E. W. Scripps (NYSE:SSP) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of E. W. Scripps (NYSE:SSP) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

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. “

SSP has been the topic of a number of other reports. Wells Fargo & Co began coverage on shares of E. W. Scripps in a report on Monday, September 23rd. They set an outperform rating and a $17.00 target price on the stock. Guggenheim reissued 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. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $19.00.

SSP traded up $1.06 during trading on Tuesday, reaching $15.28. 833,292 shares of the company’s stock were exchanged, compared to its average volume of 404,772. E. W. Scripps has a one year low of $11.36 and a one year high of $23.41. The firm has a fifty day moving average price of $13.35 and a two-hundred day moving average price of $15.00.

E. W. Scripps (NYSE:SSP) last posted its earnings results on Friday, August 9th. The company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. The business had revenue of $337.50 million for the quarter, compared to the consensus estimate of $337.35 million. During the same period in the previous year, the firm earned $0.10 earnings per share. The company’s revenue was up 19.1% compared to the same quarter last year.

In other news, major shareholder Corina S. Granado acquired 38,117 shares of E. W. Scripps stock in a transaction dated Wednesday, August 21st. The shares were bought at an average cost of $11.91 per share, with a total value of $453,973.47. Following the purchase, the insider now owns 448,569 shares in the company, valued at approximately $5,342,456.79. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.16% of the company’s stock.

Several large investors have recently bought and sold shares of SSP. Russell Investments Group Ltd. boosted its stake in shares of E. W. Scripps by 78.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 196,554 shares of the company’s stock valued at $2,610,000 after purchasing an additional 86,640 shares during the last quarter. Alps Advisors Inc. bought a new stake in shares of E. W. Scripps in the 3rd quarter valued at $684,000. Campbell & CO Investment Adviser LLC bought a new stake in shares of E. W. Scripps in the 2nd quarter valued at $472,000. Marshall Wace North America L.P. bought a new stake in shares of E. W. Scripps in the 2nd quarter valued at $274,000. Finally, United Services Automobile Association boosted its stake in shares of E. W. Scripps by 9.5% in the 2nd quarter. United Services Automobile Association now owns 152,414 shares of the company’s stock valued at $2,330,000 after purchasing an additional 13,227 shares during the last quarter. 77.70% of the stock is currently owned by 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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