E.W. Scripps (NASDAQ:SSP) Price Target Raised to $4.00

E.W. Scripps (NASDAQ:SSP - Free Report) had its target price boosted by Wells Fargo & Company from $2.80 to $4.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

E.W. Scripps Stock Down 2.7%

E.W. Scripps stock traded down $0.10 during mid-day trading on Tuesday, hitting $3.46. 523,769 shares of the company's stock were exchanged, compared to its average volume of 875,532. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 2.84. The stock has a market cap of $303.04 million, a P/E ratio of 3.77 and a beta of 1.10. E.W. Scripps has a 1-year low of $1.36 and a 1-year high of $4.17. The stock has a 50 day moving average of $2.74 and a two-hundred day moving average of $2.40.

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

Hedge Funds Weigh In On E.W. Scripps

Several hedge funds have recently bought and sold shares of SSP. Northwestern Mutual Wealth Management Co. lifted its stake in shares of E.W. Scripps by 111.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 8,931 shares of the company's stock valued at $26,000 after buying an additional 4,715 shares during the period. Two Sigma Securities LLC lifted its stake in shares of E.W. Scripps by 32.9% in the fourth quarter. Two Sigma Securities LLC now owns 23,489 shares of the company's stock valued at $52,000 after buying an additional 5,811 shares during the period. ProShare Advisors LLC lifted its stake in shares of E.W. Scripps by 50.8% in the fourth quarter. ProShare Advisors LLC now owns 17,268 shares of the company's stock valued at $38,000 after buying an additional 5,819 shares during the period. Victory Capital Management Inc. lifted its stake in shares of E.W. Scripps by 3.3% in the fourth quarter. Victory Capital Management Inc. now owns 211,740 shares of the company's stock valued at $468,000 after buying an additional 6,840 shares during the period. Finally, Wells Fargo & Company MN lifted its stake in E.W. Scripps by 25.4% during the fourth quarter. Wells Fargo & Company MN now owns 36,592 shares of the company's stock worth $81,000 after purchasing an additional 7,418 shares during the period. 67.81% of the stock is owned by institutional investors and hedge funds.

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.