Pinnacle Associates Ltd. Decreases Stock Position in The E.W. Scripps Company (NASDAQ:SSP)

Pinnacle Associates Ltd. lessened its holdings in shares of The E.W. Scripps Company (NASDAQ:SSPFree Report) by 5.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 316,556 shares of the company’s stock after selling 19,318 shares during the period. Pinnacle Associates Ltd. owned about 0.37% of E.W. Scripps worth $2,529,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SSP. Cove Street Capital LLC increased its holdings in E.W. Scripps by 124.1% during the 3rd quarter. Cove Street Capital LLC now owns 2,932,656 shares of the company’s stock valued at $14,781,000 after purchasing an additional 1,623,777 shares during the period. Norges Bank purchased a new position in E.W. Scripps during the 4th quarter valued at about $5,659,000. Goldman Sachs Group Inc. increased its holdings in E.W. Scripps by 71.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 870,193 shares of the company’s stock valued at $10,851,000 after purchasing an additional 363,438 shares during the period. Victory Capital Management Inc. increased its holdings in E.W. Scripps by 4.5% during the 4th quarter. Victory Capital Management Inc. now owns 7,256,006 shares of the company’s stock valued at $95,707,000 after purchasing an additional 315,730 shares during the period. Finally, Kennedy Capital Management LLC grew its holdings in shares of E.W. Scripps by 28.4% during the 2nd quarter. Kennedy Capital Management LLC now owns 1,361,105 shares of the company’s stock worth $12,454,000 after acquiring an additional 300,663 shares during the period. Hedge funds and other institutional investors own 67.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company reduced their target price on E.W. Scripps from $9.00 to $7.00 and set an “equal weight” rating on the stock in a report on Friday, February 9th.

Read Our Latest Stock Analysis on SSP

E.W. Scripps Stock Performance

Shares of SSP opened at $3.93 on Monday. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 3.91. The business’s 50 day moving average price is $5.50 and its 200-day moving average price is $6.37. The E.W. Scripps Company has a 52 week low of $3.39 and a 52 week high of $11.02. The stock has a market cap of $333.34 million, a P/E ratio of -0.33 and a beta of 1.94.

E.W. Scripps (NASDAQ:SSPGet Free Report) last issued its quarterly earnings results on Friday, February 23rd. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.48). E.W. Scripps had a positive return on equity of 1.81% and a negative net margin of 41.33%. The company had revenue of $615.77 million during the quarter, compared to the consensus estimate of $593.00 million. Equities research analysts anticipate that The E.W. Scripps Company will post 0.74 earnings per share for the current fiscal year.

About E.W. Scripps

(Free Report)

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.

See Also

Institutional Ownership by Quarter for E.W. Scripps (NASDAQ:SSP)

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