Emerald Acquisition Ltd. Takes Position in Nexstar Broadcasting Group Inc. (NXST)
Emerald Acquisition Ltd. acquired a new position in shares of Nexstar Broadcasting Group Inc. (NASDAQ:NXST) during the second quarter, Holdings Channel reports. The institutional investor acquired 85,585 shares of the company’s stock, valued at approximately $4,073,000. Emerald Acquisition Ltd. owned about 0.28% of Nexstar Broadcasting Group as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in NXST. Navellier & Associates Inc increased its stake in Nexstar Broadcasting Group by 0.5% in the second quarter. Navellier & Associates Inc now owns 10,093 shares of the company’s stock worth $480,000 after buying an additional 52 shares during the last quarter. Quantitative Investment Management LLC bought a new stake in Nexstar Broadcasting Group during the second quarter worth $437,000. Nordea Investment Management AB increased its stake in Nexstar Broadcasting Group by 20.3% in the second quarter. Nordea Investment Management AB now owns 340,753 shares of the company’s stock worth $16,213,000 after buying an additional 57,510 shares during the last quarter. Emerald Advisers Inc. PA increased its stake in Nexstar Broadcasting Group by 168.9% in the second quarter. Emerald Advisers Inc. PA now owns 374,410 shares of the company’s stock worth $17,814,000 after buying an additional 235,150 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust increased its stake in Nexstar Broadcasting Group by 161.7% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 392,399 shares of the company’s stock worth $18,670,000 after buying an additional 242,439 shares during the last quarter.
Nexstar Broadcasting Group Inc. (NASDAQ:NXST) traded down 4.32% on Tuesday, hitting $52.03. 2,190,623 shares of the stock were exchanged. Nexstar Broadcasting Group Inc. has a 1-year low of $34.65 and a 1-year high of $61.79. The company has a 50-day moving average price of $52.78 and a 200 day moving average price of $50.43. The company has a market capitalization of $1.60 billion, a PE ratio of 18.24 and a beta of 2.04.
Nexstar Broadcasting Group (NASDAQ:NXST) last issued its earnings results on Tuesday, August 9th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.85 by $0.07. The firm earned $261.99 million during the quarter, compared to the consensus estimate of $265.19 million. Nexstar Broadcasting Group had a net margin of 9.12% and a return on equity of 89.87%. The firm’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.63 earnings per share. Analysts anticipate that Nexstar Broadcasting Group Inc. will post $3.98 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 26th. Shareholders of record on Friday, August 12th were issued a $0.24 dividend. The ex-dividend date was Wednesday, August 10th. This represents a $0.96 annualized dividend and a yield of 1.85%. Nexstar Broadcasting Group’s dividend payout ratio is currently 33.45%.
A number of research firms have weighed in on NXST. Jefferies Group reaffirmed a “buy” rating on shares of Nexstar Broadcasting Group in a report on Friday, August 5th. Zacks Investment Research downgraded Nexstar Broadcasting Group from a “hold” rating to a “sell” rating in a report on Thursday, July 21st. Finally, Wells Fargo & Co. reaffirmed a “positive” rating and set a $66.00 price objective on shares of Nexstar Broadcasting Group in a report on Monday, July 18th. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $66.38.
In other Nexstar Broadcasting Group news, SVP Blake Russell sold 10,000 shares of the stock in a transaction dated Friday, August 12th. The shares were sold at an average price of $52.38, for a total value of $523,800.00. Following the transaction, the senior vice president now directly owns 27,861 shares of the company’s stock, valued at approximately $1,459,359.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas Carter sold 1,236 shares of the stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $51.52, for a total transaction of $63,678.72. Following the completion of the transaction, the chief financial officer now directly owns 67,836 shares in the company, valued at $3,494,910.72. The disclosure for this sale can be found here. 7.80% of the stock is currently owned by company insiders.
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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