Wittenberg Investment Management Inc. Raises Position in E.W. Scripps Company (The) $SSP

Wittenberg Investment Management Inc. grew its position in E.W. Scripps Company (The) (NASDAQ:SSP) by 2.5% in the second quarter, HoldingsChannel.com reports. The fund owned 2,087,724 shares of the company’s stock after buying an additional 51,710 shares during the quarter. E.W. Scripps comprises 2.7% of Wittenberg Investment Management Inc.’s portfolio, making the stock its 9th biggest position. Wittenberg Investment Management Inc.’s holdings in E.W. Scripps were worth $6,138,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Northwestern Mutual Wealth Management Co. grew its position in E.W. Scripps by 111.8% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 8,931 shares of the company’s stock worth $26,000 after acquiring an additional 4,715 shares during the last quarter. Atria Wealth Solutions Inc. acquired a new stake in shares of E.W. Scripps in the first quarter valued at $44,000. Kathmere Capital Management LLC bought a new position in shares of E.W. Scripps in the second quarter valued at about $44,000. May Hill Capital LLC bought a new stake in E.W. Scripps during the 2nd quarter worth about $48,000. Finally, Chicago Partners Investment Group LLC acquired a new position in shares of E.W. Scripps during the first quarter worth approximately $49,000. 67.81% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on SSP shares. Wall Street Zen lowered shares of E.W. Scripps from a “hold” rating to a “sell” rating in a report on Sunday, August 31st. Wells Fargo & Company decreased their price objective on E.W. Scripps from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Monday, August 11th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of E.W. Scripps in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $5.50.

E.W. Scripps Price Performance

Shares of SSP stock opened at $4.28 on Tuesday. The firm’s 50 day moving average price is $2.59 and its two-hundred day moving average price is $2.77. The company has a debt-to-equity ratio of 2.92, a quick ratio of 1.27 and a current ratio of 1.27. E.W. Scripps Company has a 52-week low of $1.36 and a 52-week high of $4.44. The stock has a market cap of $380.07 million, a PE ratio of 8.92 and a beta of 0.99.

E.W. Scripps (NASDAQ:SSP) last issued its earnings results on Friday, November 7th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.24). The business had revenue of $525.85 million for the quarter, compared to the consensus estimate of $523.58 million. E.W. Scripps had a net margin of 4.25% and a return on equity of 17.68%. As a group, analysts forecast that E.W. Scripps Company will post 1.07 EPS 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.