Here’s Why Cove Street Capital is Adding The E.W. Scripps Company (SSP)
Investment management company Cove Street Capital recently released its “Small Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. On a relative and absolute basis, the fund continued its solid upward movement in the second quarter and returned 14.8% compared to 5.21% for the Russell 2000 Index and 3.18% for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Cove Street Capital highlighted stocks like The E.W. Scripps Company (NASDAQ:SSP) in the second quarter 2023 investor letter. Headquartered in Cincinnati, Ohio, The E.W. Scripps Company (NASDAQ:SSP) engages in television and newspaper publishing. On July 11, 2023, The E.W. Scripps Company (NASDAQ:SSP) stock closed at $9.48 per share. One-month return of The E.W. Scripps Company (NASDAQ:SSP) was 17.62%, and its shares lost 24.76% of their value over the last 52 weeks. The E.W. Scripps Company (NASDAQ:SSP) has a market capitalization of $799.262 million.
Cove Street Capital made the following comment about The E.W. Scripps Company (NASDAQ:SSP) in its second quarter 2023 investor letter:
"We are in the midst of our third go-around with The E.W. Scripps Company (NASDAQ:SSP), which is an interesting mix of traditional TV Broadcasting and variety of content offerings designed for the cut-the-cord crowd. What both have in common is exposure to the ebbs and flows of advertising dollars, and we are clearly in an ebb period. We contend that cyclical problems are almost always buyable and we have been adding to our position to make it a Top Ten holding."
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The E.W. Scripps Company (NASDAQ:SSP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held The E.W. Scripps Company (NASDAQ:SSP) at the end of first quarter which was 12 in the previous quarter.
We discussed The E.W. Scripps Company (NASDAQ:SSP) in another article and shared Cove Street Capital Small Cap Value Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
