Zacks: Analysts Anticipate Nexstar Broadcasting Group, Inc. (NXST) Will Announce Quarterly Sales of $612.42 Million
Wall Street analysts predict that Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) will post $612.42 million in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Nexstar Broadcasting Group’s earnings. The highest sales estimate is $620.20 million and the lowest is $606.00 million. Nexstar Broadcasting Group posted sales of $261.99 million in the same quarter last year, which would indicate a positive year over year growth rate of 133.8%. The firm is scheduled to announce its next earnings report before the market opens on Tuesday, August 8th.
According to Zacks, analysts expect that Nexstar Broadcasting Group will report full year sales of $612.42 million for the current year, with estimates ranging from $2.40 billion to $2.45 billion. For the next year, analysts forecast that the company will post sales of $2.78 billion per share, with estimates ranging from $2.72 billion to $2.85 billion. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Nexstar Broadcasting Group.
Nexstar Broadcasting Group (NASDAQ:NXST) last issued its quarterly earnings results on Tuesday, May 9th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.71. The business had revenue of $540.32 million for the quarter, compared to analyst estimates of $525.76 million. Nexstar Broadcasting Group had a net margin of 5.47% and a return on equity of 24.33%. Nexstar Broadcasting Group’s revenue for the quarter was up 111.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.69 EPS.
Several brokerages have issued reports on NXST. Zacks Investment Research raised shares of Nexstar Broadcasting Group from a “sell” rating to a “hold” rating in a research note on Tuesday. BidaskClub raised shares of Nexstar Broadcasting Group from a “sell” rating to a “hold” rating in a research note on Thursday, June 29th. Wells Fargo & Company reaffirmed an “outperform” rating and set a $85.00 price target on shares of Nexstar Broadcasting Group in a research note on Friday, July 14th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $83.00 price target on shares of Nexstar Broadcasting Group in a research note on Thursday, July 6th. Finally, ValuEngine raised shares of Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $78.00.
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Nexstar Broadcasting Group (NXST) traded up 0.23% during mid-day trading on Friday, hitting $64.80. 274,095 shares of the stock were exchanged. Nexstar Broadcasting Group has a 52-week low of $47.00 and a 52-week high of $73.90. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of 30.10 and a beta of 2.30. The company has a 50 day moving average price of $60.55 and a 200 day moving average price of $64.46.
Nexstar Broadcasting Group declared that its board has initiated a share buyback plan on Monday, June 12th that permits the company to repurchase $51.30 million in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
In other Nexstar Broadcasting Group news, Director John R. Muse sold 38,631 shares of the company’s stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $70.10, for a total value of $2,708,033.10. Following the transaction, the director now directly owns 7,141 shares in the company, valued at approximately $500,584.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 7.80% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp raised its position 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 during the last quarter. GSA Capital Partners LLP bought a new position in shares of Nexstar Broadcasting Group during the fourth quarter valued at $209,000. Guggenheim Capital LLC bought a new position in shares of Nexstar Broadcasting Group during the fourth quarter valued at $319,000. Norges Bank bought a new position in shares of Nexstar Broadcasting Group during the fourth quarter valued at $17,068,000. Finally, Teachers Advisors LLC raised its position in shares of Nexstar Broadcasting Group by 1.4% in the fourth quarter. Teachers Advisors LLC now owns 48,784 shares of the company’s stock valued at $3,088,000 after buying an additional 665 shares during 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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