Wittenberg Investment Management Inc. Buys 566,717 Shares of The E.W. Scripps Company (NASDAQ:SSP)

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

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

Analyst Ratings Changes

SSP has been the topic 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 report on Monday, November 11th. Benchmark reduced their target price on shares of E.W. Scripps from $11.00 to $7.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th.

E.W. Scripps Trading Up 6.6 %

NASDAQ SSP opened at $2.10 on Monday. The stock has a 50-day moving average of $2.34 and a 200-day moving average of $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 1-year low of $1.68 and a 1-year high of $9.35.

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

About E.W. Scripps

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.