Federated Hermes Inc. Has $1.10 Million Holdings in The E.W. Scripps Company (NASDAQ:SSP)

Federated Hermes Inc. lessened its holdings in shares of The E.W. Scripps Company (NASDAQ:SSP) by 19.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 348,788 shares of the company’s stock after selling 83,552 shares during the period. Federated Hermes Inc. owned approximately 0.41% of E.W. Scripps worth $1,095,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Cove Street Capital LLC grew its stake in 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 valued at $14,553,000 after purchasing an additional 944,328 shares in the last quarter. Gamco Investors INC. ET AL increased its holdings in E.W. Scripps by 0.8% during the first quarter. Gamco Investors INC. ET AL now owns 3,360,347 shares of the company’s stock worth $13,206,000 after buying an additional 27,192 shares during the last quarter. Assenagon Asset Management S.A. raised its position in E.W. Scripps by 1,619.1% during the second quarter. Assenagon Asset Management S.A. now owns 2,203,186 shares of the company’s stock worth $6,918,000 after acquiring an additional 2,075,027 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in E.W. Scripps by 21.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,203,306 shares of the company’s stock valued at $9,614,000 after acquiring an additional 210,673 shares during the last quarter. Finally, Gabelli Funds LLC grew its position in shares of E.W. Scripps by 2.2% in the 1st quarter. Gabelli Funds LLC now owns 1,141,500 shares of the company’s stock valued at $4,486,000 after acquiring an additional 25,000 shares during the period. Institutional investors and hedge funds own 67.81% of the company’s stock.

Wall Street Analysts Forecast Growth

SSP has been the subject of several recent analyst reports. StockNews.com downgraded shares of E.W. Scripps from a “hold” rating to a “sell” rating in a research note on Thursday, August 15th. Benchmark cut their price objective on E.W. Scripps from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, August 12th.

E.W. Scripps Stock Performance

NASDAQ SSP opened at $1.85 on Friday. The E.W. Scripps Company has a 52-week low of $1.68 and a 52-week high of $9.35. The stock has a market cap of $157.97 million, a PE ratio of -0.16 and a beta of 1.73. The firm has a 50-day moving average of $2.55 and a 200-day moving average of $3.03. The company has a debt-to-equity ratio of 3.79, a quick ratio of 1.50 and a current ratio of 1.50.

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

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.