Brokerages Set E. W. Scripps (SSP) PT at $20.50

E. W. Scripps (NYSE:SSP) has received a consensus rating of “Hold” from the seven research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $20.50.

A number of equities research analysts recently weighed in on SSP shares. Wolfe Research started coverage on E. W. Scripps in a research note on Friday, December 7th. They set a “market perform” rating for the company. Zacks Investment Research upgraded E. W. Scripps from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Thursday, January 10th. Finally, Benchmark restated a “buy” rating and set a $26.00 price objective (up from $22.00) on shares of E. W. Scripps in a research note on Monday, March 4th.

Shares of SSP stock opened at $21.00 on Wednesday. E. W. Scripps has a twelve month low of $10.69 and a twelve month high of $23.41.

E. W. Scripps (NYSE:SSP) last issued its earnings results on Friday, March 1st. The company reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.17). The business had revenue of $368.00 million during the quarter, compared to analyst estimates of $354.38 million. During the same period last year, the company earned $0.14 EPS. The company’s revenue for the quarter was up 40.5% on a year-over-year basis.

The firm also recently declared a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 15th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date was Thursday, March 14th.

In other E. W. Scripps news, insider Brian G. Lawlor sold 11,000 shares of the stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $20.00, for a total value of $220,000.00. Following the completion of the sale, the insider now directly owns 90,571 shares in the company, valued at $1,811,420. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Mary Peirce acquired 14,215 shares of the business’s stock in a transaction dated Wednesday, January 2nd. The stock was purchased at an average cost of $16.07 per share, for a total transaction of $228,435.05. Following the completion of the acquisition, the insider now directly owns 488,362 shares of the company’s stock, valued at approximately $7,847,977.34. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 272,953 shares of company stock valued at $4,938,901 and sold 23,400 shares valued at $460,514. Company insiders own 4.16% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. MetLife Investment Advisors LLC increased its holdings in shares of E. W. Scripps by 50.0% in the third quarter. MetLife Investment Advisors LLC now owns 32,433 shares of the company’s stock valued at $535,000 after purchasing an additional 10,808 shares during the period. Marshall Wace North America L.P. acquired a new position in shares of E. W. Scripps in the third quarter valued at about $174,000. Litespeed Management L.L.C. increased its holdings in shares of E. W. Scripps by 30.6% in the fourth quarter. Litespeed Management L.L.C. now owns 566,341 shares of the company’s stock valued at $8,909,000 after purchasing an additional 132,812 shares during the period. 361 Capital LLC acquired a new position in shares of E. W. Scripps in the fourth quarter valued at about $2,476,000. Finally, Oregon Public Employees Retirement Fund acquired a new position in shares of E. W. Scripps in the fourth quarter valued at about $337,000. 77.70% of the stock is currently owned by institutional investors and hedge funds.

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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