Benchmark Lowers E.W. Scripps (NASDAQ:SSP) Price Target to $17.00

Posted by Casey Walker on Aug 6th, 2022

E.W. Scripps (NASDAQ:SSP – Get Rating) had its price objective lowered by Benchmark from $25.00 to $17.00 in a research report released on Tuesday, The Fly reports. The brokerage currently has a buy rating on the stock.

Separately, Huber Research cut E.W. Scripps from an overweight rating to an underweight rating in a report on Friday, May 6th.

E.W. Scripps Price Performance

Shares of NASDAQ:SSP opened at $14.43 on Tuesday. The business has a 50 day moving average price of $13.78 and a 200 day moving average price of $17.55. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.96. E.W. Scripps has a twelve month low of $12.04 and a twelve month high of $23.61. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 15.28 and a beta of 1.77.

E.W. Scripps (NASDAQ:SSP – Get Rating) last posted its earnings results on Friday, May 6th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). E.W. Scripps had a return on equity of 9.89% and a net margin of 6.04%. The company had revenue of $566.00 million for the quarter, compared to the consensus estimate of $560.69 million. During the same quarter last year, the business earned $0.26 EPS. E.W. Scripps’s quarterly revenue was up 4.6% compared to the same quarter last year. Research analysts predict that E.W. Scripps will post 1.8 earnings per share for the current year.

Insider Activity

In other news, major shareholder William H. Scripps sold 43,000 shares of the company’s stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $15.48, for a total value of $665,640.00. Following the completion of the sale, the insider now directly owns 76,940 shares of the company’s stock, valued at approximately $1,191,031.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other E.W. Scripps news, major shareholder Margaret Scripps Klenzing bought 10,000 shares of the stock in a transaction that occurred on Thursday, May 12th. The stock was acquired at an average cost of $14.92 per share, with a total value of $149,200.00. Following the purchase, the insider now owns 321,978 shares in the company, valued at $4,803,911.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder William H. Scripps sold 43,000 shares of the stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $15.48, for a total value of $665,640.00. Following the sale, the insider now directly owns 76,940 shares of the company’s stock, valued at $1,191,031.20. The disclosure for this sale can be found here. Insiders own 3.08% of the company’s stock.

Institutional Trading of E.W. Scripps

A number of large investors have recently bought and sold shares of SSP. Barclays PLC grew its stake in shares of E.W. Scripps by 15.2% during the 4th quarter. Barclays PLC now owns 151,877 shares of the company’s stock worth $2,939,000 after acquiring an additional 20,069 shares in the last quarter. Summit Global Investments boosted its holdings in shares of E.W. Scripps by 5.9% in the 1st quarter. Summit Global Investments now owns 21,400 shares of the company’s stock valued at $445,000 after buying an additional 1,200 shares during the last quarter. ProShare Advisors LLC acquired a new stake in shares of E.W. Scripps in the 4th quarter valued at approximately $277,000. Qube Research & Technologies Ltd acquired a new stake in shares of E.W. Scripps in the 4th quarter valued at approximately $301,000. Finally, Teacher Retirement System of Texas acquired a new stake in shares of E.W. Scripps in the 4th quarter valued at approximately $197,000. 66.93% of the stock is owned by institutional investors.

About E.W. Scripps

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The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local and national media brands. The company operates through Local Media, Scripps Network, and Other segments. The Local Media segment operates broadcast television stations, which produce news, information, and entertainment content, as well as its related digital operations.