Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) Given Buy Rating at Royal Bank of Canada
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST)‘s stock had its “buy” rating reaffirmed by equities research analysts at Royal Bank of Canada in a research note issued on Thursday. They currently have a $83.00 price target on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 39.61% from the stock’s current price.
Several other equities research analysts also recently weighed in on the company. BidaskClub upgraded Nexstar Broadcasting Group from a “sell” rating to a “hold” rating in a report on Thursday, June 29th. ValuEngine upgraded Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a report on Thursday, June 29th. Finally, Zacks Investment Research downgraded Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Saturday, May 13th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Nexstar Broadcasting Group has an average rating of “Buy” and a consensus price target of $75.63.
Shares of Nexstar Broadcasting Group (NASDAQ:NXST) traded up 1.19% during mid-day trading on Thursday, reaching $59.45. The company had a trading volume of 387,492 shares. The stock’s 50-day moving average price is $59.32 and its 200 day moving average price is $64.63. Nexstar Broadcasting Group has a 1-year low of $47.00 and a 1-year high of $73.90. The company has a market capitalization of $2.81 billion, a PE ratio of 25.52 and a beta of 2.30.
Nexstar Broadcasting Group (NASDAQ:NXST) last announced its quarterly earnings results on Tuesday, May 9th. The company reported $0.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.71. Nexstar Broadcasting Group had a return on equity of 24.33% and a net margin of 5.47%. The business had revenue of $540.32 million for the quarter, compared to analyst estimates of $525.76 million. During the same quarter in the prior year, the company posted $0.69 EPS. The company’s quarterly revenue was up 111.3% on a year-over-year basis. Equities analysts expect that Nexstar Broadcasting Group will post $3.35 EPS for the current year.
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In other Nexstar Broadcasting Group news, Director John R. Muse sold 700 shares of the business’s stock in a transaction dated Thursday, April 20th. The stock was sold at an average price of $70.01, for a total transaction of $49,007.00. Following the transaction, the director now owns 7,400 shares in the company, valued at $518,074. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John R. Muse sold 38,631 shares of the business’s stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $70.10, for a total value of $2,708,033.10. Following the transaction, the director now owns 7,141 shares in the company, valued at approximately $500,584.10. The disclosure for this sale can be found here. Insiders sold 39,631 shares of company stock worth $2,778,049 in the last quarter. 7.80% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. acquired a new stake in shares of Nexstar Broadcasting Group during the fourth quarter worth about $2,707,000. State Street Corp raised its stake in shares of Nexstar Broadcasting Group by 2.7% in the fourth quarter. State Street Corp now owns 531,436 shares of the company’s stock valued at $33,639,000 after buying an additional 14,104 shares in the last quarter. FMR LLC raised its stake in shares of Nexstar Broadcasting Group by 1.9% in the fourth quarter. FMR LLC now owns 1,494,453 shares of the company’s stock valued at $94,599,000 after buying an additional 28,500 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Nexstar Broadcasting Group during the fourth quarter valued at $209,000. Finally, Two Sigma Investments LP raised its stake in shares of Nexstar Broadcasting Group by 747.4% in the fourth quarter. Two Sigma Investments LP now owns 55,976 shares of the company’s stock valued at $3,543,000 after buying an additional 49,370 shares in the last quarter.
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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