E. W. Scripps (NYSE:SSP) major shareholder Corina S. Granado acquired 18,918 shares of the firm’s stock in a transaction dated Tuesday, December 4th. The shares were bought at an average cost of $17.58 per share, with a total value of $332,578.44. Following the completion of the acquisition, the insider now directly owns 391,817 shares of the company’s stock, valued at $6,888,142.86. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
SSP stock opened at $17.21 on Thursday. E. W. Scripps has a one year low of $10.69 and a one year high of $18.44.
E. W. Scripps (NYSE:SSP) last released its earnings results on Friday, November 9th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.20 by $0.04. The company had revenue of $302.70 million during the quarter, compared to analysts’ expectations of $292.22 million. During the same period last year, the firm posted ($0.03) EPS. E. W. Scripps’s quarterly revenue was up 51.0% compared to the same quarter last year.
Several hedge funds have recently added to or reduced their stakes in the company. Cove Street Capital LLC lifted its holdings in shares of E. W. Scripps by 8.8% in the second quarter. Cove Street Capital LLC now owns 4,025,431 shares of the company’s stock worth $53,901,000 after buying an additional 326,712 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings 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 buying an additional 65,986 shares in the last quarter. Litespeed Management L.L.C. lifted its holdings 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 buying an additional 15,000 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of E. W. Scripps by 24.8% in the second quarter. Russell Investments Group Ltd. now owns 403,843 shares of the company’s stock worth $5,409,000 after buying an additional 80,377 shares in the last quarter. Finally, California Public Employees Retirement System lifted its holdings 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 buying an additional 6,476 shares in the last quarter. 77.70% of the stock is currently owned by hedge funds and other institutional investors.
SSP has been the subject of several recent research reports. Gabelli initiated coverage on shares of E. W. Scripps in a research report on Tuesday, November 27th. They set a “buy” rating for the company. Benchmark restated a “buy” rating and set a $22.00 target price on shares of E. W. Scripps in a research report on Monday, November 12th. Zacks Investment Research lowered shares of E. W. Scripps from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 8th. Finally, Noble Financial restated a “buy” rating on shares of E. W. Scripps in a research report on Wednesday, November 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. E. W. Scripps currently has an average rating of “Hold” and a consensus price target of $18.80.
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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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