Zacks Investment Research upgraded shares of E.W. Scripps (NASDAQ:SSP) from a strong sell rating to a hold rating in a research note published on Wednesday morning.
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 opened at $21.54 on Wednesday. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 2.14. E.W. Scripps has a 52-week low of $14.30 and a 52-week high of $24.78. The company has a 50 day moving average of $19.84 and a two-hundred day moving average of $19.04. The company has a market cap of $1.78 billion, a P/E ratio of 6.67 and a beta of 1.90.
In other E.W. Scripps news, VP Daniel Perschke sold 5,514 shares of the stock in a transaction on Wednesday, November 10th. The shares were sold at an average price of $20.71, for a total transaction of $114,194.94. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Douglas F. Lyons sold 9,458 shares of the stock in a transaction on Tuesday, November 9th. The stock was sold at an average price of $20.92, for a total transaction of $197,861.36. The disclosure for this sale can be found here. Corporate insiders own 3.43% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its stake in E.W. Scripps by 97.3% during the 2nd quarter. FMR LLC now owns 1,326 shares of the company’s stock valued at $27,000 after buying an additional 654 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of E.W. Scripps by 574.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,813 shares of the company’s stock valued at $37,000 after purchasing an additional 1,544 shares in the last quarter. Advisor Group Holdings Inc. boosted its position in shares of E.W. Scripps by 25.8% during the 2nd quarter. Advisor Group Holdings Inc. now owns 2,965 shares of the company’s stock valued at $60,000 after purchasing an additional 608 shares in the last quarter. Mutual of America Capital Management LLC boosted its position in shares of E.W. Scripps by 7.3% during the 2nd quarter. Mutual of America Capital Management LLC now owns 8,201 shares of the company’s stock valued at $167,000 after purchasing an additional 556 shares in the last quarter. Finally, 6 Meridian bought a new position in shares of E.W. Scripps during the 3rd quarter valued at about $190,000. 63.89% of the stock is currently owned by hedge funds and other institutional investors.
E.W. Scripps Company Profile
The E.W. Scripps Co engages in the television and newspaper publishing. It operates through the following business segments: Local Media, National Media, and Other. The Local Media segment comprises local broadcast television stations and their related digital operations. The National Media segment consists of national media businesses including over-the-air broadcast networks, Katz, podcast business, Midroll, next generation national news network, Newsy, and other national brands.
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