E.W. Scripps Company (NASDAQ: SSP) major shareholder Eaton Scripps has acquired 27,990 shares of the company’s stock, a transaction valued at $116,718.30. This purchase occurred on March 4, 2024, at an average cost of $4.17 per share. Following this acquisition, Eaton Scripps now holds a total of 1,316,175 shares, which amounts to a value of approximately $5,488,449.75. The acquisition represents a 2.17% increase in Eaton Scripps’ position within the company.
The transaction was disclosed in a filing with the Securities and Exchange Commission (SEC), a requirement for large shareholders owning more than 10% of a company’s shares.
Market Performance and Financial Overview
On March 7, 2024, shares of E.W. Scripps opened at $4.57, reflecting a rise of 3.6%. The company’s stock has a 50-day moving average of $3.68 and a 200-day moving average of $3.38. E.W. Scripps has a market capitalization of $405.82 million, a debt-to-equity ratio of 3.13, and reported a negative return on equity of 0.27%.
The company recently published its quarterly earnings report on February 25, 2024. E.W. Scripps reported an earnings per share (EPS) of ($0.06), which fell short of analysts’ expectations of $0.46 by ($0.52). However, the company’s revenue for the quarter was $560.26 million, slightly exceeding analyst estimates of $550.82 million. The net margin stood at (4.69%).
Analysts predict that E.W. Scripps will post an EPS of $1.07 for the current fiscal year.
Analyst Ratings and Institutional Involvement
Recent ratings from various analysts reflect a mixed outlook for E.W. Scripps. On February 27, 2024, Benchmark raised its price target from $8.00 to $10.00 while maintaining a “buy” rating. Conversely, Zacks Research downgraded the stock from a “hold” to a “strong sell” rating on the same day.
According to MarketBeat data, E.W. Scripps has a consensus rating of “reduce” with an average price target of $6.95. Analysts have assigned one “buy” rating, two “hold” ratings, and two “sell” ratings to the company.
Institutional investors have shown increased interest in E.W. Scripps. Notably, Penn Capital Management Company LLC raised its position by 151.7% during the third quarter, acquiring a total of 3,599,606 shares valued at approximately $8,864,000. Other significant investors include New York State Common Retirement Fund and Russell Investments Group Ltd, both of which increased their stakes significantly in recent months.
E.W. Scripps, headquartered in Cincinnati, Ohio, has been a prominent player in the U.S. media landscape since its establishment in 1878. The company has evolved from a newspaper publisher to a diversified media organization, operating over 60 television stations across more than 40 markets in the United States. It continues to deliver local news, weather, sports, and entertainment programming to a broad audience.
