Nexstar Broadcasting Group, Inc. (NASDAQ:NXST)‘s stock had its “buy” rating reissued by equities researchers at Royal Bank Of Canada in a report released on Monday. They presently have a $81.00 target price on the stock. Royal Bank Of Canada’s price target would suggest a potential upside of 40.14% from the stock’s previous close.
A number of other research firms have also weighed in on NXST. ValuEngine lowered shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded shares of Nexstar Broadcasting Group from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th. Wells Fargo & Company restated an “outperform” rating and issued a $85.00 target price on shares of Nexstar Broadcasting Group in a report on Friday, July 14th. Finally, BidaskClub upgraded shares of Nexstar Broadcasting Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Nexstar Broadcasting Group presently has an average rating of “Buy” and an average price target of $77.00.
Shares of Nexstar Broadcasting Group (NASDAQ:NXST) traded up 2.77% during mid-day trading on Monday, reaching $59.40. 452,824 shares of the company traded hands. 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 is $61.57 and its 200-day moving average is $63.62. The company has a market capitalization of $2.75 billion, a P/E ratio of 24.43 and a beta of 2.27.
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 analysts’ consensus estimates of $0.92 by $0.01. The business had revenue of $626.11 million during the quarter, compared to analyst estimates of $608.23 million. Nexstar Broadcasting Group had a net margin of 5.44% and a return on equity of 18.35%. The company’s revenue was up 139.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.78 earnings per share. On average, equities analysts predict that Nexstar Broadcasting Group will post $3.57 EPS for the current fiscal year.
Nexstar Broadcasting Group announced that its board has initiated a stock repurchase program on Monday, June 12th that allows the company to buyback $51.30 million in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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In other Nexstar Broadcasting Group news, CFO Thomas Carter sold 3,125 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $63.50, for a total transaction of $198,437.50. Following the completion of the sale, the chief financial officer now directly owns 67,836 shares in the company, valued at $4,307,586. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Dennis Miller sold 4,500 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $63.49, for a total transaction of $285,705.00. The disclosure for this sale can be found here. 8.40% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the company. Thompson Siegel & Walmsley LLC purchased a new position in shares of Nexstar Broadcasting Group in the second quarter valued at $125,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Nexstar Broadcasting Group by 98.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,817 shares of the company’s stock valued at $127,000 after purchasing an additional 901 shares during the period. Blueport Capital L.P. purchased a new position in shares of Nexstar Broadcasting Group in the first quarter valued at $140,000. Bronfman E.L. Rothschild L.P. purchased a new position in shares of Nexstar Broadcasting Group in the second quarter valued at $145,000. Finally, Invictus RG purchased a new position in shares of Nexstar Broadcasting Group in the first quarter valued at $149,000.
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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