Scripps Networks Interactive, Inc (SNI) Downgraded to Sell at Zacks Investment Research
Scripps Networks Interactive, Inc (NASDAQ:SNI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.
According to Zacks, “Shares of Scripps Networks have underperformed the Zacks-categorized Broadcasting-Radio TV industry over the past one year. The company's high debt levels bother us. We also remain mindful of other headwinds like mounting programming costs, advertising and marketing expenses. Scripps Networks also remains exposed to foreign currency exchange rate risks due to its presence in Europe and Asia. The headqinds are likely to hurt the company's bottom line in the second quarter of 2017. Detailed results should be out on Aug 9. The negative sentiment surrounding the stock can be gauged from the fact that the Zacks Consensus Estimate for the quarter has moved down 1.93% in the last month to $1.52 per share. We are however impressed by Scripps Networks' expansion efforts. The company recently announced plans to acquire Spoon University. We are also impressed by its efforts to reward shareholders. “
SNI has been the topic of a number of other reports. J P Morgan Chase & Co restated an “overweight” rating and issued a $83.00 price target on shares of Scripps Networks Interactive in a research report on Monday, July 10th. Moffett Nathanson restated a “sell” rating on shares of Scripps Networks Interactive in a research report on Friday, June 9th. Royal Bank Of Canada set a $76.00 price target on shares of Scripps Networks Interactive and gave the stock a “hold” rating in a research report on Tuesday, June 6th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $76.00 price target on shares of Scripps Networks Interactive in a research report on Friday, April 28th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. Scripps Networks Interactive has an average rating of “Hold” and a consensus price target of $76.46.
Scripps Networks Interactive (SNI) traded up 0.77% on Monday, reaching $68.26. 718,954 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $67.31 and its 200 day moving average price is $73.64. Scripps Networks Interactive has a 1-year low of $59.32 and a 1-year high of $83.42. The firm has a market capitalization of $8.86 billion, a price-to-earnings ratio of 15.25 and a beta of 1.43.
Scripps Networks Interactive (NASDAQ:SNI) last posted its quarterly earnings results on Thursday, May 4th. The company reported $1.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.35. Scripps Networks Interactive had a net margin of 16.94% and a return on equity of 30.71%. The company had revenue of $855 million for the quarter, compared to the consensus estimate of $856.98 million. During the same period last year, the firm posted $1.37 EPS. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, analysts expect that Scripps Networks Interactive will post $5.48 earnings per share for the current year.
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In other Scripps Networks Interactive news, major shareholder Margaret Scripps Klenzing sold 46,466 shares of the firm’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $71.01, for a total transaction of $3,299,550.66. Following the transaction, the insider now owns 10,013 shares of the company’s stock, valued at approximately $711,023.13. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Edward W. Scripps sold 300,000 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $66.96, for a total transaction of $20,088,000.00. Following the transaction, the insider now directly owns 232,071 shares in the company, valued at approximately $15,539,474.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 376,466 shares of company stock worth $25,477,051. 2.50% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in Scripps Networks Interactive by 8.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 477,435 shares of the company’s stock valued at $34,076,000 after buying an additional 38,247 shares during the last quarter. Norges Bank bought a new position in Scripps Networks Interactive during the fourth quarter valued at approximately $48,031,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Scripps Networks Interactive during the fourth quarter valued at approximately $304,000. UBS Asset Management Americas Inc. boosted its position in Scripps Networks Interactive by 16.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 223,303 shares of the company’s stock valued at $15,938,000 after buying an additional 31,000 shares during the last quarter. Finally, Perigon Wealth Management LLC boosted its position in Scripps Networks Interactive by 68.9% in the fourth quarter. Perigon Wealth Management LLC now owns 2,849 shares of the company’s stock valued at $224,000 after buying an additional 1,162 shares during the last quarter. 69.14% of the stock is currently owned by hedge funds and other institutional investors.
About Scripps Networks Interactive
Scripps Networks Interactive, Inc is a developer of lifestyle-oriented content, providing primarily home, food, travel and other lifestyle-related programing. The Company’s content is distributed through multiple methods, including television, the Internet, digital platforms and licensing arrangements.
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