E. W. Scripps (NYSE:SSP) Stock Rating Upgraded by Zacks Investment Research

E. W. Scripps (NYSE:SSP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, 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. “

A number of other research firms have also commented on SSP. Guggenheim reiterated a “neutral” rating and set a $14.00 price target (down from $22.00) on shares of E. W. Scripps in a report on Monday, August 12th. Wells Fargo & Co began coverage on shares of E. W. Scripps in a research report on Monday. They set an “outperform” rating and a $17.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $19.00.



Shares of SSP traded up $0.16 during trading hours on Tuesday, hitting $13.39. The company’s stock had a trading volume of 140,600 shares, compared to its average volume of 427,578. The business has a 50 day simple moving average of $12.77 and a two-hundred day simple moving average of $17.03. E. W. Scripps has a 52-week low of $11.36 and a 52-week high of $23.41.

E. W. Scripps (NYSE:SSP) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate 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 EPS. E. W. Scripps’s revenue was up 19.1% on a year-over-year basis.

In related news, major shareholder Corina S. Granado purchased 38,117 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of $11.91 per share, for a total transaction of $453,973.47. Following the completion of the transaction, the insider now directly owns 448,569 shares in the company, valued at $5,342,456.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.16% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. United Services Automobile Association lifted its position in shares of E. W. Scripps by 9.5% during the second quarter. United Services Automobile Association now owns 152,414 shares of the company’s stock worth $2,330,000 after purchasing an additional 13,227 shares during the last quarter. Nordea Investment Management AB bought a new stake in shares of E. W. Scripps during the first quarter worth $2,983,000. UBS Asset Management Americas Inc. lifted its position in shares of E. W. Scripps by 3.7% during the second quarter. UBS Asset Management Americas Inc. now owns 36,308 shares of the company’s stock worth $555,000 after purchasing an additional 1,296 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of E. W. Scripps during the first quarter worth $723,000. Finally, Campbell & CO Investment Adviser LLC bought a new stake in shares of E. W. Scripps during the second quarter worth $472,000. Institutional investors and hedge funds own 77.70% of the company’s stock.

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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