Nexstar Broadcasting Group, Inc. (NXST) Issues Quarterly Earnings Results
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) released its quarterly earnings results on Tuesday. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.01, Morningstar.com reports. Nexstar Broadcasting Group had a net margin of 5.47% and a return on equity of 24.33%. The firm had revenue of $626.11 million during the quarter, compared to analyst estimates of $608.23 million. During the same quarter last year, the business earned $0.78 EPS. The company’s revenue was up 139.0% compared to the same quarter last year.
Shares of Nexstar Broadcasting Group (NASDAQ NXST) opened at 63.20 on Wednesday. The stock has a 50 day moving average of $62.05 and a 200 day moving average of $64.62. Nexstar Broadcasting Group has a 1-year low of $47.00 and a 1-year high of $73.90. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 29.35 and a beta of 2.31.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 11th will be paid a $0.30 dividend. The ex-dividend date is Wednesday, August 9th. This represents a $1.20 annualized dividend and a dividend yield of 1.90%. Nexstar Broadcasting Group’s dividend payout ratio is currently 51.50%.
A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Nexstar Broadcasting Group by 118,109.1% in the first quarter. BlackRock Inc. now owns 2,975,324 shares of the company’s stock worth $208,720,000 after buying an additional 2,972,807 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Nexstar Broadcasting Group during the second quarter worth approximately $73,774,000. Vanguard Group Inc. raised its stake in shares of Nexstar Broadcasting Group by 54.3% in the first quarter. Vanguard Group Inc. now owns 3,439,610 shares of the company’s stock worth $241,289,000 after buying an additional 1,209,744 shares during the last quarter. Muse John R acquired a new stake in shares of Nexstar Broadcasting Group during the first quarter worth approximately $70,119,000. Finally, FMR LLC raised its stake in shares of Nexstar Broadcasting Group by 52.6% in the first quarter. FMR LLC now owns 2,280,054 shares of the company’s stock worth $159,946,000 after buying an additional 785,601 shares during the last quarter.
Nexstar Broadcasting Group announced that its board has authorized a stock repurchase plan on Monday, June 12th that authorizes the company to repurchase $51.30 million in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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Several research analysts have issued reports on NXST shares. ValuEngine lowered shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Royal Bank Of Canada restated a “buy” rating and set a $83.00 price target on shares of Nexstar Broadcasting Group in a report on Thursday, July 6th. Zacks Investment Research upgraded shares of Nexstar Broadcasting Group from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a report on Friday, May 5th. Wells Fargo & Company restated an “outperform” rating and set a $85.00 price target 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 equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $78.00.
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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