E. W. Scripps (SSP) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of E. W. Scripps (NYSE:SSP) from a sell rating to a hold rating in a research report sent to investors on Tuesday, Zacks.com reports.

According to Zacks, “The E.W. Scripps Company serves audiences and businesses through a growing portfolio of television, print and digital media brands. It also runs an expanding collection of local and national digital journalism and information businesses including online multi-source video news provider Newsy. Scripps also produces television programming, runs an award-winning investigative reporting newsroom in Washington, D.C., and serves as the long-time steward of one of the nation’s longest-running and most successful educational programs, Scripps National Spelling Bee. Scripps is focused on the stories of tomorrow. Scripps is one of the nation’s largest independent TV station owners. Scripps also runs an expanding collection of local and national digital journalism and information businesses, including multi-platform satire and humor brand Cracked, podcast industry leader Midroll Media and over-the-top video news service Newsy. “

SSP has been the subject of a number of other reports. Noble Financial reissued a buy rating and set a $25.00 price objective on shares of E. W. Scripps in a research note on Wednesday, May 15th. Benchmark reissued a buy rating and set a $26.00 price objective (up from $22.00) on shares of E. W. Scripps in a research note on Monday, March 4th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of Buy and an average price target of $21.75.

Shares of E. W. Scripps stock opened at $15.56 on Tuesday. E. W. Scripps has a 12-month low of $12.16 and a 12-month high of $23.41.

E. W. Scripps (NYSE:SSP) last issued its quarterly earnings data on Friday, May 10th. The company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.03). The firm had revenue of $292.20 million for the quarter, compared to analyst estimates of $288.81 million. During the same period last year, the business posted ($0.07) earnings per share. E. W. Scripps’s quarterly revenue was up 14.9% on a year-over-year basis.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.29%.

In other news, major shareholder William H. Scripps sold 80,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $16.11, for a total transaction of $1,288,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Lisa A. Knutson sold 4,406 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $21.41, for a total transaction of $94,332.46. Following the transaction, the chief financial officer now directly owns 39,794 shares of the company’s stock, valued at $851,989.54. The disclosure for this sale can be found here. Over the last three months, insiders have sold 85,806 shares of company stock valued at $1,414,647. Corporate insiders own 4.16% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in SSP. 361 Capital LLC acquired a new stake in E. W. Scripps during the fourth quarter worth approximately $2,476,000. Nordea Investment Management AB acquired a new stake in E. W. Scripps during the first quarter worth approximately $2,983,000. Litespeed Management L.L.C. boosted its position in E. W. Scripps by 30.6% during the fourth quarter. Litespeed Management L.L.C. now owns 566,341 shares of the company’s stock worth $8,909,000 after acquiring an additional 132,812 shares during the last quarter. Norges Bank acquired a new stake in E. W. Scripps during the fourth quarter worth approximately $1,350,000. Finally, Geode Capital Management LLC boosted its position in E. W. Scripps by 10.6% during the first quarter. Geode Capital Management LLC now owns 624,210 shares of the company’s stock worth $13,108,000 after acquiring an additional 59,859 shares during the last quarter. Hedge funds and other institutional investors own 77.70% of the company’s stock.

E. W. Scripps Company Profile

The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local and national media brands. Its Local Media segment operates broadcast television stations, which produce news, information, and entertainment content, as well as its related digital operations.

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Analyst Recommendations for E. W. Scripps (NYSE:SSP)

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