Brokerages Set E. W. Scripps (NYSE:SSP) Price Target at $20.50

E. W. Scripps (NYSE:SSP) has received a consensus recommendation of “Buy” from the seven research firms that are covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $20.50.

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SSP has been the subject of a number of research reports. Wells Fargo & Co initiated coverage on E. W. Scripps in a research report on Monday, September 23rd. They issued an “outperform” rating and a $17.00 price objective for the company. Zacks Investment Research upgraded E. W. Scripps from a “sell” rating to a “hold” rating in a research report on Tuesday, November 5th. Finally, Guggenheim reiterated a “neutral” rating and issued a $14.00 price objective (down from $22.00) on shares of E. W. Scripps in a research report on Monday, August 12th.

In related news, major shareholder Corina S. Granado bought 38,117 shares of E. W. Scripps stock in a transaction on Wednesday, August 21st. The shares were purchased at an average price of $11.91 per share, for a total transaction of $453,973.47. Following the completion of the acquisition, the insider now owns 448,569 shares in the company, valued at $5,342,456.79. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.16% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. lifted its holdings in shares of E. W. Scripps by 78.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 196,554 shares of the company’s stock valued at $2,610,000 after purchasing an additional 86,640 shares in the last quarter. United Services Automobile Association lifted its holdings in shares of E. W. Scripps by 9.5% during the 2nd quarter. United Services Automobile Association now owns 152,414 shares of the company’s stock valued at $2,330,000 after purchasing an additional 13,227 shares in the last quarter. Delphi Management Inc. MA lifted its holdings in shares of E. W. Scripps by 17.3% during the 3rd quarter. Delphi Management Inc. MA now owns 71,027 shares of the company’s stock valued at $943,000 after purchasing an additional 10,478 shares in the last quarter. Lenox Wealth Management Inc. lifted its holdings in shares of E. W. Scripps by 7.6% during the 3rd quarter. Lenox Wealth Management Inc. now owns 56,924 shares of the company’s stock valued at $755,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Alps Advisors Inc. bought a new position in shares of E. W. Scripps during the 3rd quarter valued at about $684,000. Hedge funds and other institutional investors own 77.70% of the company’s stock.

SSP stock traded up $1.06 during midday trading on Thursday, reaching $15.28. The stock had a trading volume of 833,463 shares, compared to its average volume of 404,772. The business has a fifty day simple moving average of $13.35 and a two-hundred day simple moving average of $15.00. E. W. Scripps has a twelve month low of $11.36 and a twelve month high of $23.41.

E. W. Scripps (NYSE:SSP) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.01) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. The firm had revenue of $337.50 million during the quarter, compared to analyst estimates of $337.35 million. E. W. Scripps’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.10 earnings per share.

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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