E. W. Scripps (SSP) Stock Rating Reaffirmed by Benchmark

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E. W. Scripps (NYSE:SSP)‘s stock had its “buy” rating reaffirmed by Benchmark in a report released on Thursday. They currently have a $20.00 price target on the stock. Benchmark’s price objective indicates a potential upside of 16.14% from the stock’s current price.

A number of other brokerages also recently issued reports on SSP. Stephens set a $15.00 price target on E. W. Scripps and gave the company a “hold” rating in a report on Tuesday, August 7th. Noble Financial set a $19.00 price target on E. W. Scripps and gave the company a “buy” rating in a report on Wednesday, August 22nd. Finally, Zacks Investment Research raised E. W. Scripps from a “hold” rating to a “strong-buy” rating and set a $19.00 price target for the company in a report on Tuesday, October 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. E. W. Scripps currently has a consensus rating of “Buy” and an average price target of $18.40.

Shares of E. W. Scripps stock opened at $17.22 on Thursday. E. W. Scripps has a one year low of $10.69 and a one year high of $17.98. The stock has a market cap of $1.02 billion, a PE ratio of -44.15, a P/E/G ratio of 3.19 and a beta of 2.03. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.89 and a quick ratio of 2.89.

E. W. Scripps (NYSE:SSP) last announced its quarterly earnings data on Friday, August 3rd. The company reported $0.10 EPS for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.02. E. W. Scripps had a positive return on equity of 0.89% and a negative net margin of 3.93%. The business had revenue of $283.40 million during the quarter, compared to the consensus estimate of $275.68 million. During the same period in the previous year, the company posted $0.10 earnings per share. The business’s revenue for the quarter was up 22.3% on a year-over-year basis. On average, sell-side analysts predict that E. W. Scripps will post 0.63 earnings per share for the current year.

In other E. W. Scripps news, major shareholder Charles E. Scripps purchased 5,000 shares of the stock in a transaction that occurred on Monday, September 17th. The stock was purchased at an average cost of $16.31 per share, with a total value of $81,550.00. Following the completion of the acquisition, the insider now directly owns 678,824 shares of the company’s stock, valued at approximately $11,071,619.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Eaton M. Scripps purchased 14,858 shares of the stock in a transaction that occurred on Friday, October 19th. The stock was acquired at an average cost of $17.15 per share, with a total value of $254,814.70. Following the completion of the acquisition, the insider now directly owns 769,409 shares of the company’s stock, valued at $13,195,364.35. The disclosure for this purchase can be found here. Insiders purchased 175,643 shares of company stock valued at $2,900,767 over the last ninety days. 4.16% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Cove Street Capital LLC lifted its stake in E. W. Scripps by 8.8% in the second quarter. Cove Street Capital LLC now owns 4,025,431 shares of the company’s stock valued at $53,901,000 after buying an additional 326,712 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in E. W. Scripps by 24.8% in the second quarter. Russell Investments Group Ltd. now owns 403,843 shares of the company’s stock valued at $5,409,000 after buying an additional 80,377 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in E. W. Scripps by 3.3% in 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 buying an additional 79,568 shares during the last quarter. New York State Common Retirement Fund lifted its stake in E. W. Scripps by 14.8% in the first quarter. New York State Common Retirement Fund now owns 323,388 shares of the company’s stock valued at $3,877,000 after buying an additional 41,675 shares during the last quarter. Finally, Price Capital Management Inc. purchased a new stake in E. W. Scripps in the second quarter valued at approximately $488,000. 77.70% of the stock is owned by hedge funds and other institutional investors.

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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