E. W. Scripps (NYSE:SSP) Receives $22.00 Consensus Target Price from Analysts

Shares of E. W. Scripps (NYSE:SSP) have been assigned a consensus recommendation of “Buy” from the six ratings firms that are presently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $22.00.

SSP has been the topic of a number of research reports. Zacks Investment Research cut shares of Aspen Group from a “strong-buy” rating to a “hold” rating in a report on Friday. Noble Financial reissued a “buy” rating and set a $25.00 target price on shares of E. W. Scripps in a report on Wednesday, May 15th.

In related news, CFO Lisa A. Knutson sold 4,406 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $21.41, for a total value of $94,332.46. Following the completion of the transaction, the chief financial officer now owns 39,794 shares in the company, valued at approximately $851,989.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder William H. Scripps sold 80,000 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $16.11, for a total transaction of $1,288,800.00. The disclosure for this sale can be found here. 4.16% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nordea Investment Management AB bought a new position in shares of E. W. Scripps during the 1st quarter valued at about $2,983,000. Litespeed Management L.L.C. boosted 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 worth $8,909,000 after buying an additional 132,812 shares during the period. Norges Bank acquired a new position in shares of E. W. Scripps in the fourth quarter worth about $1,350,000. Geode Capital Management LLC boosted its holdings in shares of E. W. Scripps by 9.7% in the fourth quarter. Geode Capital Management LLC now owns 564,351 shares of the company’s stock worth $8,877,000 after buying an additional 49,819 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of E. W. Scripps in the first quarter worth about $723,000. Hedge funds and other institutional investors own 77.70% of the company’s stock.

Shares of NYSE:SSP traded up $0.43 on Friday, reaching $15.76. 473,058 shares of the company’s stock were exchanged, compared to its average volume of 435,230. E. W. Scripps has a fifty-two week low of $12.44 and a fifty-two week high of $23.41. The business has a 50-day simple moving average of $15.21.

E. W. Scripps (NYSE:SSP) last issued its earnings results on Friday, May 10th. The company reported ($0.04) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.02. The business had revenue of $292.20 million for the quarter, compared to analyst estimates of $288.81 million. The firm’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period last year, the company posted ($0.07) earnings per share.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Friday, June 14th were issued a $0.05 dividend. The ex-dividend date was Thursday, June 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.27%.

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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Analyst Recommendations for E. W. Scripps (NYSE:SSP)

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