Nexstar Broadcasting Group, Inc. (NXST) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) from a hold rating to a buy rating in a research report report published on Wednesday morning. They currently have $66.00 target price on the stock.
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. “
NXST has been the topic of several other research reports. BidaskClub cut shares of Nexstar Broadcasting Group from a buy rating to a hold rating in a research report on Thursday, August 17th. ValuEngine upgraded shares of Nexstar Broadcasting Group from a hold rating to a buy rating in a research report on Thursday, June 29th. Royal Bank Of Canada reiterated an outperform rating and issued a $81.00 target price (down previously from $83.00) on shares of Nexstar Broadcasting Group in a research report on Thursday, August 10th. Finally, Wells Fargo & Company reiterated an outperform rating and issued a $85.00 target price on shares of Nexstar Broadcasting Group in a research report on Friday, July 14th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Nexstar Broadcasting Group has an average rating of Buy and a consensus price target of $77.00.
Shares of Nexstar Broadcasting Group (NASDAQ:NXST) opened at 57.80 on Wednesday. The company has a market cap of $2.67 billion, a PE ratio of 23.78 and a beta of 2.27. The firm’s 50 day moving average is $61.57 and its 200-day moving average is $63.62. Nexstar Broadcasting Group has a 1-year low of $47.00 and a 1-year high of $73.90.
Nexstar Broadcasting Group (NASDAQ:NXST) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.01. The firm had revenue of $626.11 million for the quarter, compared to analysts’ expectations of $608.23 million. Nexstar Broadcasting Group had a net margin of 5.44% and a return on equity of 18.35%. The business’s quarterly revenue was up 139.0% on a year-over-year basis. During the same quarter last year, the company posted $0.78 EPS. Equities analysts expect that Nexstar Broadcasting Group will post $3.57 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date was Wednesday, August 9th. Nexstar Broadcasting Group’s payout ratio is 48.78%.
Nexstar Broadcasting Group announced that its Board of Directors has authorized a share repurchase plan on Monday, June 12th that authorizes the company to buyback $51.30 million in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
In related news, Director Dennis Miller sold 4,500 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $63.49, for a total transaction of $285,705.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas Carter sold 3,125 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $63.50, for a total transaction of $198,437.50. Following the sale, the chief financial officer now directly owns 67,836 shares in the company, valued at approximately $4,307,586. The disclosure for this sale can be found here. Insiders own 7.80% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Thompson Siegel & Walmsley LLC purchased a new position in Nexstar Broadcasting Group in the second quarter worth about $125,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Nexstar Broadcasting Group by 98.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,817 shares of the company’s stock worth $127,000 after buying an additional 901 shares during the last quarter. Blueport Capital L.P. purchased a new position in Nexstar Broadcasting Group in the first quarter worth about $140,000. Bronfman E.L. Rothschild L.P. purchased a new position in Nexstar Broadcasting Group in the second quarter worth about $145,000. Finally, Invictus RG purchased a new position in Nexstar Broadcasting Group in the first quarter worth about $149,000.
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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