Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Nexstar Broadcasting Group currently owns, operates, programs or provides sales and other services to television stations in the states of Illinois, Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama and New York. Nexstar’s television station group includes affiliates of NBC, CBS, ABC, FOX and UPN. “
Several other analysts also recently issued reports on the company. Wells Fargo & Company restated an “outperform” rating and issued a $85.00 price objective on shares of Nexstar Broadcasting Group in a research report on Friday. Royal Bank Of Canada restated a “buy” rating and issued a $83.00 price objective on shares of Nexstar Broadcasting Group in a research report on Thursday, July 6th. BidaskClub upgraded Nexstar Broadcasting Group from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. Finally, ValuEngine upgraded Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $78.00.
Nexstar Broadcasting Group (NASDAQ:NXST) opened at 63.35 on Tuesday. Nexstar Broadcasting Group has a one year low of $47.00 and a one year high of $73.90. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of 29.42 and a beta of 2.30. The firm has a 50-day moving average price of $59.32 and a 200-day moving average price of $64.63.
Nexstar Broadcasting Group (NASDAQ:NXST) last posted its earnings results on Tuesday, May 9th. The company reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.71. Nexstar Broadcasting Group had a return on equity of 24.33% and a net margin of 5.47%. The company had revenue of $540.32 million for the quarter, compared to the consensus estimate of $525.76 million. During the same period in the previous year, the business earned $0.69 earnings per share. Nexstar Broadcasting Group’s quarterly revenue was up 111.3% compared to the same quarter last year. On average, equities analysts predict that Nexstar Broadcasting Group will post $3.30 earnings per share for the current year.
Nexstar Broadcasting Group declared that its board has approved a stock buyback plan on Monday, June 12th that allows the company to repurchase $51.30 million in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
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In related news, Director John R. Muse sold 700 shares of the company’s stock in a transaction on Thursday, April 20th. The stock was sold at an average price of $70.01, for a total value of $49,007.00. Following the completion of the transaction, the director now directly owns 7,400 shares in the company, valued at $518,074. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John R. Muse sold 38,631 shares of the company’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $70.10, for a total value of $2,708,033.10. Following the completion of the transaction, the director now owns 7,141 shares of the company’s stock, valued at $500,584.10. The disclosure for this sale can be found here. Insiders sold 39,631 shares of company stock valued at $2,778,049 over the last quarter. Insiders own 8.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in NXST. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Nexstar Broadcasting Group by 98.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,817 shares of the company’s stock valued at $127,000 after buying an additional 901 shares during the last quarter. Blueport Capital L.P. acquired a new position in Nexstar Broadcasting Group during the first quarter valued at approximately $140,000. Invictus RG acquired a new position in Nexstar Broadcasting Group during the first quarter valued at approximately $149,000. James Investment Research Inc. acquired a new position in Nexstar Broadcasting Group during the first quarter valued at approximately $153,000. Finally, SG Americas Securities LLC raised its position in Nexstar Broadcasting Group by 48.4% in the first quarter. SG Americas Securities LLC now owns 2,633 shares of the company’s stock valued at $185,000 after buying an additional 859 shares during the last quarter.
Nexstar Broadcasting Group Company Profile
Nexstar Media Group, Inc, formerly Nexstar Broadcasting Group, Inc, is a television broadcasting and digital media company. The Company is focused on the acquisition, development and operation of television stations and interactive community Websites, and digital media services in medium-sized markets in the United States.
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