Equities researchers at FBR & Co initiated coverage on shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) in a note issued to investors on Tuesday. The firm set a “buy” rating and a $79.00 price target on the stock. FBR & Co’s target price indicates a potential upside of 23.82% from the stock’s previous close.
Other equities research analysts have also issued reports about the stock. BidaskClub lowered shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Royal Bank Of Canada reiterated a “buy” rating and set a $83.00 price target on shares of Nexstar Broadcasting Group in a report on Thursday, July 6th. Zacks Investment Research lowered shares of Nexstar Broadcasting Group from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Jefferies Group LLC reiterated a “buy” rating and set a $80.00 price target on shares of Nexstar Broadcasting Group in a report on Thursday, September 21st. Finally, Wells Fargo & Company reiterated an “outperform” rating and set a $85.00 price target on shares of Nexstar Broadcasting Group in a report on Friday, July 14th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Nexstar Broadcasting Group presently has a consensus rating of “Buy” and an average price target of $80.00.
Nexstar Broadcasting Group (NASDAQ:NXST) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $0.93 EPS for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.01. Nexstar Broadcasting Group had a net margin of 5.44% and a return on equity of 18.35%. The company had revenue of $626.11 million during the quarter, compared to analyst estimates of $608.23 million. During the same period in the prior year, the business posted $0.78 EPS. The firm’s revenue was up 139.0% compared to the same quarter last year.
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In other Nexstar Broadcasting Group news, CFO Thomas Carter sold 3,125 shares of the company’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $63.50, for a total value of $198,437.50. Following the completion of the transaction, the chief financial officer now directly owns 67,836 shares in the company, valued at approximately $4,307,586. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John R. Muse sold 229,267 shares of the company’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $59.50, for a total transaction of $13,641,386.50. Following the completion of the transaction, the director now owns 4,743 shares of the company’s stock, valued at $282,208.50. The disclosure for this sale can be found here. Insiders sold a total of 977,932 shares of company stock valued at $58,630,802 over the last 90 days. Company insiders own 8.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of NXST. BlackRock Inc. raised its holdings in Nexstar Broadcasting Group by 118,109.1% in the 1st quarter. BlackRock Inc. now owns 2,975,324 shares of the company’s stock worth $208,720,000 after purchasing an additional 2,972,807 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in Nexstar Broadcasting Group in the 2nd quarter worth $73,774,000. Vanguard Group Inc. raised its holdings in Nexstar Broadcasting Group by 54.3% in the 1st quarter. Vanguard Group Inc. now owns 3,439,610 shares of the company’s stock worth $241,289,000 after purchasing an additional 1,209,744 shares in the last quarter. Royal Bank of Canada raised its holdings in Nexstar Broadcasting Group by 62.0% in the 2nd quarter. Royal Bank of Canada now owns 1,071,694 shares of the company’s stock worth $64,089,000 after purchasing an additional 410,332 shares in the last quarter. Finally, Beach Point Capital Management LP bought a new position in Nexstar Broadcasting Group in the 2nd quarter worth $19,587,000.
About Nexstar Broadcasting Group
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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