E. W. Scripps (NYSE:SSP) Sets New 52-Week Low at $11.51

E. W. Scripps (NYSE:SSP)’s stock price hit a new 52-week low during trading on Thursday . The company traded as low as $11.51 and last traded at $11.51, with a volume of 15351 shares. The stock had previously closed at $11.74.

SSP has been the subject of a number of recent research reports. Guggenheim reissued a “neutral” rating and issued a $14.00 price objective (down from $22.00) on shares of E. W. Scripps in a research note on Monday, August 12th. Noble Financial reissued a “buy” rating and issued a $25.00 price objective on shares of E. W. Scripps in a research note on Wednesday, May 15th. Finally, Zacks Investment Research raised shares of E. W. Scripps from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research note on Friday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $19.50.

The business’s 50 day moving average is $14.70 and its 200 day moving average is $18.32.

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

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Friday, September 13th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.69%.

In related news, major shareholder William H. Scripps sold 80,000 shares of E. W. Scripps stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $16.11, for a total transaction of $1,288,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.16% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. United Services Automobile Association raised its stake in 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. UBS Asset Management Americas Inc. increased its stake in shares of E. W. Scripps by 3.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 36,308 shares of the company’s stock valued at $555,000 after acquiring an additional 1,296 shares during the last quarter. Marshall Wace North America L.P. acquired a new position in shares of E. W. Scripps during the 2nd quarter valued at about $274,000. Capital Fund Management S.A. acquired a new position in shares of E. W. Scripps during the 2nd quarter valued at about $177,000. Finally, Municipal Employees Retirement System of Michigan increased its stake 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 acquiring an additional 4,220 shares during the last quarter. 77.70% of the stock is owned by hedge funds and other institutional investors.

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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