Insider Buying: E.W. Scripps (NASDAQ:SSP) Major Shareholder Acquires $170,749.92 in Stock

E.W. Scripps Company (The) (NASDAQ:SSP) major shareholder Savannah Brickner acquired 38,544 shares of the firm’s stock in a transaction dated Monday, March 9th. The stock was bought at an average price of $4.43 per share, for a total transaction of $170,749.92. Following the acquisition, the insider owned 38,544 shares of the company’s stock, valued at approximately $170,749.92. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Savannah Brickner also recently made the following trade(s):

• On Tuesday, March 10th, Savannah Brickner bought 27,682 shares of E.W. Scripps stock. The stock was bought at an average cost of $4.59 per share, with a total value of $127,060.38.

E.W. Scripps Trading Down 2.5%

Shares of SSP stock opened at $3.97 on Friday. The business has a 50-day moving average of $3.70 and a 200 day moving average of $3.41. The company has a debt-to-equity ratio of 3.13, a current ratio of 1.65 and a quick ratio of 1.65. E.W. Scripps Company has a 1-year low of $1.90 and a 1-year high of $4.98. The stock has a market capitalization of $352.54 million, a PE ratio of -2.12 and a beta of 0.54.

E.W. Scripps (NASDAQ:SSP) last announced its quarterly earnings results on Wednesday, February 25th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $560.26 million during the quarter, compared to analysts’ expectations of $550.82 million. As a group, sell-side analysts anticipate that E.W. Scripps Company will post 1.07 earnings per share for the current year.

Hedge Funds Weigh In On E.W. Scripps

Hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. lifted its stake in E.W. Scripps by 1.4% in the fourth quarter. Invesco Ltd. now owns 246,777 shares of the company’s stock worth $985,000 after acquiring an additional 3,472 shares during the period. Prudential Financial Inc. increased its position in E.W. Scripps by 2.4% during the 2nd quarter. Prudential Financial Inc. now owns 182,344 shares of the company’s stock valued at $536,000 after purchasing an additional 4,342 shares during the period. MetLife Investment Management LLC raised its holdings in E.W. Scripps by 18.2% in the 4th quarter. MetLife Investment Management LLC now owns 31,297 shares of the company’s stock worth $125,000 after purchasing an additional 4,819 shares in the last quarter. Diversified Trust Co. raised its holdings in E.W. Scripps by 25.8% in the 4th quarter. Diversified Trust Co. now owns 24,845 shares of the company’s stock worth $99,000 after purchasing an additional 5,101 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position 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 purchasing an additional 5,992 shares during the period. Institutional investors own 67.81% of the company’s stock.

Wall Street Analysts Forecast Growth

SSP has been the topic of several analyst reports. Benchmark lifted their target price on shares of E.W. Scripps from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Wells Fargo & Company increased their price target on shares of E.W. Scripps from $3.00 to $3.90 and gave the company an “equal weight” rating in a research report on Thursday, January 22nd. Zacks Research lowered shares of E.W. Scripps from a “hold” rating to a “strong sell” rating in a report on Friday, February 27th. Guggenheim restated a “neutral” rating on shares of E.W. Scripps in a research report on Friday, March 6th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of E.W. Scripps in a research note on Monday, December 22nd. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $6.95.

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.