Renaissance Technologies LLC Sells 232,100 Shares of The E.W. Scripps Company (NASDAQ:SSP)

Renaissance Technologies LLC trimmed its stake in The E.W. Scripps Company (NASDAQ:SSP) by 67.9% in the second quarter, Holdings Channel reports. The firm owned 109,483 shares of the company’s stock after selling 232,100 shares during the quarter. Renaissance Technologies LLC’s holdings in E.W. Scripps were worth $344,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of SSP. CWM LLC grew its stake in E.W. Scripps by 4,620.6% in the second quarter. CWM LLC now owns 14,209 shares of the company’s stock valued at $45,000 after purchasing an additional 13,908 shares in the last quarter. Virtu Financial LLC bought a new position in E.W. Scripps in the first quarter valued at approximately $50,000. Optas LLC bought a new position in E.W. Scripps in the second quarter valued at approximately $50,000. Nisa Investment Advisors LLC grew its stake in E.W. Scripps by 423.2% in the second quarter. Nisa Investment Advisors LLC now owns 16,741 shares of the company’s stock valued at $53,000 after purchasing an additional 13,541 shares in the last quarter. Finally, SageView Advisory Group LLC bought a new position in E.W. Scripps in the fourth quarter valued at approximately $82,000. 67.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SSP. Benchmark decreased their price target on E.W. Scripps from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Monday, August 12th. StockNews.com downgraded E.W. Scripps from a “hold” rating to a “sell” rating in a research note on Thursday, August 15th.

E.W. Scripps Stock Performance

Shares of NASDAQ SSP opened at $2.76 on Friday. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.79. The E.W. Scripps Company has a 12 month low of $1.68 and a 12 month high of $9.35. The stock has a 50 day moving average of $2.16 and a 200-day moving average of $2.85. The company has a market capitalization of $237.69 million, a P/E ratio of -0.75 and a beta of 1.74.

E.W. Scripps (NASDAQ:SSP) last issued its earnings results on Thursday, August 8th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.17). E.W. Scripps had a positive return on equity of 2.94% and a negative net margin of 11.06%. The business had revenue of $573.63 million for the quarter, compared to the consensus estimate of $586.65 million. During the same quarter in the prior year, the firm posted ($0.09) earnings per share.

E.W. Scripps Company Profile

The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local television stations, national news, and entertainment networks in the United States. It operates through Local Media, Scripps Networks, and Other segments. The Local Media segment operates broadcast television stations, which produce news, information, sports, and entertainment content, as well as its related digital operations; runs network, syndicated, and original programming, and local sporting events; and provides core and political advertising services.