State of Tennessee Treasury Department grew its stake in The E.W. Scripps Company (NASDAQ:SSP – Get Rating) by 8.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,622 shares of the company's stock after buying an additional 3,294 shares during the quarter. State of Tennessee Treasury Department owned approximately 0.05% of E.W. Scripps worth $865,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of SSP. Counterpoint Mutual Funds LLC purchased a new stake in shares of E.W. Scripps during the first quarter worth about $84,000. Northwestern Mutual Wealth Management Co. grew its position in shares of E.W. Scripps by 187.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 6,501 shares of the company's stock worth $135,000 after purchasing an additional 4,240 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of E.W. Scripps by 58.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,668 shares of the company's stock worth $159,000 after purchasing an additional 2,833 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of E.W. Scripps during the fourth quarter worth about $197,000. Finally, Inspire Investing LLC purchased a new stake in shares of E.W. Scripps during the first quarter worth about $236,000. Hedge funds and other institutional investors own 65.81% of the company's stock.
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Insider Transactions at E.W. Scripps
In other news, insider Lisa A. Knutson sold 15,650 shares of E.W. Scripps stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $15.43, for a total value of $241,479.50. Following the completion of the transaction, the insider now owns 59,794 shares in the company, valued at approximately $922,621.42. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 3.08% of the company's stock.
E.W. Scripps Price Performance
Shares of E.W. Scripps stock opened at $14.82 on Friday. The firm has a market cap of $1.24 billion, a PE ratio of 11.07 and a beta of 1.77. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.91. The stock has a 50 day moving average of $14.88 and a 200 day moving average of $14.28. The E.W. Scripps Company has a 12 month low of $12.04 and a 12 month high of $23.61.
E.W. Scripps (NASDAQ:SSP – Get Rating) last announced its earnings results on Friday, August 5th. The company reported $0.32 EPS for the quarter, topping analysts' consensus estimates of $0.30 by $0.02. The firm had revenue of $594.47 million during the quarter, compared to analysts' expectations of $603.00 million. E.W. Scripps had a return on equity of 9.88% and a net margin of 7.51%. On average, research analysts expect that The E.W. Scripps Company will post 1.75 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on the company. Huber Research cut E.W. Scripps from an "overweight" rating to an "underweight" rating in a research report on Friday, May 6th. Wells Fargo & Company dropped their price target on E.W. Scripps from $24.00 to $20.00 and set an "overweight" rating for the company in a research note on Monday, August 8th. Benchmark dropped their price target on E.W. Scripps from $25.00 to $17.00 in a research note on Tuesday, August 2nd. Finally, Guggenheim dropped their price target on E.W. Scripps to $16.00 in a research note on Monday, August 15th.
E.W. Scripps Company Profile
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The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local and national media brands. The company operates through Local Media, Scripps Network, and Other segments. The Local Media segment operates broadcast television stations, which produce news, information, and entertainment content, as well as its related digital operations.
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