Aigen Investment Management LP raised its position in shares of The E.W. Scripps Company (NASDAQ:SSP) by 15.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,428 shares of the company’s stock after purchasing an additional 3,694 shares during the period. Aigen Investment Management LP’s holdings in The E.W. Scripps were worth $529,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. grew its stake in The E.W. Scripps by 6.6% during the 4th quarter. BlackRock Inc. now owns 9,070,704 shares of the company’s stock worth $138,693,000 after buying an additional 561,775 shares during the last quarter. Norges Bank purchased a new position in The E.W. Scripps during the 4th quarter worth $8,171,000. Contrarius Investment Management Ltd purchased a new position in The E.W. Scripps during the 1st quarter worth $7,097,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in The E.W. Scripps during the 4th quarter worth about $3,475,000. Finally, Chilton Investment Co. LLC acquired a new stake in The E.W. Scripps during the 1st quarter worth about $2,727,000. 65.32% of the stock is owned by institutional investors and hedge funds.
In related news, major shareholder William H. Scripps sold 40,855 shares of the company’s stock in a transaction dated Wednesday, May 26th. The stock was sold at an average price of $21.43, for a total value of $875,522.65. Following the completion of the transaction, the insider now owns 400 shares of the company’s stock, valued at approximately $8,572. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.43% of the company’s stock.
The E.W. Scripps (NASDAQ:SSP) last released its quarterly earnings results on Friday, May 7th. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.22. The company had revenue of $540.92 million during the quarter, compared to analysts’ expectations of $526.25 million. The E.W. Scripps had a return on equity of 18.55% and a net margin of 14.45%. As a group, research analysts expect that The E.W. Scripps Company will post 0.89 EPS for the current year.
A number of analysts have commented on the company. Huber Research raised The E.W. Scripps from an “underweight” rating to an “overweight” rating in a research report on Tuesday, May 18th. Zacks Investment Research cut The E.W. Scripps from a “buy” rating to a “hold” rating in a research report on Thursday, May 27th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $18.33.
About The E.W. Scripps
The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local and national media brands. The company operates through Local Media, National Media, and Other segments. The Local Media segment operates broadcast television stations, which produce news, information, and entertainment content, as well as its related digital operations.
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