Wittenberg Investment Management Inc. Raises Stake in The E.W. Scripps Company (NASDAQ:SSP)

Wittenberg Investment Management Inc. increased its stake in shares of The E.W. Scripps Company (NASDAQ:SSP) by 52.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,646,239 shares of the company’s stock after buying an additional 566,717 shares during the period. E.W. Scripps comprises about 1.2% of Wittenberg Investment Management Inc.’s holdings, making the stock its 17th biggest position. Wittenberg Investment Management Inc. owned about 1.91% of E.W. Scripps worth $3,696,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Minerva Advisors LLC lifted its position in shares of E.W. Scripps by 48.5% during the 3rd quarter. Minerva Advisors LLC now owns 1,192,441 shares of the company’s stock valued at $2,671,000 after buying an additional 389,481 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in E.W. Scripps by 1,619.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,203,186 shares of the company’s stock valued at $6,918,000 after acquiring an additional 2,075,027 shares during the period. GSA Capital Partners LLP lifted its holdings in E.W. Scripps by 1,335.9% during the third quarter. GSA Capital Partners LLP now owns 612,366 shares of the company’s stock valued at $1,375,000 after purchasing an additional 569,720 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of E.W. Scripps by 1,154.7% in the second quarter. AQR Capital Management LLC now owns 2,404,607 shares of the company’s stock worth $7,550,000 after purchasing an additional 2,212,959 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of E.W. Scripps in the second quarter valued at approximately $1,833,000. Institutional investors own 67.81% of the company’s stock.

Analyst Upgrades and Downgrades

SSP has been the subject of a number of recent research reports. StockNews.com upgraded shares of E.W. Scripps from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Benchmark cut their price target on E.W. Scripps from $11.00 to $7.00 and set a “buy” rating for the company in a report on Tuesday, November 5th.

E.W. Scripps Stock Up 6.6 %

Shares of E.W. Scripps stock opened at $2.10 on Monday. The company’s 50-day moving average price is $2.34 and its 200-day moving average price is $2.58. The company has a debt-to-equity ratio of 3.41, a current ratio of 1.34 and a quick ratio of 1.34. The E.W. Scripps Company has a 12-month low of $1.68 and a 12-month high of $9.35.

E.W. Scripps (NASDAQ:SSP) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.19). The firm had revenue of $646.30 million during the quarter, compared to the consensus estimate of $634.01 million. E.W. Scripps had a negative net margin of 8.55% and a positive return on equity of 9.40%. During the same period in the previous year, the business earned ($0.15) earnings per share. As a group, research analysts expect that The E.W. Scripps Company will post 1.07 earnings per share for the current year.

E.W. Scripps Company 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.