Nexstar Broadcasting Group Inc. (NXST) Downgraded by Zacks Investment Research
Nexstar Broadcasting Group Inc. (NASDAQ:NXST) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Friday.
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 brokerages have also recently weighed in on NXST. Wells Fargo & Co. restated a “positive” rating and set a $66.00 target price on shares of Nexstar Broadcasting Group in a report on Monday, July 18th. Jefferies Group restated a “buy” rating on shares of Nexstar Broadcasting Group in a report on Friday, August 5th. Wedbush raised their target price on shares of Nexstar Broadcasting Group from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Stephens set a $65.00 target price on shares of Nexstar Broadcasting Group and gave the stock a “buy” rating in a report on Wednesday, September 28th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Nexstar Broadcasting Group currently has an average rating of “Buy” and a consensus target price of $68.00.
Nexstar Broadcasting Group (NASDAQ:NXST) opened at 55.05 on Friday. Nexstar Broadcasting Group has a 12-month low of $34.65 and a 12-month high of $61.79. The company’s 50 day moving average price is $52.96 and its 200-day moving average price is $52.03. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of 19.30 and a beta of 2.17.
Nexstar Broadcasting Group (NASDAQ:NXST) last issued its earnings results on Tuesday, November 8th. The company reported $0.78 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.85 by $0.07. The business had revenue of $275.70 million for the quarter, compared to the consensus estimate of $62.05 million. Nexstar Broadcasting Group had a return on equity of 86.16% and a net margin of 9.39%. The company’s quarterly revenue was up 23.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.54 earnings per share. On average, analysts forecast that Nexstar Broadcasting Group will post $3.81 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 18th. Shareholders of record on Friday, November 4th will be given a $0.24 dividend. The ex-dividend date is Wednesday, November 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.74%. Nexstar Broadcasting Group’s payout ratio is 30.87%.
A number of large investors have recently added to or reduced their stakes in NXST. A.R.T. Advisors LLC bought a new stake in Nexstar Broadcasting Group during the first quarter worth about $1,190,000. Royal Bank of Canada increased its stake in Nexstar Broadcasting Group by 41.1% in the first quarter. Royal Bank of Canada now owns 947,127 shares of the company’s stock worth $41,929,000 after buying an additional 276,025 shares during the last quarter. Boothbay Fund Management LLC bought a new stake in Nexstar Broadcasting Group during the first quarter worth about $322,000. Balter Liquid Alternatives LLC bought a new stake in Nexstar Broadcasting Group during the first quarter worth about $2,874,000. Finally, Independent Portfolio Consultants Inc. increased its stake in Nexstar Broadcasting Group by 61.2% in the second quarter. Independent Portfolio Consultants Inc. now owns 12,550 shares of the company’s stock worth $597,000 after buying an additional 4,765 shares during the last quarter.
About Nexstar Broadcasting Group
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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