E.W. Scripps Company (The) $SSP Position Boosted by Penn Capital Management Company LLC

Penn Capital Management Company LLC raised its holdings in shares of E.W. Scripps Company (The) (NASDAQ:SSP) by 151.7% during the 3rd quarter, Holdings Channel reports. The fund owned 3,599,606 shares of the company’s stock after purchasing an additional 2,169,640 shares during the period. Penn Capital Management Company LLC’s holdings in E.W. Scripps were worth $8,864,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. D Orazio & Associates Inc. acquired a new stake in E.W. Scripps in the third quarter worth about $27,000. Franklin Resources Inc. bought a new stake in shares of E.W. Scripps during the 3rd quarter worth about $30,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of E.W. Scripps by 67.1% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 14,923 shares of the company’s stock worth $37,000 after acquiring an additional 5,992 shares during the period. Oxford Asset Management LLP bought a new position in shares of E.W. Scripps in the second quarter valued at approximately $46,000. Finally, Squarepoint Ops LLC bought a new position in shares of E.W. Scripps in the third quarter valued at approximately $42,000. 67.81% of the stock is owned by institutional investors and hedge funds.

E.W. Scripps Stock Down 6.7%

SSP stock opened at $3.62 on Wednesday. The company has a debt-to-equity ratio of 3.13, a current ratio of 1.65 and a quick ratio of 1.65. The firm has a market capitalization of $321.46 million, a P/E ratio of -1.94 and a beta of 0.54. E.W. Scripps Company has a 52-week low of $1.90 and a 52-week high of $4.98. The company’s 50 day simple moving average is $3.69 and its 200-day simple moving average is $3.43.

E.W. Scripps (NASDAQ:SSP) last posted its quarterly earnings data on Wednesday, February 25th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.52). E.W. Scripps had a negative return on equity of 0.27% and a negative net margin of 4.69%.The firm had revenue of $560.26 million for the quarter, compared to analysts’ expectations of $550.82 million. As a group, equities research analysts anticipate that E.W. Scripps Company will post 1.07 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently commented on SSP. 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 lifted their price target on E.W. Scripps from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Weiss Ratings reissued a “sell (d+)” rating on shares of E.W. Scripps in a research note on Monday, December 22nd. Zacks Research lowered E.W. Scripps from a “hold” rating to a “strong sell” rating in a report on Friday, February 27th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of E.W. Scripps in a research note on Friday, March 6th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $6.95.

Insiders Place Their Bets

In other E.W. Scripps news, major shareholder Margaret Scripps Klenzing acquired 159,515 shares of the firm’s stock in a transaction on Friday, March 6th. The stock was purchased at an average cost of $4.64 per share, for a total transaction of $740,149.60. Following the transaction, the insider owned 741,978 shares of the company’s stock, valued at $3,442,777.92. The trade was a 27.39% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Corina S. Granado bought 260,000 shares of the stock in a transaction on Tuesday, March 3rd. The shares were acquired at an average cost of $3.91 per share, for a total transaction of $1,016,600.00. Following the purchase, the insider owned 590,275 shares in the company, valued at approximately $2,307,975.25. This represents a 78.72% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have acquired 1,332,085 shares of company stock worth $5,733,766. 4.13% of the stock is owned by corporate insiders.

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.