E.W. Scripps (NASDAQ:SSP) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of E.W. Scripps (NASDAQ:SSP) from a strong sell rating to a hold rating in a research report report published on Tuesday morning,Zacks.com reports.

Several other brokerages have also recently issued reports on SSP. Wells Fargo & Company raised their target price on shares of E.W. Scripps from $3.00 to $3.90 and gave the stock an “equal weight” rating in a report on Thursday, January 22nd. Benchmark raised their target price on shares of E.W. Scripps from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Finally, Guggenheim restated a “neutral” rating on shares of E.W. Scripps in a report on Friday, March 6th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $6.95.

E.W. Scripps Stock Down 3.7%

Shares of E.W. Scripps stock opened at $4.46 on Tuesday. The company has a debt-to-equity ratio of 3.13, a quick ratio of 1.65 and a current ratio of 1.65. E.W. Scripps has a 52-week low of $1.90 and a 52-week high of $5.39. The stock has a market capitalization of $397.07 million, a price-to-earnings ratio of -2.39 and a beta of 0.57. The company’s 50 day moving average price is $4.07 and its 200-day moving average price is $3.73.

E.W. Scripps (NASDAQ:SSP) last issued its earnings results on Thursday, February 26th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.52). E.W. Scripps had a negative return on equity of 0.27% and a negative net margin of 4.69%.The firm had revenue of $560.26 million during the quarter, compared to the consensus estimate of $550.82 million. Equities research analysts forecast that E.W. Scripps will post 0.92 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Manuel E. Granado purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were acquired at an average price of $4.46 per share, for a total transaction of $44,600.00. Following the completion of the acquisition, the insider directly owned 20,000 shares in the company, valued at approximately $89,200. The trade was a 100.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Samantha J. Brickner acquired 46,412 shares of the stock in a transaction on Tuesday, March 10th. The shares were purchased at an average cost of $4.59 per share, with a total value of $213,031.08. Following the transaction, the insider directly owned 110,433 shares of the company’s stock, valued at approximately $506,887.47. This trade represents a 72.49% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 1,332,085 shares of company stock valued at $5,733,766 over the last quarter. 5.24% of the stock is owned by company insiders.

Hedge Funds Weigh In On E.W. Scripps

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. D Orazio & Associates Inc. purchased a new position in E.W. Scripps during the third quarter valued at $27,000. M&T Bank Corp purchased a new position in E.W. Scripps during the fourth quarter valued at $47,000. State of Alaska Department of Revenue purchased a new position in E.W. Scripps during the fourth quarter valued at $47,000. Franklin Resources Inc. purchased a new position in E.W. Scripps during the third quarter valued at $30,000. Finally, Pinnacle Associates Ltd. purchased a new position in E.W. Scripps during the fourth quarter valued at $50,000. Hedge funds and other institutional investors own 67.81% of the company’s stock.

About E.W. Scripps

The E.W. Scripps Company is a diversified U.S. media organization headquartered in Cincinnati, Ohio. Established in 1878 by Edward Willis Scripps, the company began as a newspaper publisher before expanding into broadcast television, cable networks and digital journalism. Today, Scripps combines a legacy of local news reporting with a growing portfolio of national cable channels and digital platforms.

Scripps operates more than 60 television stations across over 40 markets, delivering local news, weather, sports and entertainment programming to communities in both large and mid-sized U.S.