E. W. Scripps (SSP) Stock Rating Lowered by Zacks Investment Research

E. W. Scripps (NYSE:SSP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday.

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 equities analysts have also commented on SSP. Noble Financial reissued a “buy” rating and issued a $19.00 price target on shares of E. W. Scripps in a research report on Wednesday, August 1st. Stephens set a $15.00 price target on shares of E. W. Scripps and gave the company a “hold” rating in a research report on Tuesday, August 7th. Finally, Benchmark reissued a “buy” rating and issued a $20.00 price target on shares of E. W. Scripps in a research report on Thursday, October 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $18.40.

Shares of SSP opened at $16.85 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 issued its quarterly earnings data 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 business had revenue of $302.70 million for the quarter, compared to the consensus estimate of $292.22 million. E. W. Scripps’s revenue was up 51.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.03) EPS.

In other news, major shareholder Eaton M. Scripps purchased 30,822 shares of the company’s stock in a transaction dated Friday, November 9th. The shares were bought at an average price of $17.26 per share, with a total value of $531,987.72. Following the completion of the transaction, the insider now directly owns 888,793 shares in the company, valued at approximately $15,340,567.18. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Mary Peirce purchased 15,411 shares of the company’s stock in a transaction dated Wednesday, November 7th. The stock was purchased at an average cost of $17.72 per share, for a total transaction of $273,082.92. Following the transaction, the insider now owns 373,126 shares of the company’s stock, valued at $6,611,792.72. The disclosure for this purchase can be found here. In the last three months, insiders bought 310,542 shares of company stock worth $5,192,641. Insiders own 4.16% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its stake in shares of E. W. Scripps by 2.6% in the third quarter. Bank of New York Mellon Corp now owns 2,581,130 shares of the company’s stock worth $42,588,000 after acquiring an additional 65,986 shares during the last quarter. Lenox Wealth Management Inc. grew its stake in shares of E. W. Scripps by 23.3% in the third quarter. Lenox Wealth Management Inc. now owns 83,683 shares of the company’s stock worth $1,381,000 after acquiring an additional 15,788 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of E. W. Scripps by 19.8% in the second quarter. Public Employees Retirement System of Ohio now owns 106,166 shares of the company’s stock worth $1,422,000 after acquiring an additional 17,580 shares during the last quarter. California Public Employees Retirement System grew its stake in shares of E. W. Scripps by 5.8% in the second quarter. California Public Employees Retirement System now owns 118,693 shares of the company’s stock worth $1,589,000 after acquiring an additional 6,476 shares during the last quarter. Finally, Litespeed Management L.L.C. grew its stake in shares of E. W. Scripps by 3.6% in the second quarter. Litespeed Management L.L.C. now owns 433,529 shares of the company’s stock worth $5,805,000 after acquiring an additional 15,000 shares during the last quarter. Institutional investors and hedge funds own 77.70% of the company’s stock.

About E. W. Scripps

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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