Zacks Investment Research upgraded shares of Nexstar Broadcasting Group Inc. (NASDAQ:NXST) from a strong sell rating to a hold rating in a report published on Wednesday. They currently have $63.00 price objective on the stock.
According to Zacks, “Nexstar Broadcasting Group currently owns, operates, programs or provides sales and other services to television stations in the states of Illinois, Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama and New York. Nexstar’s television station group includes affiliates of NBC, CBS, ABC, FOX and UPN. “
A number of other analysts have also recently issued reports on the company. Stephens set a $65.00 price objective on Nexstar Broadcasting Group and gave the company a buy rating in a research report on Wednesday, September 28th. Jefferies Group reaffirmed a buy rating and issued a $60.00 price objective on shares of Nexstar Broadcasting Group in a research report on Wednesday, September 28th. Finally, Wells Fargo & Co. reaffirmed a positive rating and issued a $66.00 price objective on shares of Nexstar Broadcasting Group in a research report on Monday, July 18th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $67.75.
Shares of Nexstar Broadcasting Group (NASDAQ:NXST) opened at 52.14 on Wednesday. The company has a 50-day moving average price of $54.53 and a 200 day moving average price of $51.74. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of 18.28 and a beta of 2.30. Nexstar Broadcasting Group has a 52 week low of $34.65 and a 52 week high of $61.79.
Nexstar Broadcasting Group (NASDAQ:NXST) last issued its quarterly earnings results on Tuesday, August 9th. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $0.85 by $0.07. Nexstar Broadcasting Group had a net margin of 9.12% and a return on equity of 89.87%. The company had revenue of $261.99 million for the quarter, compared to analyst estimates of $265.19 million. During the same period last year, the company posted $0.63 earnings per share. The business’s revenue for the quarter was up 19.4% on a year-over-year basis. Analysts expect that Nexstar Broadcasting Group will post $3.81 EPS for the current fiscal year.
In other news, CFO Thomas Carter sold 1,236 shares of the stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $51.52, for a total transaction of $63,678.72. Following the transaction, the chief financial officer now owns 67,836 shares in the company, valued at $3,494,910.72. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Blake Russell sold 10,000 shares of the stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $52.38, for a total value of $523,800.00. Following the transaction, the senior vice president now owns 27,861 shares in the company, valued at approximately $1,459,359.18. The disclosure for this sale can be found here. Insiders own 7.80% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA raised its position in Nexstar Broadcasting Group by 110.3% in the third quarter. BNP Paribas Arbitrage SA now owns 2,454 shares of the company’s stock worth $142,000 after buying an additional 1,287 shares during the period. BlackRock Inc. raised its position in Nexstar Broadcasting Group by 72.4% in the second quarter. BlackRock Inc. now owns 3,609 shares of the company’s stock worth $172,000 after buying an additional 1,516 shares during the period. Teacher Retirement System of Texas raised its position in Nexstar Broadcasting Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 4,285 shares of the company’s stock worth $204,000 after buying an additional 518 shares during the period. Cantab Capital Partners LLP raised its position in Nexstar Broadcasting Group by 1,080.4% in the second quarter. Cantab Capital Partners LLP now owns 5,300 shares of the company’s stock worth $252,000 after buying an additional 4,851 shares during the period. Finally, Fox Run Management L.L.C. bought a new position in Nexstar Broadcasting Group during the second quarter worth approximately $281,000.
About Nexstar Broadcasting Group
Nexstar Broadcasting Group, Inc (Nexstar) 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 in medium-sized markets in the United States. The Company’s segments include Broadcasting and Other.
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