E. W. Scripps’ (SSP) “Purchase” Rating Repeats at Benchmark

E. W. Scripps’ (SSP) “Purchase” Rating Repeats at Benchmark

E. W. Scripps (NYSE:SSP)‘s stock had its “buy” rating restated by Benchmark in a report issued on Monday, November 12th. They presently have a $22.00 price objective on the stock. Benchmark’s price target points to a potential upside of 27.83% from the stock’s previous close.

Several other brokerages have also weighed in on SSP. Zacks Investment Research lowered shares of E. W. Scripps from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 8th. Noble Financial reissued a “buy” rating and issued a $19.00 price objective on shares of E. W. Scripps in a research note on Wednesday, August 1st. Finally, Stephens set a $15.00 price objective on shares of E. W. Scripps and gave the company a “hold” rating in a research note on Tuesday, August 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $18.80.

SSP traded down $0.45 during midday trading on Monday, hitting $17.21. 410,814 shares of the company traded hands, compared to its average volume of 448,051. 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 issued its earnings results on Friday, November 9th. The company reported $0.24 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.04. The business had revenue of $302.70 million during the quarter, compared to analyst estimates of $292.22 million. During the same quarter last year, the company earned ($0.03) earnings per share. E. W. Scripps’s quarterly revenue was up 51.0% on a year-over-year basis.

In other news, major shareholder Corina S. Granado acquired 18,918 shares of the company’s stock in a transaction on Tuesday, December 4th. The shares were bought at an average cost of $17.58 per share, with a total value of $332,578.44. Following the purchase, the insider now owns 391,817 shares of the company’s stock, valued at approximately $6,888,142.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles L. Barmonde bought 2,438 shares of the firm’s stock in a transaction on Monday, October 29th. The shares were bought at an average price of $15.99 per share, for a total transaction of $38,983.62. Following the completion of the transaction, the director now directly owns 17,632 shares in the company, valued at approximately $281,935.68. The disclosure for this purchase can be found here. Insiders bought a total of 494,625 shares of company stock worth $8,389,768 over the last ninety days. Corporate insiders own 4.16% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of SSP. LMR Partners LLP purchased a new stake in shares of E. W. Scripps during the 2nd quarter worth $412,000. Price Capital Management Inc. purchased a new stake in shares of E. W. Scripps in the 2nd quarter worth about $488,000. MetLife Investment Advisors LLC boosted its position in shares of E. W. Scripps by 50.0% in the 3rd quarter. MetLife Investment Advisors LLC now owns 32,433 shares of the company’s stock worth $535,000 after buying an additional 10,808 shares in the last quarter. Lenox Wealth Management Inc. boosted its position in shares of E. W. Scripps by 23.3% in the 3rd quarter. Lenox Wealth Management Inc. now owns 83,683 shares of the company’s stock worth $1,381,000 after buying an additional 15,788 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in shares of E. W. Scripps by 19.8% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 106,166 shares of the company’s stock worth $1,422,000 after buying an additional 17,580 shares in the last quarter. Institutional investors own 77.70% of the company’s stock.

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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