Scripps Networks Interactive Inc. (NASDAQ:SNI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $84.00 price objective on the stock. Zacks Investment Research’s price target would indicate a potential upside of 11.49% from the company’s previous close.
According to Zacks, “Scripps Networks has outperformed the broader industry over the past three months. The stock performed encouragingly in the third quarter of 2016 reporting better-than-expected revenues and earnings. Both metrics also improved on a year-over-year basis. The impressive growth in segmental advertising revenues reflected the growing demand for the company’s lifestyle offerings in the advertising market. We expect the company to perform impressively in the fourth quarter as well. Detailed results are scheduled to be out on Feb 21. The Zacks Consensus Estimate for the fourth quarter has increased by $0.01 to $1.07 per share over the last seven days. We are also impressed by the company's expansion efforts. However, the company's high debt levels bother us. We also remain mindful of other headwinds like mounting programming costs .”
A number of other equities analysts have also weighed in on SNI. Needham & Company LLC boosted their price objective on Scripps Networks Interactive from $78.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, January 9th. Bank of America Corp. lowered Scripps Networks Interactive from a “neutral” rating to an “underperform” rating and set a $66.00 price target on the stock. in a research note on Thursday, October 27th. Jefferies Group reaffirmed a “hold” rating and issued a $67.00 price target on shares of Scripps Networks Interactive in a research note on Tuesday, October 4th. Finally, Moffett Nathanson lowered Scripps Networks Interactive from a “neutral” rating to a “sell” rating and decreased their price target for the company from $71.00 to $52.00 in a research note on Tuesday, September 27th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $70.50.
Scripps Networks Interactive (NASDAQ:SNI) opened at 75.34 on Tuesday. The stock has a market cap of $9.73 billion, a price-to-earnings ratio of 12.45 and a beta of 1.13. The stock’s 50 day moving average price is $72.33 and its 200 day moving average price is $66.51. Scripps Networks Interactive has a 52 week low of $52.00 and a 52 week high of $75.84.
Scripps Networks Interactive (NASDAQ:SNI) last issued its quarterly earnings results on Monday, November 7th. The company reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.31. Scripps Networks Interactive had a return on equity of 34.21% and a net margin of 23.37%. The firm earned $803.10 million during the quarter, compared to analysts’ expectations of $794.62 million. During the same period in the previous year, the business earned $1.06 earnings per share. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, analysts forecast that Scripps Networks Interactive will post $5.27 earnings per share for the current year.
In related news, major shareholder Edward W. Scripps sold 354,810 shares of the firm’s stock in a transaction that occurred on Thursday, November 10th. The stock was sold at an average price of $65.23, for a total transaction of $23,144,256.30. Following the transaction, the insider now owns 337,848 shares in the company, valued at approximately $22,037,825.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Wendy E. Scripps sold 20,600 shares of the firm’s stock in a transaction that occurred on Thursday, December 22nd. The stock was sold at an average price of $72.38, for a total value of $1,491,028.00. Following the transaction, the insider now owns 802,000 shares in the company, valued at approximately $58,048,760. The disclosure for this sale can be found here. 2.30% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its position in Scripps Networks Interactive by 40.5% in the third quarter. Tower Research Capital LLC TRC now owns 1,794 shares of the company’s stock worth $114,000 after buying an additional 517 shares in the last quarter. Salem Investment Counselors Inc. purchased a new position in Scripps Networks Interactive during the third quarter worth about $116,000. Pacer Advisors Inc. increased its position in Scripps Networks Interactive by 8.8% in the second quarter. Pacer Advisors Inc. now owns 1,929 shares of the company’s stock worth $120,000 after buying an additional 156 shares in the last quarter. Virtus Investment Advisers Inc. purchased a new position in Scripps Networks Interactive during the third quarter worth about $157,000. Finally, Assetmark Inc. increased its position in Scripps Networks Interactive by 8.7% in the third quarter. Assetmark Inc. now owns 2,627 shares of the company’s stock worth $167,000 after buying an additional 210 shares in the last quarter. Hedge funds and other institutional investors own 66.67% of the company’s stock.
About Scripps Networks Interactive
Scripps Networks Interactive, Inc is a developer of lifestyle-oriented content for linear and interactive video platforms, including television and the Internet brands. The Company’s segments include U.S. Networks, International Networks, and Corporate and Other. Its U.S. Networks segment includes its approximately six national television networks: HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel and Great American Country.
Get a free copy of the Zacks research report on Scripps Networks Interactive (SNI)
For more information about research offerings from Zacks Investment Research, visit Zacks.com