Wolfe Research assumed coverage on shares of E. W. Scripps (NYSE:SSP) in a report published on Friday morning, The Fly reports. The brokerage issued a market perform rating on the stock.
Several other research analysts have also commented on SSP. 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 research report on Tuesday, October 9th. Benchmark reissued a buy rating and issued a $22.00 price target on shares of E. W. Scripps in a research report on Monday, November 12th. Noble Financial set a $19.00 price target on E. W. Scripps and gave the stock a buy rating in a research report on Wednesday, August 22nd. Finally, Gabelli assumed coverage on E. W. Scripps in a research report on Tuesday, November 27th. They issued a buy rating for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $18.80.
Shares of SSP traded down $0.40 during trading hours on Friday, hitting $16.86. The company had a trading volume of 379,523 shares, compared to its average volume of 447,877. E. W. Scripps has a one year low of $10.69 and a one year high of $18.44.
E. W. Scripps (NYSE:SSP) last released its quarterly earnings results on Friday, November 9th. The company reported $0.24 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.04. The company had revenue of $302.70 million during the quarter, compared to the consensus estimate of $292.22 million. The company’s revenue was up 51.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.03) earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 26th. Investors of record on Friday, December 14th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.19%. The ex-dividend date is Thursday, December 13th.
In other E. W. Scripps news, Director Charles L. Barmonde bought 2,438 shares of E. W. Scripps stock in a transaction that occurred on Monday, October 29th. The shares were bought at an average cost of $15.99 per share, with a total value of $38,983.62. Following the transaction, the director now directly owns 17,632 shares of the company’s stock, valued at approximately $281,935.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Charles E. Scripps bought 5,000 shares of E. W. Scripps stock in a transaction that occurred on Monday, September 17th. The shares were acquired at an average cost of $16.31 per share, for a total transaction of $81,550.00. Following the completion of the transaction, the insider now directly owns 678,824 shares in the company, valued at $11,071,619.44. The disclosure for this purchase can be found here. Insiders have purchased a total of 532,461 shares of company stock worth $9,038,656 over the last ninety days. 4.16% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in E. W. Scripps by 3.3% during the 2nd 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 in the last quarter. Litespeed Management L.L.C. increased its position in E. W. Scripps by 3.6% during the 2nd quarter. Litespeed Management L.L.C. now owns 433,529 shares of the company’s stock valued at $5,805,000 after buying an additional 15,000 shares in the last quarter. Cove Street Capital LLC increased its position in E. W. Scripps by 8.8% during the 2nd 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 in the last quarter. Public Employees Retirement System of Ohio increased its position in E. W. Scripps by 19.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 106,166 shares of the company’s stock valued at $1,422,000 after buying an additional 17,580 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in E. W. Scripps by 24.8% during the 2nd 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 in the last quarter. 77.70% of the stock is currently owned by 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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