Nexstar Broadcasting Group Inc. (NXST) Stock Rating Upgraded by Zacks Investment Research
Nexstar Broadcasting Group Inc. (NASDAQ:NXST) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $63.00 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 16.26% from the stock’s previous close.
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 equities research analysts also recently weighed in on NXST. Wells Fargo & Co. restated a “positive” rating and issued a $66.00 price target on shares of Nexstar Broadcasting Group in a research note on Monday, July 18th. Jefferies Group restated a “buy” rating on shares of Nexstar Broadcasting Group in a research note on Friday, August 5th. Finally, Stephens set a $65.00 price target on shares of Nexstar Broadcasting Group and gave the company a “buy” rating in a research note on Wednesday, September 28th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $67.75.
Nexstar Broadcasting Group (NASDAQ:NXST) opened at 54.19 on Wednesday. The firm has a market cap of $1.66 billion, a PE ratio of 19.00 and a beta of 2.31. Nexstar Broadcasting Group has a one year low of $34.65 and a one year high of $61.79. The company’s 50-day moving average is $54.50 and its 200-day moving average is $51.51.
Nexstar Broadcasting Group (NASDAQ:NXST) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by $0.07. The firm had revenue of $261.99 million for the quarter, compared to analyst estimates of $265.19 million. Nexstar Broadcasting Group had a return on equity of 89.87% and a net margin of 9.12%. The company’s quarterly revenue was up 19.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.63 earnings per share. On average, analysts forecast that Nexstar Broadcasting Group will post $3.81 earnings per share for the current fiscal year.
In other Nexstar Broadcasting Group news, CFO Thomas Carter sold 1,236 shares of the firm’s stock in a transaction that occurred on 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 owns 67,836 shares in the company, valued at approximately $3,494,910.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Blake Russell sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $52.38, for a total transaction of $523,800.00. Following the transaction, the senior vice president now owns 27,861 shares of the company’s stock, valued at approximately $1,459,359.18. The disclosure for this sale can be found here. 7.80% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Nexstar Broadcasting Group by 1.4% in the second quarter. Vanguard Group Inc. now owns 2,090,329 shares of the company’s stock valued at $99,457,000 after buying an additional 28,291 shares during the last quarter. Brenner West Capital Advisors LLC raised its position in Nexstar Broadcasting Group by 9.4% in the second quarter. Brenner West Capital Advisors LLC now owns 1,116,899 shares of the company’s stock valued at $53,142,000 after buying an additional 95,749 shares during the last quarter. Royal Bank of Canada raised its position in Nexstar Broadcasting Group by 15.0% in the second quarter. Royal Bank of Canada now owns 1,089,500 shares of the company’s stock valued at $51,838,000 after buying an additional 142,373 shares during the last quarter. Tiger Legatus Capital Management LLC raised its position in Nexstar Broadcasting Group by 57.1% in the second quarter. Tiger Legatus Capital Management LLC now owns 880,000 shares of the company’s stock valued at $41,870,000 after buying an additional 320,000 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Nexstar Broadcasting Group by 1.1% in the second quarter. JPMorgan Chase & Co. now owns 851,142 shares of the company’s stock valued at $40,498,000 after buying an additional 9,013 shares during the last quarter.
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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