E. W. Scripps (NYSE:SSP) Rating Increased to Buy at Zacks Investment Research

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E. W. Scripps (NYSE:SSP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, Zacks.com reports. The brokerage currently has a $13.00 target price on the stock. Zacks Investment Research‘s price target suggests a potential upside of 10.64% from the stock’s current price.

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. “

Other analysts have also issued research reports about the company. Noble Financial reissued a “buy” rating and issued a $25.00 target price on shares of E. W. Scripps in a report on Wednesday, May 15th. Guggenheim reaffirmed a “neutral” rating and issued a $14.00 price objective (down previously from $22.00) on shares of E. W. Scripps in a report on Monday. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $19.50.

SSP traded up $0.23 on Friday, hitting $11.75. 26,606 shares of the company were exchanged, compared to its average volume of 426,482. The firm has a fifty day simple moving average of $14.75 and a two-hundred day simple moving average of $18.36. E. W. Scripps has a 12 month low of $11.51 and a 12 month high of $23.41.

E. W. Scripps (NYSE:SSP) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.01. The business had revenue of $337.50 million during the quarter, compared to analysts’ expectations of $337.35 million. During the same quarter last year, the business posted $0.10 EPS. The company’s quarterly revenue was up 19.1% compared to the same quarter last year.

In related news, major shareholder William H. Scripps sold 80,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $16.11, for a total value of $1,288,800.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 4.16% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Capital Fund Management S.A. purchased a new stake in shares of E. W. Scripps during the 2nd quarter valued at $177,000. Nisa Investment Advisors LLC grew its position in shares of E. W. Scripps by 13.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 12,600 shares of the company’s stock valued at $193,000 after acquiring an additional 1,500 shares during the period. BNP Paribas Arbitrage SA grew its position in shares of E. W. Scripps by 171.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 10,557 shares of the company’s stock valued at $222,000 after acquiring an additional 6,672 shares during the period. Advisors Preferred LLC acquired a new stake in E. W. Scripps in the 1st quarter worth about $262,000. Finally, Marshall Wace North America L.P. acquired a new stake in E. W. Scripps in the 2nd quarter worth about $274,000. 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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Analyst Recommendations for E. W. Scripps (NYSE:SSP)

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