E. W. Scripps (SSP) Upgraded by Zacks Investment Research to Buy

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Zacks Investment Research upgraded shares of E. W. Scripps (NYSE:SSP) from a hold rating to a buy rating in a report issued on Thursday. They currently have $20.00 price objective on the stock.

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. “

A number of other brokerages have also recently commented on SSP. Noble Financial restated a buy rating on shares of E. W. Scripps in a report on Thursday, September 13th. Gabelli started coverage on shares of E. W. Scripps in a report on Tuesday, November 27th. They set a buy rating on the stock. Wolfe Research started coverage on shares of E. W. Scripps in a report on Friday, December 7th. They set a market perform rating on the stock. Finally, Benchmark restated a buy rating and set a $20.00 target price on shares of E. W. Scripps in a report on Thursday, October 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $19.00.

NYSE:SSP opened at $18.20 on Thursday. E. W. Scripps has a twelve month low of $10.69 and a twelve month high of $18.44.

E. W. Scripps (NYSE:SSP) last released its quarterly earnings results on Friday, November 9th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.04. The company had revenue of $302.70 million during the quarter, compared to the consensus estimate of $292.22 million. The business’s revenue was up 51.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.03) EPS.

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 26th. Investors of record on Friday, December 14th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date was Thursday, December 13th.

In other E. W. Scripps news, Director Charles L. Barmonde purchased 2,369 shares of E. W. Scripps stock in a transaction dated Tuesday, December 31st. The stock was purchased at an average price of $15.62 per share, with a total value of $37,003.78. Following the transaction, the director now directly owns 24,621 shares of the company’s stock, valued at $384,580.02. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Mary Peirce purchased 14,858 shares of E. W. Scripps stock in a transaction dated Wednesday, October 17th. The shares were acquired at an average cost of $16.62 per share, with a total value of $246,939.96. Following the transaction, the insider now directly owns 343,727 shares in the company, valued at $5,712,742.74. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 642,075 shares of company stock worth $10,820,489. 4.16% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its position in shares of E. W. Scripps by 2.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,581,130 shares of the company’s stock valued at $42,588,000 after acquiring an additional 65,986 shares during the last quarter. Litespeed Management L.L.C. boosted its position in shares of E. W. Scripps by 3.6% during the 2nd quarter. Litespeed Management L.L.C. now owns 433,529 shares of the company’s stock valued at $5,805,000 after acquiring an additional 15,000 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of E. W. Scripps by 24.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 403,843 shares of the company’s stock valued at $5,409,000 after acquiring an additional 80,377 shares during the last quarter. California Public Employees Retirement System boosted its position in shares of E. W. Scripps by 5.8% during the 2nd quarter. California Public Employees Retirement System now owns 118,693 shares of the company’s stock valued at $1,589,000 after acquiring an additional 6,476 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in shares of E. W. Scripps by 19.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 106,166 shares of the company’s stock valued at $1,422,000 after acquiring an additional 17,580 shares during the last quarter. 77.70% of the stock is owned by institutional investors.

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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