Minerva Advisors LLC has recently made a significant move in the financial markets, substantially increasing its stake in The E.W. Scripps Company (NASDAQ:SSP). This notable acquisition signals a deepened commitment from the advisory firm, underscoring a broader trend of institutional interest in the media enterprise.
Reports indicate that Minerva Advisors LLC amplified its holdings in E.W. Scripps by a considerable 7.9% during the first fiscal quarter. Following this strategic purchase, the fund now commands a robust portfolio of 1,259,842 shares, accumulating an additional 92,000 shares within the period, valued at an impressive $3,729,000 at the end of the recent reporting cycle.
This substantial investment positions E.W. Scripps as a pivotal component of Minerva Advisors LLC’s investment portfolio, representing approximately 2.3% of their total holdings. The increase has elevated the stock to the 14th largest position within the fund, highlighting its perceived value and potential within their diverse asset allocation.
Beyond Minerva Advisors, other institutional investors and prominent hedge funds have also adjusted their positions in E.W. Scripps stock, reflecting dynamic market sentiment. GSA Capital Partners LLP notably augmented its holdings by 5.4%, acquiring an additional 34,314 shares, pushing its total to 667,868 shares valued at $1,977,000.
New institutional entrants include Bailard Inc. and Wealth Enhancement Advisory Services LLC, both of which established new stakes in E.W. Scripps during recent quarters, valued at approximately $180,000 and $37,000 respectively. Furthermore, PAX Financial Group LLC and Jefferies Financial Group Inc. also demonstrated increased or new investment, underscoring widespread institutional confidence in the company.
The collective actions of these financial entities mean that hedge funds and other institutional investors now collectively own a significant 67.81% of E.W. Scripps Company’s stock, solidifying its position as a favored asset among large-scale investors.
From a market performance perspective, E.W. Scripps shares recently opened at $2.90. The company’s stock has exhibited resilience with a 50-day simple moving average of $2.98 and a 200-day simple moving average of $2.48. Key financial metrics reveal a market capitalization of $254.36 million, a PE ratio of 3.15, and a beta of 1.01, alongside robust debt-to-equity and current ratios.
Market analysts have also weighed in on E.W. Scripps stock. Wells Fargo & Company recently adjusted its price target for the stock from $2.80 to $4.00, maintaining an “equal weight” rating. Other financial research firms have also recalibrated their outlook, with some upgrading their ratings, signaling a cautious yet optimistic sentiment among professional observers regarding the company’s future trajectory.
The E.W. Scripps Company itself operates as a multifaceted media enterprise, encompassing local television stations, national news, and entertainment networks across the United States. Its operational framework is segmented into Local Media, Scripps Networks, and Other divisions, each contributing to its expansive media footprint and diversified revenue streams, making it a noteworthy entity in the media landscape for institutional investment.
