E. W. Scripps (NYSE:SSP) Receives $20.50 Average PT from Brokerages

E. W. Scripps (NYSE:SSP) has earned a consensus recommendation of “Buy” from the seven brokerages that are currently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $20.50.

Several brokerages have recently weighed in on SSP. Guggenheim restated a “neutral” rating and set a $14.00 target price (down from $22.00) on shares of E. W. Scripps in a report on Monday, August 12th. Zacks Investment Research upgraded E. W. Scripps from a “sell” rating to a “hold” rating in a report on Friday, October 11th. Finally, Wells Fargo & Co began coverage on E. W. Scripps in a report on Monday, September 23rd. They set an “outperform” rating and a $17.00 target price on the stock.

Shares of E. W. Scripps stock opened at $13.31 on Friday. The stock’s 50 day simple moving average is $12.89 and its 200-day simple moving average is $16.01. E. W. Scripps has a 1-year low of $11.36 and a 1-year high of $23.41.

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

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Friday, September 13th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.50%. The ex-dividend date was Thursday, September 12th.

In other news, major shareholder Corina S. Granado purchased 38,117 shares of E. W. Scripps stock in a transaction dated Wednesday, August 21st. The shares were purchased at an average price of $11.91 per share, with a total value of $453,973.47. Following the transaction, the insider now owns 448,569 shares in the company, valued at $5,342,456.79. The purchase was disclosed in a document filed with the SEC, which is available through this link. 4.16% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Capital Fund Management S.A. purchased a new stake in shares of E. W. Scripps during the 2nd quarter valued at approximately $177,000. Nisa Investment Advisors LLC raised its position in shares of E. W. Scripps by 13.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 12,600 shares of the company’s stock valued at $193,000 after buying an additional 1,500 shares during the period. Marshall Wace North America L.P. purchased a new stake in shares of E. W. Scripps during the 2nd quarter valued at approximately $274,000. Municipal Employees Retirement System of Michigan raised its position in shares of E. W. Scripps by 25.4% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 20,830 shares of the company’s stock valued at $319,000 after buying an additional 4,220 shares during the period. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of E. W. Scripps during the 2nd quarter valued at approximately $472,000. 77.70% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for E. W. Scripps (NYSE:SSP)

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