E. W. Scripps (SSP) Downgraded by Zacks Investment Research to Hold

E. W. Scripps (NYSE:SSP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

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 research reports. Noble Financial reaffirmed a “buy” rating on shares of E. W. Scripps in a research note on Friday, October 19th. Gabelli started coverage on E. W. Scripps in a research note on Tuesday, November 27th. They issued a “buy” rating on the stock. Benchmark reaffirmed a “buy” rating and issued a $22.00 price objective on shares of E. W. Scripps in a research note on Monday, November 12th. Finally, Wolfe Research started coverage on E. W. Scripps in a research note on Friday, December 7th. They issued a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $19.00.

NYSE:SSP traded up $0.43 during trading hours on Friday, reaching $18.19. The stock had a trading volume of 4,146 shares, compared to its average volume of 403,214. E. W. Scripps has a 52 week low of $10.69 and a 52 week high of $18.44.

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

In related news, major shareholder Charles E. Scripps bought 5,000 shares of the business’s stock in a transaction dated Monday, October 22nd. The shares were purchased at an average price of $17.82 per share, with a total value of $89,100.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Charles L. Barmonde bought 2,114 shares of the business’s stock in a transaction dated Monday, December 17th. The shares were bought at an average cost of $16.00 per share, for a total transaction of $33,824.00. Following the transaction, the director now owns 19,746 shares in the company, valued at approximately $315,936. The disclosure for this purchase can be found here. In the last three months, insiders have bought 617,023 shares of company stock worth $10,367,129. Corporate insiders own 4.16% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SSP. Russell Investments Group Ltd. boosted its stake in shares of E. W. Scripps by 24.8% during the second quarter. Russell Investments Group Ltd. now owns 403,843 shares of the company’s stock valued at $5,409,000 after purchasing an additional 80,377 shares during the period. Litespeed Management L.L.C. boosted its stake in shares of E. W. Scripps by 3.6% during the second quarter. Litespeed Management L.L.C. now owns 433,529 shares of the company’s stock valued at $5,805,000 after purchasing an additional 15,000 shares during the period. California Public Employees Retirement System boosted its stake in shares of E. W. Scripps by 5.8% during the second quarter. California Public Employees Retirement System now owns 118,693 shares of the company’s stock valued at $1,589,000 after purchasing an additional 6,476 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of E. W. Scripps by 19.8% during the second quarter. Public Employees Retirement System of Ohio now owns 106,166 shares of the company’s stock valued at $1,422,000 after purchasing an additional 17,580 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of E. W. Scripps by 3.3% during the second quarter. Bank of New York Mellon Corp now owns 2,515,144 shares of the company’s stock valued at $33,678,000 after purchasing an additional 79,568 shares during the period. 77.70% of the stock is currently owned by hedge funds and other institutional investors.

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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