E.W. Scripps (NASDAQ:SSP) Upgraded by Wall Street Zen to Hold Rating

Key Points

• E.W. Scripps' rating was upgraded from a "sell" to a "hold" by Wall Street Zen, reflecting improved investor sentiment.
• Wells Fargo raised its price target for E.W. Scripps shares from $2.80 to $4.00, suggesting a stable outlook for the company's performance.
• Despite being upgraded, E.W. Scripps' stock saw a 3.0% decline recently, opening at $2.90 with a market capitalization of approximately $254.36 million.

E.W. Scripps (NASDAQ:SSP - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday.

Separately, Wells Fargo & Company increased their target price on shares of E.W. Scripps from $2.80 to $4.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th.

E.W. Scripps Price Performance

SSP traded up $0.11 during trading on Friday, reaching $3.11. The stock had a trading volume of 188,227 shares, compared to its average volume of 979,644. The business has a 50-day moving average of $3.01 and a 200-day moving average of $2.49. E.W. Scripps has a one year low of $1.36 and a one year high of $4.17. The stock has a market cap of $272.34 million, a PE ratio of 3.38 and a beta of 1.01. The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.36 and a current ratio of 1.36.

E.W. Scripps (NASDAQ:SSP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.23) by $0.05. E.W. Scripps had a return on equity of 17.81% and a net margin of 5.71%. The firm had revenue of $524.39 million for the quarter, compared to analysts' expectations of $520.04 million. As a group, equities research analysts anticipate that E.W. Scripps will post 1.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company bought a new position in shares of E.W. Scripps during the fourth quarter valued at $25,000. Northwestern Mutual Wealth Management Co. increased its stake in E.W. Scripps by 111.8% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 8,931 shares of the company's stock valued at $26,000 after purchasing an additional 4,715 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in E.W. Scripps during the 4th quarter valued at about $29,000. Tower Research Capital LLC TRC increased its stake in E.W. Scripps by 137.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 13,700 shares of the company's stock valued at $30,000 after purchasing an additional 7,927 shares in the last quarter. Finally, Group One Trading LLC increased its stake in E.W. Scripps by 479.9% during the 4th quarter. Group One Trading LLC now owns 13,998 shares of the company's stock valued at $31,000 after purchasing an additional 11,584 shares in the last quarter. Institutional investors own 67.81% of the company's stock.

About E.W. Scripps

The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local television stations, national news, and entertainment networks in the United States. It operates through Local Media, Scripps Networks, and Other segments. The Local Media segment operates broadcast television stations, which produce news, information, sports, and entertainment content, as well as its related digital operations; runs network, syndicated, and original programming, and local sporting events; and provides core and political advertising services.