Engineers Gate Manager LP Sells 28,122 Shares of Nexstar Broadcasting Group, Inc. (NXST)
Engineers Gate Manager LP reduced its position in Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) by 51.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,300 shares of the company’s stock after selling 28,122 shares during the period. Engineers Gate Manager LP owned approximately 0.06% of Nexstar Broadcasting Group worth $1,573,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of NXST. Teachers Advisors LLC lifted its holdings in shares of Nexstar Broadcasting Group by 1.4% in the 4th quarter. Teachers Advisors LLC now owns 48,784 shares of the company’s stock worth $3,088,000 after purchasing an additional 665 shares in the last quarter. Nationwide Fund Advisors lifted its holdings in shares of Nexstar Broadcasting Group by 38.3% in the 1st quarter. Nationwide Fund Advisors now owns 25,884 shares of the company’s stock worth $1,816,000 after purchasing an additional 7,164 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Nexstar Broadcasting Group by 4.3% in the 1st quarter. ProShare Advisors LLC now owns 5,002 shares of the company’s stock worth $351,000 after purchasing an additional 207 shares in the last quarter. Strs Ohio bought a new position in shares of Nexstar Broadcasting Group in the 1st quarter worth $322,000. Finally, DUPONT CAPITAL MANAGEMENT Corp bought a new position in shares of Nexstar Broadcasting Group in the 1st quarter worth $610,000.
A number of equities analysts recently issued reports on NXST shares. ValuEngine cut Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. BidaskClub upgraded Nexstar Broadcasting Group from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Royal Bank Of Canada restated a “buy” rating and set a $83.00 price objective on shares of Nexstar Broadcasting Group in a research note on Thursday, July 6th. Zacks Investment Research cut Nexstar Broadcasting Group from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, Wells Fargo & Company restated an “outperform” rating and set a $85.00 price objective on shares of Nexstar Broadcasting Group in a research note on Friday, July 14th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Nexstar Broadcasting Group presently has an average rating of “Buy” and an average price target of $77.75.
Shares of Nexstar Broadcasting Group, Inc. (NASDAQ NXST) opened at 58.75 on Tuesday. Nexstar Broadcasting Group, Inc. has a 12 month low of $47.00 and a 12 month high of $73.90. The stock’s 50 day moving average price is $62.60 and its 200 day moving average price is $63.90. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 24.17 and a beta of 2.27.
Nexstar Broadcasting Group (NASDAQ:NXST) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.01. The firm had revenue of $626.11 million for the quarter, compared to the consensus estimate of $608.23 million. Nexstar Broadcasting Group had a return on equity of 18.35% and a net margin of 5.44%. The company’s quarterly revenue was up 139.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.78 earnings per share. Analysts expect that Nexstar Broadcasting Group, Inc. will post $3.57 EPS for the current year.
Nexstar Broadcasting Group declared that its board has authorized a share repurchase plan on Monday, June 12th that permits the company to repurchase $51.30 million in outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date was Wednesday, August 9th. Nexstar Broadcasting Group’s payout ratio is currently 48.78%.
In other Nexstar Broadcasting Group news, CFO Thomas Carter sold 3,125 shares of the stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $63.50, for a total value of $198,437.50. Following the transaction, the chief financial officer now owns 67,836 shares of the company’s stock, valued at $4,307,586. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Dennis Miller sold 4,500 shares of the stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $63.49, for a total value of $285,705.00. The disclosure for this sale can be found here. Corporate insiders own 8.40% of the company’s stock.
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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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