Nexstar Broadcasting Group, Inc. (NXST) Expected to Post Quarterly Sales of $656.29 Million
Equities research analysts forecast that Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) will report sales of $656.29 million for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Nexstar Broadcasting Group’s earnings, with the highest sales estimate coming in at $674.00 million and the lowest estimate coming in at $644.00 million. Nexstar Broadcasting Group reported sales of $309.88 million during the same quarter last year, which would suggest a positive year over year growth rate of 111.8%. The business is scheduled to report its next quarterly earnings results on Tuesday, February 27th.
According to Zacks, analysts expect that Nexstar Broadcasting Group will report full year sales of $656.29 million for the current financial year, with estimates ranging from $2.42 billion to $2.45 billion. For the next year, analysts forecast that the firm will report sales of $2.80 billion per share, with estimates ranging from $2.75 billion to $2.86 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Nexstar Broadcasting Group.
Nexstar Broadcasting Group (NASDAQ:NXST) last posted its quarterly earnings data on Monday, November 6th. The company reported $0.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.09. The business had revenue of $611.87 million during the quarter, compared to the consensus estimate of $609.44 million. Nexstar Broadcasting Group had a net margin of 5.60% and a return on equity of 16.20%. Nexstar Broadcasting Group’s quarterly revenue was up 122.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.78 EPS.
Several analysts recently issued reports on NXST shares. Deutsche Bank AG started coverage on shares of Nexstar Broadcasting Group in a report on Friday, October 20th. They set a “buy” rating and a $80.00 price objective for the company. Zacks Investment Research raised shares of Nexstar Broadcasting Group from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a report on Wednesday, September 13th. ValuEngine downgraded shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Jefferies Group LLC reiterated a “buy” rating and set a $80.00 target price on shares of Nexstar Broadcasting Group in a research note on Thursday, September 21st. Finally, Guggenheim started coverage on shares of Nexstar Broadcasting Group in a research note on Wednesday, October 18th. They set a “buy” rating and a $90.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $80.91.
In other news, insider Julie Pruett sold 3,000 shares of the stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $60.01, for a total value of $180,030.00. Following the completion of the transaction, the insider now owns 11,985 shares in the company, valued at approximately $719,219.85. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Perry A. Sook sold 300,000 shares of the stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $66.13, for a total transaction of $19,839,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,270,307 shares of company stock valued at $77,985,660. Corporate insiders own 8.40% of the company’s stock.
Several institutional investors have recently made changes to their positions in NXST. Thompson Siegel & Walmsley LLC acquired a new stake in shares of Nexstar Broadcasting Group during the 2nd quarter worth about $125,000. Bronfman E.L. Rothschild L.P. acquired a new stake in shares of Nexstar Broadcasting Group during the 2nd quarter worth about $145,000. Victory Capital Management Inc. acquired a new stake in shares of Nexstar Broadcasting Group during the 3rd quarter worth about $172,000. SG Americas Securities LLC increased its position in shares of Nexstar Broadcasting Group by 29.8% during the 2nd quarter. SG Americas Securities LLC now owns 3,418 shares of the company’s stock worth $204,000 after purchasing an additional 785 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its position in shares of Nexstar Broadcasting Group by 2.8% during the 2nd quarter. Teacher Retirement System of Texas now owns 3,584 shares of the company’s stock worth $214,000 after purchasing an additional 99 shares in the last quarter.
Nexstar Broadcasting Group (NXST) traded down $0.55 during midday trading on Monday, hitting $65.65. 784,200 shares of the company traded hands, compared to its average volume of 720,564. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 3.58. The company has a market cap of $2,991.42, a P/E ratio of 17.23, a P/E/G ratio of 1.45 and a beta of 2.24. Nexstar Broadcasting Group has a fifty-two week low of $55.00 and a fifty-two week high of $73.90.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date of this dividend is Thursday, November 16th. Nexstar Broadcasting Group’s dividend payout ratio is 45.11%.
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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