E. W. Scripps (SSP) Upgraded to “Buy” by Zacks Investment Research

E. W. Scripps (NYSE:SSP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday. The brokerage presently has a $18.00 target price on the stock. Zacks Investment Research‘s target price indicates a potential upside of 11.39% from the stock’s previous close.

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. “

SSP has been the subject of several other research reports. ValuEngine lowered E. W. Scripps from a “hold” rating to a “sell” rating in a research report on Tuesday, November 14th. Noble Financial reissued a “buy” rating on shares of E. W. Scripps in a research report on Wednesday, October 4th. Benchmark decreased their target price on E. W. Scripps from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, November 6th. Finally, Guggenheim initiated coverage on E. W. Scripps in a research report on Wednesday, October 18th. They issued a “neutral” rating and a $19.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $19.25.

E. W. Scripps (NYSE:SSP) traded up $0.16 on Friday, reaching $16.16. The company’s stock had a trading volume of 263,362 shares, compared to its average volume of 308,482. The company has a market cap of $1,310.38, a price-to-earnings ratio of 73.45, a price-to-earnings-growth ratio of 11.55 and a beta of 1.94. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.27 and a quick ratio of 3.27. E. W. Scripps has a fifty-two week low of $13.88 and a fifty-two week high of $24.15.

E. W. Scripps (NYSE:SSP) last released its quarterly earnings results on Friday, November 3rd. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $216.45 million during the quarter, compared to analyst estimates of $219.04 million. E. W. Scripps had a return on equity of 4.37% and a net margin of 1.95%. E. W. Scripps’s quarterly revenue was down 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.15 EPS. analysts anticipate that E. W. Scripps will post -0.21 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in SSP. JPMorgan Chase & Co. raised its position in shares of E. W. Scripps by 16.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,742,523 shares of the company’s stock worth $128,243,000 after acquiring an additional 928,854 shares in the last quarter. Cove Street Capital LLC increased its position in E. W. Scripps by 76.6% during the 2nd quarter. Cove Street Capital LLC now owns 1,367,615 shares of the company’s stock valued at $24,357,000 after buying an additional 593,330 shares in the last quarter. Lido Advisors LLC increased its position in E. W. Scripps by 91.6% during the 3rd quarter. Lido Advisors LLC now owns 1,024,570 shares of the company’s stock valued at $17,765,000 after buying an additional 489,904 shares in the last quarter. Northern Trust Corp increased its position in E. W. Scripps by 27.0% during the 2nd quarter. Northern Trust Corp now owns 2,111,385 shares of the company’s stock valued at $37,604,000 after buying an additional 449,165 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in E. W. Scripps by 11.2% during the 3rd quarter. Victory Capital Management Inc. now owns 3,222,969 shares of the company’s stock valued at $61,591,000 after buying an additional 323,969 shares in the last quarter. 77.81% of the stock is owned by hedge funds and other institutional investors.

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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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