E.W. Scripps (NASDAQ:SSP) Price Target Cut to $3.80 by Analysts at Wells Fargo & Company

E.W. Scripps (NASDAQ:SSP) had its price target dropped by investment analysts at Wells Fargo & Company from $4.70 to $3.80 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 14.11% from the company’s current price.

SSP has been the subject of several other research reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of E.W. Scripps in a report on Friday, May 29th. Benchmark lowered their price objective on shares of E.W. Scripps from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Monday, May 11th. Wall Street Zen raised E.W. Scripps to a “hold” rating in a report on Saturday, August 1st. Finally, Zacks Research upgraded E.W. Scripps from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, E.W. Scripps presently has an average rating of “Hold” and an average price target of $5.90.

E.W. Scripps Trading Up 0.3%

E.W. Scripps stock opened at $3.33 on Tuesday. E.W. Scripps has a 1 year low of $2.02 and a 1 year high of $5.39. The firm’s 50-day moving average is $3.03 and its 200-day moving average is $3.57. The company has a debt-to-equity ratio of 24.77, a quick ratio of 1.58 and a current ratio of 1.34. The company has a market cap of $304.83 million, a P/E ratio of -0.24 and a beta of 0.65.

E.W. Scripps (NASDAQ:SSP) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.53) by $0.19. E.W. Scripps had a negative return on equity of 3.84% and a negative net margin of 58.02%.The business had revenue of $490.40 million for the quarter, compared to the consensus estimate of $511.65 million. On average, equities analysts expect that E.W. Scripps will post 0.22 earnings per share for the current year.

Insider Activity at E.W. Scripps

In related news, major shareholder Molly E. Mccabe sold 11,239 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $3.29, for a total transaction of $36,976.31. Following the transaction, the insider directly owned 266,493 shares of the company’s stock, valued at approximately $876,761.97. The trade was a 4.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 326,675 shares of company stock worth $1,117,887 in the last ninety days. Company insiders own 5.24% of the company’s stock.

Institutional Investors Weigh In On E.W. Scripps

A number of institutional investors have recently modified their holdings of SSP. Franklin Resources Inc. purchased a new position in shares of E.W. Scripps during the 3rd quarter valued at $30,000. Northwestern Mutual Wealth Management Co. boosted its position in E.W. Scripps by 67.1% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 14,923 shares of the company’s stock valued at $37,000 after purchasing an additional 5,992 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in E.W. Scripps during the third quarter valued at $42,000. NewEdge Advisors LLC purchased a new position in E.W. Scripps in the third quarter valued at about $42,000. Finally, Oxford Asset Management LLP acquired a new position in E.W. Scripps in the 2nd quarter worth about $46,000. Institutional investors and hedge funds own 67.81% of the company’s stock.

About E.W. Scripps

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.