Nexstar Broadcasting Group, Inc. (NXST) Cut to “Hold” at BidaskClub
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Thursday.
NXST has been the topic of a number of other research reports. ValuEngine lowered Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $81.00 price target (down previously from $83.00) on shares of Nexstar Broadcasting Group in a research report on Thursday, August 10th. Wells Fargo & Company reaffirmed an “outperform” rating and set a $85.00 price target on shares of Nexstar Broadcasting Group in a research report on Friday, July 14th. Finally, Zacks Investment Research lowered Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research report on Saturday, May 13th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Nexstar Broadcasting Group currently has a consensus rating of “Buy” and a consensus target price of $77.75.
Shares of Nexstar Broadcasting Group (NASDAQ NXST) traded down 1.15% during trading on Thursday, hitting $60.00. The stock had a trading volume of 973,605 shares. Nexstar Broadcasting Group has a 1-year low of $47.00 and a 1-year high of $73.90. The firm has a 50 day moving average of $62.89 and a 200 day moving average of $64.61. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of 24.68 and a beta of 2.31.
Nexstar Broadcasting Group (NASDAQ:NXST) last announced its earnings results on Tuesday, August 8th. The company reported $0.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.01. Nexstar Broadcasting Group had a return on equity of 18.35% and a net margin of 5.44%. The business had revenue of $626.11 million for the quarter, compared to analyst estimates of $608.23 million. During the same quarter last year, the firm earned $0.78 EPS. Nexstar Broadcasting Group’s revenue for the quarter was up 139.0% compared to the same quarter last year. Analysts expect that Nexstar Broadcasting Group will post $3.55 EPS for the current fiscal year.
Nexstar Broadcasting Group announced that its board has initiated a stock buyback plan on Monday, June 12th that permits the company to repurchase $51.30 million in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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In related news, Director Dennis Miller sold 4,500 shares of the business’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $63.49, for a total value of $285,705.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas Carter sold 3,125 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $63.50, for a total value of $198,437.50. Following the completion of the sale, the chief financial officer now owns 67,836 shares of the company’s stock, valued at $4,307,586. The disclosure for this sale can be found here. Insiders own 7.80% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Cetera Investment Advisers purchased a new stake in Nexstar Broadcasting Group during the second quarter valued at about $260,000. Public Employees Retirement System of Ohio increased its stake in Nexstar Broadcasting Group by 9.5% in the second quarter. Public Employees Retirement System of Ohio now owns 42,068 shares of the company’s stock valued at $2,516,000 after buying an additional 3,665 shares during the period. Verition Fund Management LLC bought a new position in shares of Nexstar Broadcasting Group during the second quarter valued at $299,000. BW Gestao de Investimentos Ltda. boosted its position in shares of Nexstar Broadcasting Group by 8.8% in the second quarter. BW Gestao de Investimentos Ltda. now owns 8,195 shares of the company’s stock valued at $490,000 after buying an additional 660 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its position in shares of Nexstar Broadcasting Group by 8.5% in the second quarter. Ameritas Investment Partners Inc. now owns 3,990 shares of the company’s stock valued at $239,000 after buying an additional 312 shares in the last quarter.
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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