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

Zacks Investment Research upgraded shares of E. W. Scripps (NYSE:SSP) from a sell rating to a hold rating in a research note released on Friday 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. “

Separately, Noble Financial reiterated a buy rating and set a $25.00 price target on shares of E. W. Scripps in a report on Wednesday, May 15th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. E. W. Scripps currently has an average rating of Buy and an average price target of $21.75.

Shares of NYSE SSP opened at $15.26 on Friday. E. W. Scripps has a 12 month low of $12.44 and a 12 month high of $23.41. The business’s 50-day moving average price is $15.20.

E. W. Scripps (NYSE:SSP) last issued its quarterly earnings results on Friday, May 10th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $292.20 million for the quarter, compared to analysts’ expectations of $288.81 million. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.07) earnings per share.

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Friday, June 14th were issued a $0.05 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.20 dividend on an annualized basis and a yield of 1.31%.

In related news, CFO Lisa A. Knutson sold 4,406 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $21.41, for a total value of $94,332.46. Following the completion of the sale, the chief financial officer now directly owns 39,794 shares in the company, valued at $851,989.54. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder William H. Scripps sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $16.11, for a total transaction of $1,288,800.00. The disclosure for this sale can be found here. 4.16% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC lifted its position in shares of E. W. Scripps by 13.5% during the second quarter. Nisa Investment Advisors LLC now owns 12,600 shares of the company’s stock worth $193,000 after purchasing an additional 1,500 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its position in shares of E. W. Scripps by 349.9% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 13,897 shares of the company’s stock worth $219,000 after purchasing an additional 10,808 shares in the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of E. W. Scripps by 171.7% during the first quarter. BNP Paribas Arbitrage SA now owns 10,557 shares of the company’s stock worth $222,000 after purchasing an additional 6,672 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new position in shares of E. W. Scripps during the fourth quarter worth $261,000. Finally, Advisors Preferred LLC acquired a new position in shares of E. W. Scripps during the first quarter worth $262,000. Hedge funds and other institutional investors own 77.70% of the company’s stock.

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

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