Nexstar Broadcasting Group, Inc. (NXST) Expected to Post Quarterly Sales of $605.48 Million
Wall Street brokerages expect Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) to post $605.48 million in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Nexstar Broadcasting Group’s earnings, with the highest sales estimate coming in at $613.30 million and the lowest estimate coming in at $595.00 million. Nexstar Broadcasting Group reported sales of $275.66 million in the same quarter last year, which indicates a positive year-over-year growth rate of 119.6%. The company is scheduled to report its next earnings report on Tuesday, November 14th.
According to Zacks, analysts expect that Nexstar Broadcasting Group will report full-year sales of $605.48 million for the current financial year, with estimates ranging from $2.40 billion to $2.45 billion. For the next fiscal year, analysts expect that the business will post sales of $2.79 billion per share, with estimates ranging from $2.75 billion to $2.86 billion. Zacks’ sales averages are an average based on a survey of research firms that follow Nexstar Broadcasting Group.
Nexstar Broadcasting Group (NASDAQ:NXST) last released its earnings results on Tuesday, August 8th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the 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 firm had revenue of $626.11 million during the quarter, compared to analysts’ expectations of $608.23 million. During the same quarter last year, the business posted $0.78 earnings per share. The firm’s revenue was up 139.0% on a year-over-year basis.
Several brokerages have recently issued reports on NXST. BidaskClub raised Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a report on Friday, August 11th. Royal Bank Of Canada reissued an “outperform” rating and issued a $81.00 price objective (down previously from $83.00) on shares of Nexstar Broadcasting Group in a report on Thursday, August 10th. Jefferies Group LLC restated a “buy” rating and issued a $80.00 price target on shares of Nexstar Broadcasting Group in a research note on Thursday, September 21st. Zacks Investment Research lowered Nexstar Broadcasting Group from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, ValuEngine upgraded Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Nexstar Broadcasting Group currently has an average rating of “Buy” and an average price target of $78.71.
Shares of Nexstar Broadcasting Group (NXST) opened at 63.10 on Thursday. Nexstar Broadcasting Group has a 52-week low of $47.00 and a 52-week high of $73.90. The stock has a market cap of $2.92 billion, a PE ratio of 25.96 and a beta of 2.22. The company’s 50 day moving average price is $60.43 and its 200 day moving average price is $62.65.
Nexstar Broadcasting Group declared that its Board of Directors has authorized a stock buyback plan on Monday, June 12th that allows the company to repurchase $51.30 million in shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
In related news, CFO Thomas Carter sold 3,125 shares of Nexstar Broadcasting Group stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $63.50, for a total value of $198,437.50. Following the completion of the transaction, the chief financial officer now owns 67,836 shares in the company, valued at approximately $4,307,586. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Julie Pruett sold 3,000 shares of Nexstar Broadcasting Group stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $60.01, for a total value of $180,030.00. Following the completion of the transaction, the insider now owns 11,985 shares of the company’s stock, valued at approximately $719,219.85. The disclosure for this sale can be found here. In the last 90 days, insiders sold 972,682 shares of company stock valued at $58,308,393. 7.80% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Nexstar Broadcasting Group by 98.4% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,817 shares of the company’s stock worth $127,000 after buying an additional 901 shares in the last quarter. Blueport Capital L.P. purchased a new stake in Nexstar Broadcasting Group during the 1st quarter worth approximately $140,000. Thompson Siegel & Walmsley LLC purchased a new stake in Nexstar Broadcasting Group during the 2nd quarter worth approximately $125,000. Invictus RG purchased a new stake in Nexstar Broadcasting Group during the 1st quarter worth approximately $149,000. Finally, Bronfman E.L. Rothschild L.P. purchased a new stake in Nexstar Broadcasting Group during the 2nd quarter worth approximately $145,000.
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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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