Insider Buying: E. W. Scripps (SSP) Major Shareholder Acquires 27,262 Shares of Stock

E. W. Scripps (NYSE:SSP) major shareholder Eaton M. Scripps acquired 27,262 shares of the business’s stock in a transaction dated Friday, January 11th. The shares were acquired at an average price of $17.96 per share, for a total transaction of $489,625.52. Following the acquisition, the insider now directly owns 1,165,890 shares in the company, valued at $20,939,384.40. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Eaton M. Scripps also recently made the following trade(s):

  • On Friday, October 26th, Eaton M. Scripps acquired 27,976 shares of E. W. Scripps stock. The shares were acquired at an average price of $16.18 per share, for a total transaction of $452,651.68.

Shares of E. W. Scripps stock opened at $18.20 on Friday. E. W. Scripps has a 52-week low of $10.69 and a 52-week high of $18.44.

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

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

Several equities analysts have recently weighed in on SSP shares. Zacks Investment Research cut E. W. Scripps from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 8th. Gabelli started coverage on E. W. Scripps in a report on Tuesday, November 27th. They set a “buy” rating on the stock. Noble Financial set a $20.00 price objective on E. W. Scripps and gave the company a “buy” rating in a report on Wednesday, September 26th. Wolfe Research began coverage on E. W. Scripps in a report on Friday, December 7th. They set a “market perform” rating on the stock. Finally, Benchmark reissued a “buy” rating and issued a $22.00 target price on shares of E. W. Scripps in a research report on Monday, November 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $19.00.

A number of institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its position in E. W. Scripps by 2.6% in 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 buying an additional 65,986 shares during the last quarter. Litespeed Management L.L.C. raised its position in E. W. Scripps by 3.6% in the 2nd quarter. Litespeed Management L.L.C. now owns 433,529 shares of the company’s stock valued at $5,805,000 after buying an additional 15,000 shares during the last quarter. Russell Investments Group Ltd. raised its position in E. W. Scripps by 24.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 403,843 shares of the company’s stock valued at $5,409,000 after buying an additional 80,377 shares during the last quarter. California Public Employees Retirement System raised its position in E. W. Scripps by 5.8% in the 2nd quarter. California Public Employees Retirement System now owns 118,693 shares of the company’s stock valued at $1,589,000 after buying an additional 6,476 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased 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 worth $1,422,000 after purchasing an additional 17,580 shares during the last quarter. 77.70% of the stock is currently owned by institutional investors and hedge funds.

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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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