now owns 667,868 shares of the company's stock worth $1,977,000 after buying an additional 34,314 shares in the last quarter. Institutional investors own 67.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SSP shares. Wall Street Zen upgraded E.W. Scripps from a "sell" rating to a "hold" rating in a research note on Saturday. Wells Fargo & Company upped their price target on shares of E.W. Scripps from $2.80 to $4.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th.

E.W. Scripps Trading Down 4.9%

Shares of NASDAQ:SSP traded down $0.15 during mid-day trading on Tuesday, hitting $2.84. The company had a trading volume of 120,980 shares, compared to its average volume of 980,776. The company has a debt-to-equity ratio of 2.84, a current ratio of 1.36 and a quick ratio of 1.36. The firm has a fifty day moving average price of $2.99 and a 200 day moving average price of $2.48. The company has a market capitalization of $248.66 million, a PE ratio of 3.09 and a beta of 1.01. E.W. Scripps Company has a one year low of $1.36 and a one year high of $4.17.

E.W. Scripps (NASDAQ:SSP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.05. E.W. Scripps had a return on equity of 17.81% and a net margin of 5.71%. The business had revenue of $524.39 million during the quarter, compared to analyst estimates of $520.04 million. As a group, research analysts forecast that E.W. Scripps Company will post 1.07 EPS for the current year.

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.