E. W. Scripps (SSP) Rating Increased to Buy at Zacks Investment Research

E. W. Scripps (NYSE:SSP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $20.00 price objective on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 9.89% from the stock’s previous close.

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. Benchmark reaffirmed a “buy” rating and issued a $20.00 price objective on shares of E. W. Scripps in a report on Thursday, October 18th. Noble Financial reaffirmed a “buy” rating on shares of E. W. Scripps in a report on Wednesday, November 7th. Wolfe Research assumed coverage on E. W. Scripps in a report on Friday, December 7th. They issued a “market perform” rating on the stock. Finally, Gabelli assumed coverage on E. W. Scripps in a report on Tuesday, November 27th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. E. W. Scripps has a consensus rating of “Hold” and a consensus price target of $19.00.



SSP opened at $18.20 on Thursday. E. W. Scripps has a 1-year low of $10.69 and a 1-year high of $18.44.

E. W. Scripps (NYSE:SSP) last issued its quarterly earnings data on Friday, November 9th. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.04. The firm had revenue of $302.70 million during the quarter, compared to analyst estimates of $292.22 million. During the same period in the prior year, the company earned ($0.03) earnings per share. The business’s quarterly revenue was up 51.0% compared to the same quarter last year.

In related news, major shareholder Anthony S. Granado bought 2,210 shares of E. W. Scripps stock in a transaction dated Monday, October 15th. The shares were bought at an average cost of $16.41 per share, with a total value of $36,266.10. Following the acquisition, the insider now owns 10,000 shares in the company, valued at approximately $164,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Eaton M. Scripps bought 27,262 shares of E. W. Scripps stock in a transaction dated Friday, January 11th. The shares were bought at an average cost of $17.96 per share, for a total transaction of $489,625.52. Following the completion of the acquisition, the insider now owns 1,165,890 shares in the company, valued at approximately $20,939,384.40. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 644,285 shares of company stock worth $10,856,755. 4.16% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SSP. Russell Investments Group Ltd. grew its holdings in shares of E. W. Scripps by 24.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 403,843 shares of the company’s stock worth $5,409,000 after purchasing an additional 80,377 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of E. W. Scripps by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,515,144 shares of the company’s stock worth $33,678,000 after buying an additional 79,568 shares during the last quarter. Public Employees Retirement System of Ohio lifted 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 worth $1,422,000 after buying an additional 17,580 shares during the last quarter. Lenox Wealth Management Inc. lifted its position in shares of E. W. Scripps by 23.3% during the 3rd quarter. Lenox Wealth Management Inc. now owns 83,683 shares of the company’s stock worth $1,381,000 after buying an additional 15,788 shares during the last quarter. Finally, Litespeed Management L.L.C. lifted its position in shares of E. W. Scripps by 3.6% during the 2nd quarter. Litespeed Management L.L.C. now owns 433,529 shares of the company’s stock worth $5,805,000 after buying an additional 15,000 shares during the last quarter. 77.70% of the stock is currently owned by 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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