E.W. Scripps (NASDAQ:SSP) Upgraded to “Hold” at StockNews.com

E.W. Scripps (NASDAQ:SSP) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

Separately, Benchmark reduced their price objective on shares of E.W. Scripps from $11.00 to $7.00 and set a “buy” rating for the company in a research note on Tuesday.

E.W. Scripps Stock Performance

Shares of SSP stock traded up $0.02 during trading on Tuesday, hitting $2.29. The company’s stock had a trading volume of 2,092,932 shares, compared to its average volume of 889,081. The company has a market cap of $197.21 million, a PE ratio of -0.63 and a beta of 1.66. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.79. The business has a fifty day moving average of $2.30 and a 200-day moving average of $2.76. E.W. Scripps has a 52 week low of $1.68 and a 52 week high of $9.35.

E.W. Scripps (NASDAQ:SSP) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.19). The company had revenue of $646.30 million during the quarter, compared to analysts’ expectations of $634.01 million. E.W. Scripps had a positive return on equity of 2.94% and a negative net margin of 11.06%. During the same period last year, the firm posted ($0.15) earnings per share.

Institutional Trading of E.W. Scripps

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. increased its stake in E.W. Scripps by 5.1% during the third quarter. Victory Capital Management Inc. now owns 204,900 shares of the company’s stock worth $460,000 after acquiring an additional 9,900 shares during the last quarter. GSA Capital Partners LLP boosted its position in E.W. Scripps by 1,335.9% in the 3rd quarter. GSA Capital Partners LLP now owns 612,366 shares of the company’s stock valued at $1,375,000 after buying an additional 569,720 shares during the period. Los Angeles Capital Management LLC grew its stake in E.W. Scripps by 33.1% in the 3rd quarter. Los Angeles Capital Management LLC now owns 166,906 shares of the company’s stock worth $375,000 after acquiring an additional 41,525 shares in the last quarter. Diversified Trust Co purchased a new position in shares of E.W. Scripps during the third quarter worth approximately $42,000. Finally, Point72 DIFC Ltd purchased a new position in E.W. Scripps during the 2nd quarter worth $56,000. 67.81% of the stock is owned by hedge funds and other institutional investors.

E.W. Scripps Company Profile

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.