E. W. Scripps (NYSE:SSP) Rating Increased to Hold at 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 report issued to clients and investors on Friday, 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. “

Separately, Noble Financial reiterated a “buy” rating and set a $25.00 price objective on shares of E. W. Scripps in a research note on Wednesday, May 15th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. E. W. Scripps currently has a consensus rating of “Buy” and a consensus price target of $21.75.

E. W. Scripps stock opened at $15.76 on Friday. E. W. Scripps has a 1 year low of $12.44 and a 1 year high of $23.41. The firm has a 50-day moving average of $15.21.

E. W. Scripps (NYSE:SSP) last posted its quarterly earnings results on Friday, May 10th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. The business had revenue of $292.20 million during the quarter, compared to the consensus estimate of $288.81 million. During the same quarter in the prior year, the firm posted ($0.07) EPS. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year.

In related news, major shareholder William H. Scripps sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $16.11, for a total transaction of $1,288,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Lisa A. Knutson sold 4,406 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 39,794 shares in the company, valued at approximately $851,989.54. The disclosure for this sale can be found here. Insiders own 4.16% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. Litespeed Management L.L.C. increased its stake in E. W. Scripps by 30.6% during the 4th quarter. Litespeed Management L.L.C. now owns 566,341 shares of the company’s stock valued at $8,909,000 after purchasing an additional 132,812 shares in the last quarter. Geode Capital Management LLC increased its stake in E. W. Scripps by 9.7% during the 4th quarter. Geode Capital Management LLC now owns 564,351 shares of the company’s stock valued at $8,877,000 after purchasing an additional 49,819 shares in the last quarter. Nordea Investment Management AB acquired a new position in E. W. Scripps during the 1st quarter valued at approximately $2,983,000. California Public Employees Retirement System increased its stake in E. W. Scripps by 8.0% during the 4th quarter. California Public Employees Retirement System now owns 124,083 shares of the company’s stock valued at $1,952,000 after purchasing an additional 9,227 shares in the last quarter. Finally, Norges Bank acquired a new position in E. W. Scripps during the 4th quarter valued at approximately $1,350,000. 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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