16.1% Stake of E.W. Scripps Company (The) (SSP) Held by Gamco Investors, Inc. Et Al
Gamco Investors, Inc. Et Al
stated that they own 16.1% of E.W. Scripps Company (The) (NYSE:SSP) in a Form 13D/A disclosure that was filed with the Securities and Exchange Commission on Friday, October 6th. The investor owns 11,334,913 shares of the stock worth approximately $216,156,791. The reporting parties listed on the disclosure included Gabelli Funds, LLC ID No 134044523, GAMCO Asset Management Inc ID No 134044521, Gabelli & Company Investment Advisers, Inc ID No 133379374, Gabelli Foundation, Inc ID No 942975159, Teton Advisors, Inc ID No 134008049, MJG Associates, Inc ID No 061304269, GGCP, Inc ID No 133056041, GAMCO Investors, Inc ID No 134007862, Associated Capital Group, Inc ID No 473965991 and Mario J Gabelli. The filing is available through Edgar at this hyperlink.
Gamco Investors, Inc. Et Al
provided the following explanation of their ownership:
Item 4 to Schedule 13D is amended, in pertinent part, as follows:
On August 16,2017, GAMCO announced that “in light of the upcoming deadline to submit director nominations for consideration at the Issuers 2018 Annual Meeting of Shareholders, GAMCO, on behalf of its investment advisory clients, is currently evaluating all of its options.”
GAMCO intends on moving forward with the submission of nominations of up to three individuals for election to the Issuers Board of Directors.
GAMCO will provide the Issuer with information on such individuals in accordance with the procedures outlined in the Issuers proxy statement.
A number of other large investors also recently made changes to their positions in SSP. Royce & Associates LP grew its holdings in E.W. Scripps Company (The) by 35.4% during the 2nd quarter. Royce & Associates LP now owns 433,710 shares of the company’s stock worth $7,724,000 after acquiring an additional 113,500 shares during the period. Engineers Gate Manager LP grew its holdings in E.W. Scripps Company (The) by 131.9% during the 2nd quarter. Engineers Gate Manager LP now owns 58,461 shares of the company’s stock worth $1,041,000 after acquiring an additional 33,248 shares during the period. Tealwood Asset Management Inc. grew its holdings in E.W. Scripps Company (The) by 2.2% during the 2nd quarter. Tealwood Asset Management Inc. now owns 162,195 shares of the company’s stock worth $2,889,000 after acquiring an additional 3,445 shares during the period. Municipal Employees Retirement System of Michigan grew its holdings in E.W. Scripps Company (The) by 28.0% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 16,480 shares of the company’s stock worth $293,000 after acquiring an additional 3,600 shares during the period. Finally, MARSHALL WACE ASIA Ltd acquired a new stake in E.W. Scripps Company (The) during the 1st quarter worth about $1,911,000. 74.99% of the stock is owned by institutional investors and hedge funds.
SSP has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded E.W. Scripps Company (The) from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Wednesday, July 12th. Benchmark Co. reiterated a “buy” rating and set a $26.00 price target on shares of E.W. Scripps Company (The) in a report on Thursday, July 13th. BidaskClub upgraded E.W. Scripps Company (The) from a “hold” rating to a “buy” rating in a report on Monday, July 31st. Jefferies Group LLC reiterated a “hold” rating and set a $20.00 price target on shares of E.W. Scripps Company (The) in a report on Friday, July 14th. Finally, Noble Financial restated a “buy” rating on shares of E.W. Scripps Company (The) in a research note on Wednesday, August 2nd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. E.W. Scripps Company (The) presently has an average rating of “Buy” and an average price target of $22.00.
Shares of E.W. Scripps Company (NYSE SSP) traded down 0.57% during mid-day trading on Friday, hitting $19.07. The stock had a trading volume of 209,300 shares. The stock’s 50-day moving average is $18.16 and its 200 day moving average is $19.22. E.W. Scripps Company has a 1-year low of $12.16 and a 1-year high of $24.15. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 27.84 and a beta of 2.02.
E.W. Scripps Company (The) (NYSE:SSP) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02. E.W. Scripps Company (The) had a net margin of 6.05% and a return on equity of 5.90%. The company had revenue of $231.82 million for the quarter, compared to analysts’ expectations of $232.04 million. During the same quarter in the previous year, the company earned $0.14 earnings per share. E.W. Scripps Company (The)’s quarterly revenue was up 1.8% on a year-over-year basis. Equities research analysts predict that E.W. Scripps Company will post $0.14 EPS for the current fiscal year.
E.W. Scripps Company (The) Company Profile
The E. W. Scripps Company is a media enterprise with interests in television and radio broadcasting, as well as local and national digital media brands. The Company’s segments include television, radio, digital, and syndication and other. As of December 31, 2016, the Television segment included approximately 15 American Broadcasting Company (ABC) affiliates, five National Broadcasting Company (NBC) affiliates, two FOX affiliates, two Columbia Broadcasting System (CBS) affiliates and four non big-four affiliated stations.
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