Raymundo Jr. Granado Buys 8,280 Shares of E.W. Scripps (NASDAQ:SSP) Stock

E.W. Scripps Company (The) (NASDAQ:SSP) Director Raymundo Jr. Granado bought 8,280 shares of E.W. Scripps stock in a transaction on Monday, March 9th. The shares were acquired at an average price of $4.43 per share, for a total transaction of $36,680.40. Following the completion of the acquisition, the director owned 76,014 shares of the company’s stock, valued at approximately $336,742.02. This represents a 12.22% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.

E.W. Scripps Trading Down 1.4%

NASDAQ:SSP traded down $0.06 on Friday, reaching $4.01. The company’s stock had a trading volume of 48,191 shares, compared to its average volume of 579,084. E.W. Scripps Company has a 1-year low of $1.90 and a 1-year high of $4.98. The business’s 50-day moving average price is $3.70 and its two-hundred day moving average price is $3.41. The firm has a market cap of $356.35 million, a PE ratio of -2.15 and a beta of 0.54. The company has a debt-to-equity ratio of 3.13, a quick ratio of 1.65 and a current ratio of 1.65.

E.W. Scripps (NASDAQ:SSP) last released its quarterly earnings results on Wednesday, February 25th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.52). E.W. Scripps had a negative return on equity of 0.27% and a negative net margin of 4.69%.The business had revenue of $560.26 million for the quarter, compared to analyst estimates of $550.82 million. Equities research analysts anticipate that E.W. Scripps Company will post 1.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Penn Capital Management Company LLC increased its stake in E.W. Scripps by 151.7% in the 3rd quarter. Penn Capital Management Company LLC now owns 3,599,606 shares of the company’s stock valued at $8,864,000 after buying an additional 2,169,640 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of E.W. Scripps by 142.3% during the 3rd quarter. New York State Common Retirement Fund now owns 2,318,987 shares of the company’s stock worth $5,705,000 after buying an additional 1,361,721 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of E.W. Scripps by 886.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,280,898 shares of the company’s stock valued at $3,151,000 after acquiring an additional 1,151,092 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of E.W. Scripps by 22.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,722,317 shares of the company’s stock valued at $18,842,000 after acquiring an additional 871,159 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in shares of E.W. Scripps by 82.5% in the fourth quarter. Federated Hermes Inc. now owns 815,751 shares of the company’s stock valued at $3,255,000 after acquiring an additional 368,852 shares during the last quarter. Institutional investors own 67.81% of the company’s stock.

Analysts Set New Price Targets

SSP has been the subject of several research analyst reports. Benchmark upped their price target on shares of E.W. Scripps from $8.00 to $10.00 and gave the company a “buy” rating in a report on Friday, February 27th. Zacks Research lowered shares of E.W. Scripps from a “hold” rating to a “strong sell” rating in a report on Friday, February 27th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of E.W. Scripps in a research report on Monday, December 22nd. Wells Fargo & Company increased their target price on E.W. Scripps from $3.00 to $3.90 and gave the stock an “equal weight” rating in a report on Thursday, January 22nd. Finally, Guggenheim reissued a “neutral” rating on shares of E.W. Scripps in a research note on Friday, March 6th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, E.W. Scripps presently has an average rating of “Reduce” and an average price target of $6.95.

E.W. Scripps Company Profile

The E.W. Scripps Company is a diversified U.S. media organization headquartered in Cincinnati, Ohio. Established in 1878 by Edward Willis Scripps, the company began as a newspaper publisher before expanding into broadcast television, cable networks and digital journalism. Today, Scripps combines a legacy of local news reporting with a growing portfolio of national cable channels and digital platforms.

Scripps operates more than 60 television stations across over 40 markets, delivering local news, weather, sports and entertainment programming to communities in both large and mid-sized U.S.