Nexstar Broadcasting Group Inc. (NXST) Stock Price Up 3% Following Analyst Upgrade
Shares of Nexstar Broadcasting Group Inc. (NASDAQ:NXST) rose 3% during trading on Monday after Barrington Research raised their price target on the stock from $65.00 to $70.00. Barrington Research currently has an outperform rating on the stock. Nexstar Broadcasting Group traded as high as $59.05 and last traded at $60.40, with a volume of 510,603 shares trading hands. The stock had previously closed at $58.65.
Several other research firms 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. Zacks Investment Research cut shares of Nexstar Broadcasting Group from a “hold” rating to a “sell” rating in a research note on Thursday, July 21st. Jefferies Group reiterated a “buy” rating on shares of Nexstar Broadcasting Group in a research note on Friday, August 5th. Stephens set a $65.00 target price on shares of Nexstar Broadcasting Group and gave the company a “buy” rating in a research note on Wednesday, September 28th. Finally, Wedbush boosted their target price on shares of Nexstar Broadcasting Group from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Wednesday, November 9th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Nexstar Broadcasting Group currently has a consensus rating of “Buy” and a consensus price target of $66.88.
Institutional investors have recently bought and sold shares of the company. Panagora Asset Management Inc. boosted its stake in shares of Nexstar Broadcasting Group by 595.9% in the third quarter. Panagora Asset Management Inc. now owns 15,574 shares of the company’s stock worth $899,000 after buying an additional 13,336 shares during the period. Highbridge Capital Management LLC acquired a new stake in shares of Nexstar Broadcasting Group during the third quarter worth approximately $7,214,000. Pagoda Asset Management LP acquired a new stake in shares of Nexstar Broadcasting Group during the third quarter worth approximately $5,970,000. Summit Partners Public Asset Management LLC acquired a new stake in shares of Nexstar Broadcasting Group during the third quarter worth approximately $3,059,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Nexstar Broadcasting Group during the third quarter worth approximately $1,178,000.
The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 19.48 and a beta of 2.17. The company’s 50 day moving average price is $53.31 and its 200 day moving average price is $52.16.
Nexstar Broadcasting Group (NASDAQ:NXST) last posted its quarterly earnings data on Tuesday, November 8th. The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by $0.07. Nexstar Broadcasting Group had a net margin of 9.39% and a return on equity of 64.45%. The firm earned $275.70 million during the quarter, compared to analysts’ expectations of $62.05 million. During the same quarter last year, the business earned $0.54 earnings per share. The business’s quarterly revenue was up 23.6% on a year-over-year basis. On average, equities analysts anticipate that Nexstar Broadcasting Group Inc. will post $3.38 EPS for the current fiscal 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 dividend of $0.24 per share. The ex-dividend date is Wednesday, November 2nd. This represents a $0.96 annualized dividend and a dividend yield of 1.59%. Nexstar Broadcasting Group’s payout ratio is currently 30.87%.
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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