E.W. Scripps (NASDAQ:SSP) Major Shareholder Acquires $190,318.88 in Stock

E.W. Scripps Company (The) (NASDAQ:SSP) major shareholder Eaton Scripps purchased 41,017 shares of the company’s stock in a transaction on Friday, March 6th. The stock was purchased at an average price of $4.64 per share, for a total transaction of $190,318.88. Following the purchase, the insider directly owned 1,388,185 shares of the company’s stock, valued at $6,441,178.40. This trade represents a 3.04% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

E.W. Scripps Stock Performance

Shares of NASDAQ SSP traded down $0.20 during midday trading on Tuesday, hitting $4.40. 1,133,842 shares of the company’s stock were exchanged, compared to its average volume of 575,071. E.W. Scripps Company has a twelve month low of $1.36 and a twelve month high of $4.98. The firm has a market cap of $390.72 million, a P/E ratio of -2.35 and a beta of 0.53. The stock’s 50 day moving average price is $3.69 and its 200-day moving average price is $3.39. The company has a debt-to-equity ratio of 3.13, a current ratio of 1.65 and a quick ratio of 1.65.

E.W. Scripps (NASDAQ:SSP) last posted its earnings results on Wednesday, February 25th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.46 by ($0.52). The business had revenue of $560.26 million during the quarter, compared to analyst estimates of $550.82 million. E.W. Scripps had a negative net margin of 4.69% and a negative return on equity of 0.27%. Equities research analysts anticipate that E.W. Scripps Company will post 1.07 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SSP shares. Guggenheim reiterated a “neutral” rating on shares of E.W. Scripps in a report on Friday. Wells Fargo & Company boosted their target price on E.W. Scripps from $3.00 to $3.90 and gave the stock an “equal weight” rating in a report on Thursday, January 22nd. Benchmark increased their price target on E.W. Scripps from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Weiss Ratings reiterated a “sell (d+)” rating on shares of E.W. Scripps in a research report on Monday, December 22nd. Finally, Zacks Research downgraded E.W. Scripps from a “hold” rating to a “strong sell” rating in a research note on Friday, February 27th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $6.95.

Institutional Investors Weigh In On E.W. Scripps

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Invesco Ltd. raised its position in shares of E.W. Scripps by 1.4% during the fourth quarter. Invesco Ltd. now owns 246,777 shares of the company’s stock worth $985,000 after purchasing an additional 3,472 shares during the period. Empowered Funds LLC increased its stake in E.W. Scripps by 11.1% in the 4th quarter. Empowered Funds LLC now owns 427,036 shares of the company’s stock worth $1,704,000 after purchasing an additional 42,542 shares in the last quarter. Stokes Family Office LLC purchased a new position in E.W. Scripps in the 4th quarter worth about $75,000. Bridgeway Capital Management LLC raised its holdings in E.W. Scripps by 13.7% during the 4th quarter. Bridgeway Capital Management LLC now owns 808,936 shares of the company’s stock worth $3,228,000 after buying an additional 97,542 shares during the period. Finally, GAM Holding AG acquired a new stake in E.W. Scripps during the 4th quarter worth about $319,000. 67.81% of the stock is owned by institutional investors and hedge funds.

E.W. Scripps Company Profile

The E.W. Scripps Company is a diversified U.S. media organization headquartered in Cincinnati, Ohio. Established in 1878 by Edward Willis Scripps, the company began as a newspaper publisher before expanding into broadcast television, cable networks and digital journalism. Today, Scripps combines a legacy of local news reporting with a growing portfolio of national cable channels and digital platforms.

Scripps operates more than 60 television stations across over 40 markets, delivering local news, weather, sports and entertainment programming to communities in both large and mid-sized U.S.