Major Stakeholder Purchases $266,978 in E.W. Scripps Shares

Corina Granado, a major shareholder of the E.W. Scripps Company (NASDAQ: SSP), acquired 60,266 shares of the company’s stock on March 5, 2024, in a transaction valued at approximately $266,978.38. The shares were purchased at an average price of $4.43 each. Following this acquisition, Granado’s total holdings in E.W. Scripps increased to 720,517 shares, worth about $3,191,890.31. This transaction marked a 9.13% increase in her position within the company.

The purchase was reported in a filing with the U.S. Securities and Exchange Commission (SEC), which mandates that large shareholders owning at least 10% of a company’s stock disclose their transactions.

Current Performance of E.W. Scripps Stock

E.W. Scripps shares opened at $4.57 on the following Monday. The stock has demonstrated a volatile performance, with a 50-day moving average price of $3.68 and a 200-day moving average price of $3.38. Over the past year, the stock reached a low of $1.36 and a high of $4.98. E.W. Scripps currently holds a market capitalization of $405.83 million, a price-to-earnings (P/E) ratio of -2.44, and a beta of 0.54. The company’s financial health is further illustrated by a current ratio of 1.65, a quick ratio of 1.65, and a debt-to-equity ratio of 3.13.

In its latest earnings report released on February 25, 2024, E.W. Scripps reported an earnings per share (EPS) of (0.06), significantly missing analysts’ consensus estimates of $0.46 by ($0.52). The company’s revenue for the quarter was $560.26 million, exceeding the expected $550.82 million. The firm recorded a negative net margin of 4.69% and a negative return on equity of 0.27%. Analysts predict that E.W. Scripps will post an EPS of 1.07 for the current fiscal year.

Recent Institutional Activity

Several institutional investors have recently adjusted their stakes in E.W. Scripps. Invesco Ltd. increased its holdings by 1.4% during the fourth quarter, now owning 246,777 shares valued at $985,000 after acquiring an additional 3,472 shares. Similarly, Prudential Financial Inc. raised its position by 2.4% in the second quarter, resulting in ownership of 182,344 shares worth $536,000 after purchasing 4,342 shares.

MetLife Investment Management LLC also increased its stake by 18.2% during the fourth quarter, now holding 31,297 shares valued at $125,000 following the acquisition of 4,819 shares. Diversified Trust Co. raised its stake by 25.8%, now owning 24,845 shares worth $99,000. Additionally, Northwestern Mutual Wealth Management Co. boosted its holdings by 67.1% in the third quarter, now possessing 14,923 shares valued at $37,000.

Institutional investors and hedge funds collectively own 67.81% of E.W. Scripps’ shares, highlighting significant institutional confidence in the company.

Founded in 1878 by Edward Willis Scripps, the E.W. Scripps Company is a diversified media organization based in Cincinnati, Ohio. Initially a newspaper publisher, the company has expanded to include broadcast television, cable networks, and digital journalism, operating over 60 television stations across more than 40 markets in the United States.