E. W. Scripps (SSP) Bonds Trading 0.9% Higher

An issue of E. W. Scripps (NYSE:SSP) debt rose 0.9% against its face value during trading on Friday. The high-yield issue of debt has a 5.125% coupon and will mature on May 15, 2025. The debt is now trading at $95.38 and was trading at $95.50 one week ago. Price changes in a company’s debt in credit markets often anticipate parallel changes in its stock price.

A number of equities analysts have commented on the stock. Zacks Investment Research upgraded shares of E. W. Scripps from a “hold” rating to a “strong-buy” rating and set a $19.00 price objective on the stock in a report on Tuesday, October 9th. Benchmark reiterated a “buy” rating and issued a $20.00 price objective on shares of E. W. Scripps in a report on Thursday. Noble Financial reiterated a “buy” rating on shares of E. W. Scripps in a report on Thursday, September 13th. Finally, Stephens set a $15.00 target price on shares of E. W. Scripps and gave the company a “hold” rating in a research note on Tuesday, August 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $18.40.

Shares of E. W. Scripps stock traded up $0.16 during trading on Friday, reaching $17.22. The company had a trading volume of 595,700 shares, compared to its average volume of 426,108. The firm has a market cap of $1.02 billion, a PE ratio of -44.15, a price-to-earnings-growth ratio of 3.19 and a beta of 2.03. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.89 and a current ratio of 2.89. E. W. Scripps has a fifty-two week low of $10.69 and a fifty-two week high of $17.98.

E. W. Scripps (NYSE:SSP) last issued its earnings results on Friday, August 3rd. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $283.40 million for the quarter, compared to analyst estimates of $275.68 million. E. W. Scripps had a negative net margin of 3.93% and a positive return on equity of 0.89%. The company’s revenue for the quarter was up 22.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.10 EPS. On average, equities analysts predict that E. W. Scripps will post 0.63 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 25th. Stockholders of record on Friday, September 14th were paid a $0.05 dividend. The ex-dividend date was Thursday, September 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.16%. E. W. Scripps’s dividend payout ratio (DPR) is presently -51.28%.

In related news, major shareholder Charles E. Scripps bought 5,000 shares of the business’s stock in a transaction dated Monday, September 17th. The shares were acquired at an average price of $16.31 per share, for a total transaction of $81,550.00. Following the purchase, the insider now owns 678,824 shares in the company, valued at approximately $11,071,619.44. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Mary Peirce bought 8,795 shares of the business’s stock in a transaction dated Wednesday, September 19th. The stock was bought at an average price of $16.33 per share, for a total transaction of $143,622.35. Following the purchase, the insider now owns 290,912 shares in the company, valued at approximately $4,750,592.96. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 175,643 shares of company stock worth $2,900,767. Company insiders own 4.16% of the company’s stock.

Several institutional investors have recently modified their holdings of SSP. LMR Partners LLP acquired a new stake in shares of E. W. Scripps in the 2nd quarter valued at about $412,000. Price Capital Management Inc. bought a new stake in shares of E. W. Scripps during the 2nd quarter valued at about $488,000. California Public Employees Retirement System grew its position in shares of E. W. Scripps by 7.8% during the 1st quarter. California Public Employees Retirement System now owns 112,217 shares of the company’s stock valued at $1,345,000 after buying an additional 8,117 shares during the last quarter. Public Employees Retirement System of Ohio grew 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 valued at $1,422,000 after buying an additional 17,580 shares during the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of E. W. Scripps by 14.8% during the 1st quarter. New York State Common Retirement Fund now owns 323,388 shares of the company’s stock valued at $3,877,000 after buying an additional 41,675 shares during the last quarter. Institutional investors and hedge funds own 77.70% of the company’s stock.

About E. W. Scripps (NYSE:SSP)

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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