E. W. Scripps (SSP) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of E. W. Scripps (NYSE:SSP) from a hold rating to a buy rating in a research report sent to investors on Saturday. Zacks Investment Research currently has $18.00 price objective on the stock.
According to Zacks, “The E.W. Scripps Company serves audiences and businesses through a growing portfolio of television, print and digital media brands. It also runs an expanding collection of local and national digital journalism and information businesses including online multi-source video news provider Newsy. Scripps also produces television programming, runs an award-winning investigative reporting newsroom in Washington, D.C., and serves as the long-time steward of one of the nation’s longest-running and most successful educational programs, Scripps National Spelling Bee. Scripps is focused on the stories of tomorrow. Scripps is one of the nation’s largest independent TV station owners. Scripps also runs an expanding collection of local and national digital journalism and information businesses, including multi-platform satire and humor brand Cracked, podcast industry leader Midroll Media and over-the-top video news service Newsy. “
Several other equities research analysts also recently issued reports on SSP. Noble Financial reiterated a buy rating on shares of E. W. Scripps in a research note on Wednesday, October 4th. Guggenheim assumed coverage on shares of E. W. Scripps in a research note on Wednesday, October 18th. They issued a neutral rating and a $19.00 target price for the company. ValuEngine downgraded shares of E. W. Scripps from a hold rating to a sell rating in a research note on Sunday, December 31st. Finally, Benchmark cut their target price on shares of E. W. Scripps from $22.00 to $20.00 and set a buy rating for the company in a research note on Monday, November 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of Hold and an average price target of $19.25.
E. W. Scripps (NYSE:SSP) last issued its earnings results on Friday, November 3rd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. E. W. Scripps had a net margin of 1.95% and a return on equity of 4.37%. The business had revenue of $216.45 million during the quarter, compared to the consensus estimate of $219.04 million. During the same period last year, the business posted $0.15 EPS. E. W. Scripps’s revenue was down 7.1% on a year-over-year basis. equities research analysts anticipate that E. W. Scripps will post -0.21 earnings per share for the current year.
Hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. lifted its position in E. W. Scripps by 0.5% during the second quarter. PNC Financial Services Group Inc. now owns 5,765 shares of the company’s stock worth $102,000 after acquiring an additional 26 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new stake in E. W. Scripps during the third quarter worth approximately $203,000. Piedmont Investment Advisors LLC acquired a new stake in E. W. Scripps during the second quarter worth approximately $217,000. Fox Run Management L.L.C. acquired a new stake in E. W. Scripps during the third quarter worth approximately $264,000. Finally, SG Americas Securities LLC lifted its position in E. W. Scripps by 26.8% during the third quarter. SG Americas Securities LLC now owns 19,918 shares of the company’s stock worth $381,000 after acquiring an additional 4,211 shares during the last quarter. Hedge funds and other institutional investors own 77.81% of the company’s stock.
About E. W. Scripps
The E. W. Scripps Company is a media enterprise with interests in television and radio broadcasting, as well as local and national digital media brands. The Company’s segments include television, radio, digital, and syndication and other. As of December 31, 2016, the Television segment included approximately 15 American Broadcasting Company (ABC) affiliates, five National Broadcasting Company (NBC) affiliates, two FOX affiliates, two Columbia Broadcasting System (CBS) affiliates and four non big-four affiliated stations.
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