Nexstar Broadcasting Group, Inc. (NXST) Downgraded by Zacks Investment Research
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
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 subject of several other reports. BidaskClub lowered Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Thursday, August 17th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $81.00 target price (down from $83.00) on shares of Nexstar Broadcasting Group in a report on Thursday, August 10th. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $85.00 target price on shares of Nexstar Broadcasting Group in a report on Friday, July 14th. ValuEngine lowered Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Jefferies Group LLC reissued a “buy” rating and set a $80.00 price objective on shares of Nexstar Broadcasting Group in a report on Thursday, September 21st. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $78.71.
Nexstar Broadcasting Group (NXST) opened at 60.75 on Tuesday. The company has a market capitalization of $2.81 billion, a P/E ratio of 24.99 and a beta of 2.22. Nexstar Broadcasting Group has a 52 week low of $47.00 and a 52 week high of $73.90. The stock’s 50 day moving average price is $60.59 and its 200 day moving average price is $62.25.
Nexstar Broadcasting Group (NASDAQ:NXST) last released its earnings results on Tuesday, August 8th. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.01. The company had revenue of $626.11 million during the quarter, compared to analyst estimates of $608.23 million. Nexstar Broadcasting Group had a return on equity of 18.35% and a net margin of 5.44%. Nexstar Broadcasting Group’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 anticipate that Nexstar Broadcasting Group will post $3.57 earnings per share for the current year.
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In other Nexstar Broadcasting Group news, CFO Thomas Carter sold 3,125 shares of the stock in a transaction on Friday, August 11th. The stock was sold at an average price of $63.50, for a total transaction of $198,437.50. Following the completion of the transaction, the chief financial officer now directly owns 67,836 shares of the company’s stock, valued at $4,307,586. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dennis Miller sold 4,500 shares of the stock in a transaction on 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. Over the last three months, insiders have sold 972,682 shares of company stock valued at $58,308,393. 8.40% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Thompson Siegel & Walmsley LLC bought a new position in shares of Nexstar Broadcasting Group in the second quarter worth $125,000. Blueport Capital L.P. bought a new position in shares of Nexstar Broadcasting Group in the first quarter worth $140,000. Bronfman E.L. Rothschild L.P. bought a new position in shares of Nexstar Broadcasting Group in the second quarter worth $145,000. Invictus RG bought a new position in shares of Nexstar Broadcasting Group in the first quarter worth $149,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Nexstar Broadcasting Group by 48.4% in the first quarter. SG Americas Securities LLC now owns 2,633 shares of the company’s stock worth $185,000 after acquiring an additional 859 shares during the period.
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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