Insider Buying: E. W. Scripps (SSP) Major Shareholder Purchases 18,918 Shares of Stock
E. W. Scripps (NYSE:SSP) major shareholder Corina S. Granado bought 18,918 shares of the business’s stock in a transaction that occurred on Tuesday, December 4th. The stock was purchased at an average cost of $17.58 per share, with a total value of $332,578.44. Following the purchase, the insider now directly owns 391,817 shares in the company, valued at approximately $6,888,142.86. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
Shares of SSP stock opened at $17.26 on Friday. E. W. Scripps has a twelve month low of $10.69 and a twelve month high of $18.44.
E. W. Scripps (NYSE:SSP) last announced its earnings results on Friday, November 9th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.04. The firm had revenue of $302.70 million during the quarter, compared to analyst estimates of $292.22 million. During the same period in the previous year, the firm posted ($0.03) EPS. The company’s revenue for the quarter was up 51.0% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently bought and sold shares of SSP. Cove Street Capital LLC increased its stake in shares of E. W. Scripps by 8.8% during the 2nd quarter. Cove Street Capital LLC now owns 4,025,431 shares of the company’s stock valued at $53,901,000 after acquiring an additional 326,712 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of E. W. Scripps by 24.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 403,843 shares of the company’s stock valued at $5,409,000 after acquiring an additional 80,377 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of E. W. Scripps by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,515,144 shares of the company’s stock valued at $33,678,000 after acquiring an additional 79,568 shares during the last quarter. Price Capital Management Inc. acquired a new position in shares of E. W. Scripps during the 2nd quarter valued at about $488,000. Finally, LMR Partners LLP acquired a new position in shares of E. W. Scripps during the 2nd quarter valued at about $412,000. 77.70% of the stock is owned by institutional investors.
Several research analysts recently weighed in on SSP shares. Noble Financial reissued a “buy” rating on shares of E. W. Scripps in a research note on Thursday, September 13th. Zacks Investment Research downgraded shares of E. W. Scripps from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 11th. Benchmark reissued a “buy” rating and issued a $20.00 target price on shares of E. W. Scripps in a research note on Thursday, October 18th. Finally, Gabelli started coverage on shares of E. W. Scripps in a research note on Tuesday, November 27th. They issued a “buy” rating for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $18.80.
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About E. W. Scripps
The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local and national media brands. Its Local Media segment operates broadcast television stations, which produce news, information, and entertainment content, as well as its related digital operations.
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