Bank of New York Mellon Corp Decreases Stock Holdings in The E.W. Scripps Company (NASDAQ:SSP)

Bank of New York Mellon Corp cut its stake in The E.W. Scripps Company (NASDAQ:SSP) by 45.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 239,817 shares of the company’s stock after selling 203,001 shares during the period. Bank of New York Mellon Corp owned 0.28% of E.W. Scripps worth $753,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Assenagon Asset Management S.A. boosted its position in shares of E.W. Scripps by 1,619.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,203,186 shares of the company’s stock worth $6,918,000 after purchasing an additional 2,075,027 shares in the last quarter. Cove Street Capital LLC increased its stake in shares of E.W. Scripps by 34.2% in the first quarter. Cove Street Capital LLC now owns 3,703,082 shares of the company’s stock worth $14,553,000 after purchasing an additional 944,328 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in E.W. Scripps by 21.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,203,306 shares of the company’s stock worth $9,614,000 after purchasing an additional 210,673 shares in the last quarter. Ariston Services Group purchased a new position in E.W. Scripps during the fourth quarter valued at $1,500,000. Finally, Wittenberg Investment Management Inc. grew its holdings in E.W. Scripps by 113.6% during the 1st quarter. Wittenberg Investment Management Inc. now owns 141,007 shares of the company’s stock valued at $554,000 after buying an additional 75,007 shares in the last quarter. 67.81% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. StockNews.com lowered E.W. Scripps from a “hold” rating to a “sell” rating in a research note on Thursday, August 15th. Benchmark cut their price target on E.W. Scripps from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday, August 12th.

E.W. Scripps Trading Down 8.0 %

NASDAQ SSP opened at $1.85 on Monday. The E.W. Scripps Company has a 52 week low of $1.68 and a 52 week high of $9.35. The company has a 50 day moving average price of $2.55 and a 200 day moving average price of $3.02. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.79. The firm has a market cap of $157.97 million, a PE ratio of -0.16 and a beta of 1.73.

E.W. Scripps (NASDAQ:SSP) last released its earnings results on Thursday, August 8th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.17). E.W. Scripps had a negative net margin of 11.06% and a positive return on equity of 2.94%. The firm had revenue of $573.63 million during the quarter, compared to analyst estimates of $586.65 million. During the same period in the previous year, the company earned ($0.09) earnings per share. As a group, sell-side analysts forecast that The E.W. Scripps Company will post 0.75 EPS for the current fiscal year.

E.W. Scripps 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.