E. W. Scripps (SSP) Now Covered by Wolfe Research
Wolfe Research assumed coverage on shares of E. W. Scripps (NYSE:SSP) in a report issued on Friday, The Fly reports. The brokerage set a “market perform” rating on the stock.
A number of other research firms also recently weighed in on SSP. Zacks Investment Research downgraded E. W. Scripps from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 8th. Gabelli started coverage on E. W. Scripps in a report on Tuesday, November 27th. They set a “buy” rating for the company. Noble Financial set a $20.00 target price on E. W. Scripps and gave the stock a “buy” rating in a report on Wednesday, September 26th. Finally, Benchmark reissued a “buy” rating and set a $22.00 target price on shares of E. W. Scripps in a report on Monday, November 12th. One equities 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. The company has a consensus rating of “Hold” and an average target price of $18.80.
Shares of SSP traded up $0.01 during midday trading on Friday, reaching $17.27. 5,204 shares of the stock were exchanged, compared to its average volume of 448,168. E. W. Scripps has a twelve month low of $10.69 and a twelve month high of $18.44.
In related news, major shareholder Charles E. Scripps purchased 5,000 shares of the firm’s stock in a transaction that occurred on Monday, September 17th. The shares were bought at an average price of $16.31 per share, for a total transaction of $81,550.00. Following the completion of the transaction, the insider now owns 678,824 shares of the company’s stock, valued at $11,071,619.44. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Corina S. Granado purchased 18,918 shares of the firm’s stock in a transaction that occurred on Tuesday, December 4th. The stock was bought at an average price of $17.58 per share, for a total transaction of $332,578.44. Following the transaction, the insider now directly owns 391,817 shares of the company’s stock, valued at approximately $6,888,142.86. The disclosure for this purchase can be found here. Insiders purchased 494,625 shares of company stock worth $8,389,768 in the last 90 days. 4.16% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace North America L.P. bought a new position in shares of E. W. Scripps in the third quarter worth $174,000. LMR Partners LLP bought a new position in shares of E. W. Scripps in the second quarter worth $412,000. MetLife Investment Advisors LLC increased its position 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 worth $535,000 after purchasing an additional 10,808 shares during the period. Lenox Wealth Management Inc. increased its position in shares of E. W. Scripps by 23.3% in the third quarter. Lenox Wealth Management Inc. now owns 83,683 shares of the company’s stock worth $1,381,000 after purchasing an additional 15,788 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in shares of E. W. Scripps by 19.8% in the second quarter. Public Employees Retirement System of Ohio now owns 106,166 shares of the company’s stock worth $1,422,000 after purchasing an additional 17,580 shares during the period. Institutional investors own 77.70% of the company’s stock.
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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