Wittenberg Investment Management Inc. Buys 251,875 Shares of 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. lifted its position in shares of E.W. Scripps Company (The) (NASDAQ:SSP - Free Report) by 14.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,036,014 shares of the company's stock after buying an additional 251,875 shares during the period. E.W. Scripps makes up approximately 2.7% of Wittenberg Investment Management Inc.'s portfolio, making the stock its 8th largest position. Wittenberg Investment Management Inc. owned about 2.35% of E.W. Scripps worth $6,027,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SSP. Jefferies Financial Group Inc. purchased a new stake in shares of E.W. Scripps during the fourth quarter worth approximately $291,000. Wealth Enhancement Advisory Services LLC purchased a new position in E.W. Scripps in the fourth quarter valued at approximately $37,000. Minerva Advisors LLC lifted its position in shares of E.W. Scripps by 7.9% during the 1st quarter. Minerva Advisors LLC now owns 1,259,842 shares of the company's stock worth $3,729,000 after buying an additional 92,000 shares during the last quarter. Millennium Management LLC raised its stake in E.W. Scripps by 7.7% during the 4th quarter. Millennium Management LLC now owns 1,724,192 shares of the company's stock worth $3,810,000 after acquiring an additional 123,663 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its position in E.W. Scripps by 35.3% in the fourth quarter. Two Sigma Advisers LP now owns 471,600 shares of the company's stock valued at $1,042,000 after acquiring an additional 123,100 shares during the last quarter. Institutional investors and hedge funds own 67.81% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wall Street Zen raised shares of E.W. Scripps from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Wells Fargo & Company boosted their target price on 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 Stock Up 4.7%

E.W. Scripps stock opened at $3.14 on Thursday. E.W. Scripps Company has a one year low of $1.36 and a one year high of $4.17. The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.36 and a current ratio of 1.36. The firm has a market capitalization of $275.41 million, a P/E ratio of 3.41 and a beta of 1.01. The company has a 50-day simple moving average of $3.02 and a 200-day simple moving average of $2.49.

E.W. Scripps (NASDAQ:SSP - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, topping 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 firm had revenue of $524.39 million for the quarter, compared to analysts' expectations of $520.04 million. As a group, equities analysts expect that E.W. Scripps Company will post 1.07 earnings per share for the current year.

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.

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