E.W. Scripps Company (NASDAQ: SSP) major shareholder Eaton Scripps has made a significant investment by acquiring 41,017 shares of the company’s stock on March 6, 2024. The shares were purchased at an average price of $4.64 each, amounting to a total transaction of $190,318.88. Following this acquisition, Eaton Scripps now holds 1,388,185 shares valued at approximately $6,441,178.40, marking a 3.04% increase in his stake.
This transaction was disclosed in a filing with the Securities and Exchange Commission (SEC), which mandates that large shareholders owning at least 10% of a company’s shares report their transactions.
Current Stock Performance and Financial Overview
On March 5, 2024, shares of E.W. Scripps traded down by $0.20, reaching $4.40 during midday trading. The trading volume hit 1,133,842 shares, significantly higher than the average volume of 575,071 shares. Over the past year, E.W. Scripps has experienced a low of $1.36 and a high of $4.98. The company currently holds a market capitalization of $390.72 million, with a price-to-earnings (P/E) ratio of -2.35 and a beta of 0.53.
The stock’s 50-day moving average price stands at $3.69, while the 200-day moving average price is $3.39. E.W. Scripps also reports a debt-to-equity ratio of 3.13, alongside a current ratio and quick ratio of 1.65.
The company last reported its earnings on February 25, 2024, revealing an earnings per share (EPS) of ($0.06), which fell short of the consensus estimate of $0.46 by ($0.52). Despite this, E.W. Scripps achieved a revenue of $560.26 million, exceeding analyst expectations of $550.82 million. The firm recorded a negative net margin of 4.69% and a negative return on equity of 0.27%. Analysts are predicting that E.W. Scripps will post an EPS of 1.07 for the current year.
Institutional Investor Activity
Recent activity among institutional investors also highlights growing interest in E.W. Scripps. Invesco Ltd. increased its holdings by 1.4% during the fourth quarter, now owning 246,777 shares worth about $985,000. Empowered Funds LLC raised its stake by 11.1%, acquiring an additional 42,542 shares, bringing their total to 427,036 shares, valued at approximately $1,704,000.
Other notable moves include Bridgeway Capital Management LLC, which increased its holdings by 13.7% to 808,936 shares, and GAM Holding AG, which acquired a new stake valued at about $319,000. Institutional investors and hedge funds now own approximately 67.81% of E.W. Scripps stock.
The E.W. Scripps Company, founded in 1878 by Edward Willis Scripps, has evolved from a newspaper publisher to a diversified media organization based in Cincinnati, Ohio. The company operates over 60 television stations across more than 40 markets, providing local news, weather, sports, and entertainment programming.
