Analysts Anticipate Nexstar Broadcasting Group, Inc. (NXST) Will Post Earnings of $0.96 Per Share
Wall Street analysts predict that Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) will post earnings per share of $0.96 for the current quarter, Zacks reports. Three analysts have provided estimates for Nexstar Broadcasting Group’s earnings, with the lowest EPS estimate coming in at $0.88 and the highest estimate coming in at $1.03. Nexstar Broadcasting Group reported earnings per share of $0.78 during the same quarter last year, which suggests a positive year-over-year growth rate of 23.1%. The firm is expected to report its next earnings report on Tuesday, November 14th.
According to Zacks, analysts expect that Nexstar Broadcasting Group will report full year earnings of $3.70 per share for the current fiscal year, with EPS estimates ranging from $3.35 to $4.04. For the next financial year, analysts forecast that the business will report earnings of $7.24 per share, with EPS estimates ranging from $6.65 to $8.11. Zacks’ EPS calculations are a mean average based on a survey of sell-side analysts that follow Nexstar Broadcasting Group.
Nexstar Broadcasting Group (NASDAQ:NXST) last issued its earnings results on Tuesday, August 8th. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.01. The business had revenue of $626.11 million for 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 for the quarter was up 139.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.78 EPS.
NXST has been the topic of a number of research analyst reports. ValuEngine lowered shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Royal Bank Of Canada reissued a “buy” rating and issued a $83.00 price target on shares of Nexstar Broadcasting Group in a report on Thursday, July 6th. BidaskClub raised shares of Nexstar Broadcasting Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Wells Fargo & Company reissued an “outperform” rating and issued a $85.00 price target on shares of Nexstar Broadcasting Group in a report on Friday, July 14th. Finally, Zacks Investment Research raised shares of Nexstar Broadcasting Group from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $77.00.
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Shares of Nexstar Broadcasting Group (NASDAQ:NXST) traded down 3.39% during midday trading on Thursday, hitting $57.00. 1,154,034 shares of the stock were exchanged. Nexstar Broadcasting Group has a 12-month low of $47.00 and a 12-month high of $73.90. The stock’s 50 day moving average is $61.82 and its 200 day moving average is $63.71. The firm has a market cap of $2.63 billion, a P/E ratio of 23.45 and a beta of 2.27.
The business also recently declared a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 11th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend was Wednesday, August 9th. Nexstar Broadcasting Group’s dividend payout ratio (DPR) is presently 48.78%.
Nexstar Broadcasting Group declared that its board has approved a share repurchase program on Monday, June 12th that allows the company to buyback $51.30 million in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
In other news, Director Dennis Miller sold 4,500 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $63.49, for a total transaction of $285,705.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas Carter sold 3,125 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $63.50, for a total transaction of $198,437.50. Following the transaction, the chief financial officer now directly owns 67,836 shares of the company’s stock, valued at $4,307,586. The disclosure for this sale can be found here. 7.80% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in NXST. BlackRock Inc. lifted its holdings in shares of Nexstar Broadcasting Group by 118,109.1% during the 1st quarter. BlackRock Inc. now owns 2,975,324 shares of the company’s stock worth $208,720,000 after acquiring an additional 2,972,807 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in shares of Nexstar Broadcasting Group during the 2nd quarter worth about $73,774,000. Vanguard Group Inc. lifted its holdings in shares of Nexstar Broadcasting Group by 54.3% during the 1st quarter. Vanguard Group Inc. now owns 3,439,610 shares of the company’s stock worth $241,289,000 after acquiring an additional 1,209,744 shares during the period. FMR LLC lifted its holdings in shares of Nexstar Broadcasting Group by 52.6% during the 1st quarter. FMR LLC now owns 2,280,054 shares of the company’s stock worth $159,946,000 after acquiring an additional 785,601 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Nexstar Broadcasting Group by 36.4% during the 1st quarter. JPMorgan Chase & Co. now owns 1,612,829 shares of the company’s stock worth $113,141,000 after acquiring an additional 430,438 shares during the period.
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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