E. W. Scripps (NYSE:SSP) Given Neutral Rating at Guggenheim

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Guggenheim restated their neutral rating on shares of E. W. Scripps (NYSE:SSP) in a research note published on Monday, The Fly reports. The firm currently has a $14.00 price target on the stock, down from their prior price target of $22.00.

SSP has been the subject of a number of other reports. Zacks Investment Research upgraded shares of E. W. Scripps from a sell rating to a hold rating in a research report on Wednesday, July 24th. Noble Financial reiterated a buy rating and issued a $25.00 target price on shares of E. W. Scripps in a research report on Wednesday, May 15th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $21.50.

Shares of NYSE SSP opened at $11.52 on Monday. The firm has a 50-day simple moving average of $14.75 and a 200-day simple moving average of $18.36. E. W. Scripps has a 52 week low of $11.51 and a 52 week high of $23.41.

E. W. Scripps (NYSE:SSP) last issued its earnings results on Friday, August 9th. The company reported ($0.01) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.01. The business had revenue of $337.50 million during the quarter, compared to analyst estimates of $337.35 million. E. W. Scripps’s quarterly revenue was up 19.1% on a year-over-year basis. During the same quarter last year, the company earned $0.10 earnings per share.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Friday, September 13th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.74%.

In other news, major shareholder William H. Scripps sold 80,000 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $16.11, for a total value of $1,288,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.16% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC raised its position in shares of E. W. Scripps by 9.7% during the 4th quarter. Geode Capital Management LLC now owns 564,351 shares of the company’s stock valued at $8,877,000 after purchasing an additional 49,819 shares during the period. Metropolitan Life Insurance Co. NY increased its holdings in E. W. Scripps by 349.9% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 13,897 shares of the company’s stock valued at $219,000 after acquiring an additional 10,808 shares during the last quarter. Municipal Employees Retirement System of Michigan bought a new stake in E. W. Scripps in the 4th quarter valued at $261,000. Norges Bank bought a new stake in E. W. Scripps in the 4th quarter valued at $1,350,000. Finally, BNP Paribas Arbitrage SA increased its holdings in E. W. Scripps by 171.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 10,557 shares of the company’s stock valued at $222,000 after acquiring an additional 6,672 shares during the last quarter. 77.70% of the stock is owned by hedge funds and other 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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Analyst Recommendations for E. W. Scripps (NYSE:SSP)

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