Bank of New York Mellon Corp has significantly adjusted its investment portfolio, notably reducing its stake in The E.W. Scripps Company. This strategic move, detailed in their recent Form 13F filing with the Securities and Exchange Commission (SEC), highlights a 1.8% decrease in their position, signaling careful recalibration of their holdings in the media enterprise.

As of the first quarter, Bank of New York Mellon Corp now holds 293,492 shares of E.W. Scripps stock, following the sale of 5,524 shares during the period. This substantial holding represents approximately 0.34% of E.W. Scripps’s total stock, valued at an impressive $869,000 at the close of the most recent financial quarter.

Beyond Bank of New York Mellon Corp, numerous other institutional investors have also been actively modifying their positions in E.W. Scripps. For instance, The Manufacturers Life Insurance Company made a new acquisition during the fourth quarter, valued at approximately $25,000, underscoring continued interest from diverse financial entities in the media stock.

Public Employees Retirement System of Ohio also initiated a new stake in E.W. Scripps shares in the fourth quarter, acquiring holdings worth $29,000. This pattern of new and increased investments from various funds points to a dynamic landscape for E.W. Scripps’s institutional ownership.

Further demonstrating this trend, Tower Research Capital LLC TRC significantly boosted its holdings in E.W. Scripps by 137.3% during the fourth quarter, now owning 13,700 shares valued at $30,000. Group One Trading LLC showcased an even more dramatic increase, growing its position by 479.9% to 13,998 shares, reflecting heightened interest in the company’s equity. Wealth Enhancement Advisory Services LLC similarly acquired a new stake, valued at $37,000, illustrating broad institutional engagement.

Collectively, institutional investors currently own a significant 67.81% of E.W. Scripps stock, reflecting a strong confidence level in the company’s long-term prospects. This high percentage of institutional ownership often indicates a perceived stability and potential for growth within the company’s market standing.

From a market performance perspective, E.W. Scripps Company shares opened at $2.90 on a recent Friday, with a fifty-day moving average price of $2.98 and a two-hundred-day moving average price of $2.47. The stock has experienced a notable range over the past year, with a one-year low of $1.36 and a one-year high of $4.17, highlighting its volatility and potential for both gains and losses in the stock market.

The company’s financial health is further detailed by a market capitalization of $254.36 million, a P/E ratio of 3.15, and a beta of 1.01, indicating its market valuation and sensitivity to broader market movements. Key liquidity and solvency ratios, such as a debt-to-equity ratio of 2.84, a current ratio of 1.36, and a quick ratio of 1.36, provide insights into its financial leverage and ability to meet short-term obligations.

Several equities analysts have recently revised their outlooks on E.W. Scripps. Wells Fargo & Company notably increased its price objective for E.W. Scripps from $2.80 to $4.00, maintaining an “equal weight” rating. Additionally, other firms have upgraded E.W. Scripps from a “sell” rating to a more optimistic “hold” rating, suggesting a more favorable sentiment among financial experts regarding the company’s future trajectory and investment potential.

The E.W. Scripps Company operates as a diversified media enterprise, managing a robust portfolio that includes local television stations and national news and entertainment networks across the United States. Its operations are strategically segmented into Local Media, Scripps Networks, and Other, each contributing to its comprehensive media presence. The Local Media segment, a cornerstone of its business, encompasses broadcast television stations that produce a wide array of content, including news, information, sports, and entertainment, alongside their vital digital operations. This segment also manages network, syndicated, and original programming, broadcasts local sporting events, and provides essential core and political advertising services, solidifying its role as a key player in the American media landscape.