Nexstar Broadcasting Group Inc. (NXST) Lifted to “Hold” at Zacks Investment Research
Nexstar Broadcasting Group Inc. (NASDAQ:NXST) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
A number of other equities research analysts have also recently issued reports on NXST. Wells Fargo & Co. reiterated a “positive” rating and issued a $66.00 target price on shares of Nexstar Broadcasting Group in a research note on Monday, July 18th. Jefferies Group reiterated a “buy” rating on shares of Nexstar Broadcasting Group in a research note on Friday, August 5th. Finally, Stephens set a $65.00 target price on Nexstar Broadcasting Group and gave the company a “buy” rating in a research note on Wednesday, September 28th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $66.63.
Shares of Nexstar Broadcasting Group (NASDAQ:NXST) opened at 56.67 on Wednesday. The company has a 50-day moving average of $54.40 and a 200-day moving average of $51.46. Nexstar Broadcasting Group has a 52 week low of $34.65 and a 52 week high of $61.79. The firm has a market capitalization of $1.74 billion, a PE ratio of 19.87 and a beta of 2.30.
Nexstar Broadcasting Group (NASDAQ:NXST) last posted its earnings results on Tuesday, August 9th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by $0.07. The company earned $261.99 million during the quarter, compared to the consensus estimate of $265.19 million. Nexstar Broadcasting Group had a net margin of 9.12% and a return on equity of 89.87%. The business’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.63 earnings per share. On average, equities analysts forecast that Nexstar Broadcasting Group will post $3.81 earnings per share for the current fiscal year.
In related news, CFO Thomas Carter sold 1,236 shares of Nexstar Broadcasting Group stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $51.52, for a total value of $63,678.72. Following the transaction, the chief financial officer now owns 67,836 shares of the company’s stock, valued at approximately $3,494,910.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Blake Russell sold 10,000 shares of Nexstar Broadcasting Group stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $52.38, for a total value of $523,800.00. Following the completion of the transaction, the senior vice president now directly owns 27,861 shares in the company, valued at approximately $1,459,359.18. The disclosure for this sale can be found here. Corporate insiders own 7.80% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. BNP Paribas Arbitrage SA boosted its position in shares of Nexstar Broadcasting Group by 110.3% in the third quarter. BNP Paribas Arbitrage SA now owns 2,454 shares of the company’s stock worth $142,000 after buying an additional 1,287 shares in the last quarter. BlackRock Inc. boosted its position in shares of Nexstar Broadcasting Group by 72.4% in the second quarter. BlackRock Inc. now owns 3,609 shares of the company’s stock worth $172,000 after buying an additional 1,516 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Nexstar Broadcasting Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 4,285 shares of the company’s stock worth $204,000 after buying an additional 518 shares in the last quarter. Cantab Capital Partners LLP boosted its position in shares of Nexstar Broadcasting Group by 1,080.4% in the second quarter. Cantab Capital Partners LLP now owns 5,300 shares of the company’s stock worth $252,000 after buying an additional 4,851 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new position in shares of Nexstar Broadcasting Group during the second quarter worth $281,000.
Nexstar Broadcasting Group Company Profile
Nexstar Broadcasting Group, Inc (Nexstar) 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 in medium-sized markets in the United States. The Company’s segments include Broadcasting and Other.
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