E.W. Scripps (NASDAQ:SSP) Given New $11.00 Price Target at Benchmark

E.W. Scripps (NASDAQ:SSP) had its price target lowered by Benchmark from $14.00 to $11.00 in a research report report published on Monday, Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts also recently issued reports about the stock. Wells Fargo & Company decreased their target price on shares of E.W. Scripps from $6.00 to $4.50 and set an equal weight rating on the stock in a research note on Monday, May 13th. StockNews.com cut shares of E.W. Scripps from a hold rating to a sell rating in a report on Friday, August 9th.

E.W. Scripps Stock Performance

NASDAQ SSP traded down $0.02 during trading hours on Monday, reaching $2.08. 52,181 shares of the company were exchanged, compared to its average volume of 941,928. E.W. Scripps has a 1 year low of $1.96 and a 1 year high of $9.35. The business’s 50 day simple moving average is $2.88 and its 200-day simple moving average is $3.77. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 3.82. The stock has a market capitalization of $177.61 million, a P/E ratio of -0.18 and a beta of 1.79.

E.W. Scripps (NASDAQ:SSP) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.17). E.W. Scripps had a negative net margin of 39.87% and a positive return on equity of 3.17%. The firm had revenue of $573.63 million during the quarter, compared to the consensus estimate of $586.65 million. During the same quarter last year, the business posted ($0.09) earnings per share. On average, equities research analysts expect that E.W. Scripps will post 0.75 earnings per share for the current year.

Institutional Investors Weigh In On E.W. Scripps

A number of institutional investors have recently added to or reduced their stakes in the stock. Cove Street Capital LLC lifted its position in E.W. Scripps by 34.2% in the first quarter. Cove Street Capital LLC now owns 3,703,082 shares of the company’s stock worth $14,553,000 after buying an additional 944,328 shares during the last quarter. Gamco Investors INC. ET AL raised its holdings in shares of E.W. Scripps by 0.8% in the first quarter. Gamco Investors INC. ET AL now owns 3,360,347 shares of the company’s stock valued at $13,206,000 after acquiring an additional 27,192 shares in the last quarter. Millennium Management LLC raised its holdings in shares of E.W. Scripps by 270.6% in the second quarter. Millennium Management LLC now owns 3,001,601 shares of the company’s stock valued at $9,425,000 after acquiring an additional 2,191,666 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of E.W. Scripps by 1,154.7% in the second quarter. AQR Capital Management LLC now owns 2,404,607 shares of the company’s stock valued at $7,550,000 after acquiring an additional 2,212,959 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in E.W. Scripps by 1,619.1% in the second quarter. Assenagon Asset Management S.A. now owns 2,203,186 shares of the company’s stock worth $6,918,000 after purchasing an additional 2,075,027 shares in the last quarter. 67.81% of the stock is owned by hedge funds and other 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 television stations, national news, and entertainment networks in the United States. It operates through Local Media, Scripps Networks, and Other segments. The Local Media segment operates broadcast television stations, which produce news, information, sports, and entertainment content, as well as its related digital operations; runs network, syndicated, and original programming, and local sporting events; and provides core and political advertising services.