Wittenberg Investment Management Inc. Has $6.03 Million Stock Holdings in E.W. Scripps Company (The) (NASDAQ:SSP)

Key Points

• Wittenberg Investment Management Inc. increased its stake in E.W. Scripps by 14.1% in Q1, acquiring an additional 251,875 shares, bringing its total ownership to 2,036,014 shares.
• Analysts have started to reevaluate E.W. Scripps, with Wells Fargo & Company raising their target price to $4.00 and upgrading the stock rating from "sell" to "hold."
• E.W. Scripps stock is currently trading at $3.14 after a 4.7% increase, with analysts expecting earnings per share of 1.07 for the current year.

Wittenberg Investment Management Inc. raised its position in shares of E.W. Scripps Company (The) (NASDAQ:SSP - Free Report) by 14.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,036,014 shares of the company's stock after purchasing an additional 251,875 shares during the period. E.W. Scripps makes up approximately 2.7% of Wittenberg Investment Management Inc.'s investment portfolio, making the stock its 8th biggest position. Wittenberg Investment Management Inc. owned 2.35% of E.W. Scripps worth $6,027,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. American Century Companies Inc. grew its stake in shares of E.W. Scripps by 11.5% during the fourth quarter. American Century Companies Inc. now owns 120,568 shares of the company's stock worth $266,000 after buying an additional 12,422 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of E.W. Scripps by 428.7% in the fourth quarter. JPMorgan Chase & Co. now owns 497,862 shares of the company's stock worth $1,100,000 after purchasing an additional 403,691 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of E.W. Scripps by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 1,468,827 shares of the company's stock worth $3,247,000 after purchasing an additional 26,683 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in E.W. Scripps by 25.4% in the fourth quarter. Wells Fargo & Company MN now owns 36,592 shares of the company's stock valued at $81,000 after buying an additional 7,418 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in E.W. Scripps by 31.3% in the fourth quarter. Federated Hermes Inc. now owns 467,596 shares of the company's stock valued at $1,033,000 after buying an additional 111,504 shares during the period. 67.81% of the stock is currently owned by institutional investors and hedge funds.

E.W. Scripps Stock Performance

Shares of SSP stock traded up $0.04 during trading hours on Monday, hitting $2.56. 566,169 shares of the company were exchanged, compared to its average volume of 983,573. The firm has a fifty day simple moving average of $3.04 and a 200 day simple moving average of $2.50. The stock has a market capitalization of $224.10 million, a price-to-earnings ratio of 5.32 and a beta of 1.01. E.W. Scripps Company has a 52-week low of $1.36 and a 52-week high of $4.17. The company has a current ratio of 1.27, a quick ratio of 1.36 and a debt-to-equity ratio of 1.97.

E.W. Scripps (NASDAQ:SSP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.08). The business had revenue of $540.08 million during the quarter, compared to the consensus estimate of $544.17 million. E.W. Scripps had a return on equity of 15.79% and a net margin of 4.25%. Research analysts predict that E.W. Scripps Company will post 1.07 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SSP shares. Wall Street Zen cut shares of E.W. Scripps from a "hold" rating to a "sell" rating in a research report on Sunday. Wells Fargo & Company set a $3.00 price objective on shares of E.W. Scripps and gave the company an "equal weight" rating in a research note on Monday.

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.