E.W. Scripps Company, trading under NASDAQ: SSP, saw a significant investment from major shareholder Eaton Scripps on March 6, 2024. Eaton Scripps acquired 41,017 shares at an average price of $4.64 per share, amounting to a total investment of $190,318.88. This transaction increased his ownership to 1,388,185 shares, which are now valued at approximately $6,441,178.40, reflecting a 3.04% rise in his stake in the company.
This purchase was publicly disclosed in a filing with the Securities and Exchange Commission, as required for shareholders owning at least 10% of the company’s shares. The transaction comes at a time when E.W. Scripps has been navigating a challenging market environment.
Current Stock Performance
On Tuesday, E.W. Scripps shares experienced a slight decline, trading down by $0.20 to reach $4.40. During this midday trading session, 1,133,842 shares changed hands, surpassing the average volume of 575,071 shares. Over the past year, the company’s stock has shown volatility, with a low of $1.36 and a high of $4.98. E.W. Scripps holds a market capitalization of $390.72 million and exhibits a P/E ratio of -2.35, accompanied by a beta of 0.53.
The company’s moving averages indicate a fluctuating stock price, with a 50-day moving average of $3.69 and a 200-day moving average of $3.39. Additionally, E.W. Scripps maintains a debt-to-equity ratio of 3.13, a current ratio of 1.65, and a quick ratio of 1.65.
Recent Earnings and Analyst Expectations
E.W. Scripps recently reported its earnings results on February 25, 2024. The company posted a loss of ($0.06) earnings per share (EPS), falling short of analysts’ expectations of $0.46 by ($0.52). The revenue for the quarter stood at $560.26 million, exceeding the projected figure of $550.82 million. E.W. Scripps recorded a negative net margin of 4.69% and a negative return on equity of 0.27%. Analysts forecast that the company will achieve an EPS of 1.07 for the current fiscal year.
Investors remain keenly interested in the company’s performance, particularly in light of recent transactions by institutional investors.
Institutional Investor Activity
Several institutional investors and hedge funds have adjusted their stakes in E.W. Scripps recently. For instance, Invesco Ltd. increased its position by 1.4% during the fourth quarter, now holding 246,777 shares worth approximately $985,000. Meanwhile, Empowered Funds LLC raised its stake by 11.1%, owning 427,036 shares valued at $1,704,000.
Other notable moves include Stokes Family Office LLC, which purchased a new position worth around $75,000, and Bridgeway Capital Management LLC, which boosted its holdings by 13.7%, acquiring 808,936 shares worth approximately $3,228,000. Overall, institutional investors and hedge funds collectively own around 67.81% of E.W. Scripps stock.
The E.W. Scripps Company, established in 1878 and headquartered in Cincinnati, Ohio, has evolved from its origins as a newspaper publisher into a diversified media organization. Today, it operates over 60 television stations across more than 40 markets, providing local news, weather updates, sports coverage, and entertainment programming.
As E.W. Scripps continues to navigate its financial landscape, investor interest remains strong, particularly following significant stock transactions by key shareholders.
