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.
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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