E. W. Scripps (NYSE:SSP) – Research analysts at Gabelli dropped their FY2020 earnings per share (EPS) estimates for shares of E. W. Scripps in a report issued on Wednesday, June 12th. Gabelli analyst B. Harriss now expects that the company will earn $1.85 per share for the year, down from their previous forecast of $1.96. Gabelli also issued estimates for E. W. Scripps’ FY2021 earnings at $1.05 EPS, FY2022 earnings at $2.35 EPS and FY2023 earnings at $1.95 EPS.
A number of other equities research analysts have also issued reports on the stock. Noble Financial reiterated a “buy” rating and set a $25.00 target price on shares of E. W. Scripps in a report on Wednesday, May 15th. Benchmark reiterated a “buy” rating and set a $26.00 target price (up from $22.00) on shares of E. W. Scripps in a report on Monday, March 4th. Finally, Zacks Investment Research lowered shares of E. W. Scripps from a “hold” rating to a “sell” rating in a report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $21.75.
E. W. Scripps (NYSE:SSP) last released its earnings results on Friday, May 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.03). The business had revenue of $292.20 million for the quarter, compared to the consensus estimate of $288.81 million. The firm’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.07) EPS.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its position in shares of E. W. Scripps by 10.6% in the 1st quarter. Geode Capital Management LLC now owns 624,210 shares of the company’s stock valued at $13,108,000 after buying an additional 59,859 shares during the last quarter. Litespeed Management L.L.C. grew its position in shares of E. W. Scripps by 30.6% in the 4th quarter. Litespeed Management L.L.C. now owns 566,341 shares of the company’s stock valued at $8,909,000 after buying an additional 132,812 shares during the last quarter. 361 Capital LLC purchased a new position in shares of E. W. Scripps in the 4th quarter valued at $2,476,000. Nordea Investment Management AB purchased a new position in shares of E. W. Scripps in the 1st quarter valued at $2,983,000. Finally, California Public Employees Retirement System grew its position in shares of E. W. Scripps by 8.0% in the 4th quarter. California Public Employees Retirement System now owns 124,083 shares of the company’s stock valued at $1,952,000 after buying an additional 9,227 shares during the last quarter. 77.70% of the stock is currently owned by hedge funds and other institutional investors.
In other news, major shareholder William H. Scripps sold 80,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $16.11, for a total value of $1,288,800.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Lisa A. Knutson sold 4,406 shares of the firm’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $21.41, for a total transaction of $94,332.46. Following the completion of the sale, the chief financial officer now owns 39,794 shares in the company, valued at $851,989.54. The disclosure for this sale can be found here. 4.16% of the stock is currently owned by company insiders.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Friday, June 14th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.34%.
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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