Shares of E. W. Scripps (NYSE:SSP) have been given a consensus recommendation of “Buy” by the six ratings firms that are currently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $20.50.
A number of equities analysts have recently commented on the stock. Zacks Investment Research downgraded shares of E. W. Scripps from a “buy” rating to a “hold” rating in a research note on Wednesday, March 27th. 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.
E. W. Scripps stock opened at $22.60 on Friday. E. W. Scripps has a one year low of $10.69 and a one year high of $23.41.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 15th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.88%.
In other news, major shareholder Eaton M. Scripps bought 25,356 shares of the company’s stock in a transaction dated Friday, January 25th. The shares were bought at an average cost of $18.69 per share, with a total value of $473,903.64. Following the acquisition, the insider now owns 1,221,927 shares in the company, valued at $22,837,815.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Mary Peirce bought 8,099 shares of the company’s stock in a transaction dated Wednesday, February 27th. The stock was purchased at an average cost of $19.96 per share, for a total transaction of $161,656.04. Following the completion of the acquisition, the insider now owns 54,274 shares in the company, valued at approximately $1,083,309.04. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 134,949 shares of company stock valued at $2,549,365 and have sold 23,400 shares valued at $460,514. Corporate insiders own 4.16% of the company’s stock.
Several hedge funds have recently modified their holdings of SSP. 361 Capital LLC bought a new stake in shares of E. W. Scripps in the 4th quarter valued at about $2,476,000. Litespeed Management L.L.C. raised its holdings in shares of E. W. Scripps by 30.6% in the 4th 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. Norges Bank bought a new stake in shares of E. W. Scripps in the 4th quarter valued at about $1,350,000. Bank of New York Mellon Corp raised its holdings in shares of E. W. Scripps by 2.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,581,130 shares of the company’s stock valued at $42,588,000 after purchasing an additional 65,986 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of E. W. Scripps by 9.7% in the 4th quarter. Geode Capital Management LLC now owns 564,351 shares of the company’s stock valued at $8,877,000 after purchasing an additional 49,819 shares during the period. 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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