Wells Fargo & Company Forecasts Strong Price Appreciation for E.W. Scripps (NASDAQ:SSP) Stock

E.W. Scripps (NASDAQ:SSP) had its price target boosted by research analysts at Wells Fargo & Company from $2.80 to $4.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 15.27% from the stock’s previous close.

E.W. Scripps Trading Down 2.3%

E.W. Scripps stock opened at $3.47 on Tuesday. The firm’s 50 day moving average price is $2.77 and its 200-day moving average price is $2.40. E.W. Scripps has a 1 year low of $1.36 and a 1 year high of $4.17. The company has a debt-to-equity ratio of 2.84, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a market cap of $304.35 million, a P/E ratio of 3.77 and a beta of 1.10.

E.W. Scripps (NASDAQ:SSP) last announced its earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.05. The business had revenue of $524.39 million during 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%. On average, equities analysts predict that E.W. Scripps will post 1.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew 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 in the last quarter. Two Sigma Securities LLC increased its position in shares of E.W. Scripps by 32.9% during the 4th quarter. Two Sigma Securities LLC now owns 23,489 shares of the company’s stock valued at $52,000 after purchasing an additional 5,811 shares during the period. ProShare Advisors LLC increased its position in shares of E.W. Scripps by 50.8% during the 4th quarter. ProShare Advisors LLC now owns 17,268 shares of the company’s stock valued at $38,000 after purchasing an additional 5,819 shares during the period. Victory Capital Management Inc. boosted its stake in shares of E.W. Scripps by 3.3% during the 4th quarter. Victory Capital Management Inc. now owns 211,740 shares of the company’s stock worth $468,000 after acquiring an additional 6,840 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of E.W. Scripps by 25.4% during the fourth quarter. Wells Fargo & Company MN now owns 36,592 shares of the company’s stock valued at $81,000 after buying an additional 7,418 shares in the last quarter. Institutional investors and hedge funds own 67.81% of the company’s stock.

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.