Nexstar Broadcasting Group, Inc. (NXST) Expected to Announce Quarterly Sales of $608.33 Million
Wall Street brokerages expect Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) to announce sales of $608.33 million for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Nexstar Broadcasting Group’s earnings. The highest sales estimate is $613.30 million and the lowest is $603.91 million. Nexstar Broadcasting Group posted sales of $275.66 million in the same quarter last year, which suggests a positive year over year growth rate of 120.7%. The business is expected to announce its next quarterly earnings report before the market opens on Monday, November 6th.
According to Zacks, analysts expect that Nexstar Broadcasting Group will report full year sales of $608.33 million for the current fiscal year, with estimates ranging from $2.40 billion to $2.45 billion. For the next fiscal year, analysts anticipate that the firm 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 analysts that that provide coverage for Nexstar Broadcasting Group.
Nexstar Broadcasting Group (NASDAQ:NXST) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.01. The firm 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%. Nexstar Broadcasting Group’s quarterly revenue was up 139.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.78 earnings per share.
A number of equities research analysts recently commented on the stock. Royal Bank Of Canada reissued an “outperform” rating and issued a $81.00 price objective (down from $83.00) on shares of Nexstar Broadcasting Group in a research note on Thursday, August 10th. BidaskClub raised shares of Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research note on Friday, August 11th. Zacks Investment Research raised shares of Nexstar Broadcasting Group from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Wells Fargo & Company reissued an “outperform” rating and issued a $85.00 price objective on shares of Nexstar Broadcasting Group in a research note on Friday, July 14th. Finally, ValuEngine cut shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $80.22.
Shares of Nexstar Broadcasting Group (NXST) traded up 0.91% during trading on Tuesday, reaching $60.85. 394,031 shares of the company’s stock were exchanged. Nexstar Broadcasting Group has a 52 week low of $47.00 and a 52 week high of $73.90. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 25.03 and a beta of 2.22. The stock has a 50 day moving average price of $60.45 and a 200-day moving average price of $61.85.
In other news, insider Julie Pruett sold 3,000 shares of the stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $60.01, for a total transaction of $180,030.00. Following the transaction, the insider now directly owns 11,985 shares in the company, valued at approximately $719,219.85. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Thomas Carter sold 3,125 shares of the 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 owns 67,836 shares in the company, valued at $4,307,586. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 977,732 shares of company stock worth $58,618,210. Insiders own 8.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP purchased a new position in Nexstar Broadcasting Group in the third quarter valued at approximately $562,000. Fox Run Management L.L.C. purchased a new position in Nexstar Broadcasting Group in the third quarter valued at approximately $262,000. Strs Ohio raised its holdings in Nexstar Broadcasting Group by 15.4% in the third quarter. Strs Ohio now owns 67,600 shares of the company’s stock valued at $4,211,000 after buying an additional 9,000 shares during the period. Phocas Financial Corp. raised its holdings in Nexstar Broadcasting Group by 4.7% in the second quarter. Phocas Financial Corp. now owns 154,828 shares of the company’s stock valued at $9,259,000 after buying an additional 6,908 shares during the period. Finally, Sentry Investment Management LLC raised its holdings in Nexstar Broadcasting Group by 1.7% in the second quarter. Sentry Investment Management LLC now owns 51,683 shares of the company’s stock valued at $3,091,000 after buying an additional 881 shares during the period.
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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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