Zacks Investment Research cut shares of Scripps Networks Interactive, Inc (NASDAQ:SNI) from a hold rating to a sell rating in a report released on Monday morning.
According to Zacks, “Shares of Scripps Networks have underperformed the Zacks-categorized Broadcasting-Radio TV industry over the past one year. The company's high debt levels bother us. We also remain mindful of other headwinds like mounting programming costs, advertising and marketing expenses. Scripps Networks also remains exposed to foreign currency exchange rate risks due to its presence in Europe and Asia. The headqinds are likely to hurt the company's bottom line in the second quarter of 2017. Detailed results should be out on Aug 9. The negative sentiment surrounding the stock can be gauged from the fact that the Zacks Consensus Estimate for the quarter has moved down 1.93% in the last month to $1.52 per share. We are however impressed by Scripps Networks' expansion efforts. The company recently announced plans to acquire Spoon University. We are also impressed by its efforts to reward shareholders. “
Several other research firms have also recently issued reports on SNI. Jefferies Group LLC reiterated a hold rating and issued a $76.00 price target on shares of Scripps Networks Interactive in a report on Friday, April 28th. Royal Bank Of Canada reiterated a hold rating and issued a $87.00 price target on shares of Scripps Networks Interactive in a report on Monday, April 24th. J P Morgan Chase & Co upgraded Scripps Networks Interactive from an underweight rating to a neutral rating and set a $83.00 price target on the stock in a report on Friday, May 5th. Finally, Moffett Nathanson reiterated a sell rating on shares of Scripps Networks Interactive in a report on Friday, June 9th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. Scripps Networks Interactive has a consensus rating of Hold and a consensus target price of $76.46.
Shares of Scripps Networks Interactive (SNI) opened at 76.89 on Monday. The firm has a market cap of $9.98 billion, a P/E ratio of 17.18 and a beta of 1.44. The company has a 50-day moving average of $67.63 and a 200 day moving average of $73.35. Scripps Networks Interactive has a 12-month low of $59.32 and a 12-month high of $83.42.
Scripps Networks Interactive (NASDAQ:SNI) last announced its earnings results on Thursday, May 4th. The company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.18 by $0.35. The company had revenue of $855 million for the quarter, compared to analysts’ expectations of $856.98 million. Scripps Networks Interactive had a return on equity of 30.71% and a net margin of 16.94%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.37 earnings per share. Equities analysts predict that Scripps Networks Interactive will post $5.48 EPS for the current year.
In other news, major shareholder Gerald J. Scripps sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $69.65, for a total transaction of $2,089,500.00. Following the sale, the insider now owns 78,323 shares of the company’s stock, valued at $5,455,196.95. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Edward W. Scripps sold 300,000 shares of the firm’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $66.96, for a total value of $20,088,000.00. Following the sale, the insider now directly owns 232,071 shares in the company, valued at approximately $15,539,474.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 376,466 shares of company stock worth $25,477,051. Company insiders own 2.50% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Butensky & Cohen Financial Security Inc. raised its stake in shares of Scripps Networks Interactive by 140.3% in the second quarter. Butensky & Cohen Financial Security Inc. now owns 12,952 shares of the company’s stock worth $885,000 after buying an additional 7,563 shares in the last quarter. State Treasurer State of Michigan raised its stake in shares of Scripps Networks Interactive by 0.3% in the second quarter. State Treasurer State of Michigan now owns 31,523 shares of the company’s stock worth $2,153,000 after buying an additional 100 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Scripps Networks Interactive during the second quarter worth about $554,000. LS Investment Advisors LLC raised its stake in shares of Scripps Networks Interactive by 10.3% in the second quarter. LS Investment Advisors LLC now owns 6,845 shares of the company’s stock worth $468,000 after buying an additional 640 shares in the last quarter. Finally, Grimes & Company Inc. raised its stake in shares of Scripps Networks Interactive by 2.7% in the second quarter. Grimes & Company Inc. now owns 71,921 shares of the company’s stock worth $4,913,000 after buying an additional 1,889 shares in the last quarter. 69.14% of the stock is currently owned by institutional investors.
About Scripps Networks Interactive
Scripps Networks Interactive, Inc is a developer of lifestyle-oriented content, providing primarily home, food, travel and other lifestyle-related programing. The Company’s content is distributed through multiple methods, including television, the Internet, digital platforms and licensing arrangements.
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