Nexstar Broadcasting Group’s (NXST) “Outperform” Rating Reaffirmed at Wells Fargo & Company
Wells Fargo & Company reiterated their outperform rating on shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) in a report published on Friday. The firm currently has a $85.00 price objective on the stock.
NXST has been the subject of a number of other research reports. BidaskClub upgraded Nexstar Broadcasting Group from a sell rating to a hold rating in a report on Thursday, June 29th. Zacks Investment Research downgraded Nexstar Broadcasting Group from a hold rating to a sell rating in a report on Wednesday, July 12th. ValuEngine upgraded Nexstar Broadcasting Group from a hold rating to a buy rating in a report on Thursday, June 29th. Finally, Royal Bank Of Canada restated a buy rating and set a $83.00 target price on shares of Nexstar Broadcasting Group in a report on Thursday, July 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $78.00.
Nexstar Broadcasting Group (NXST) traded up 0.32% during trading on Friday, hitting $63.35. 583,321 shares of the company traded hands. The company has a market capitalization of $2.99 billion, a P/E ratio of 29.42 and a beta of 2.30. The stock has a 50 day moving average price of $59.32 and a 200 day moving average price of $64.63. Nexstar Broadcasting Group has a 12-month low of $47.00 and a 12-month high of $73.90.
Nexstar Broadcasting Group (NASDAQ:NXST) last announced its earnings results on Tuesday, May 9th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.71. The company had revenue of $540.32 million during the quarter, compared to the consensus estimate of $525.76 million. Nexstar Broadcasting Group had a return on equity of 24.33% and a net margin of 5.47%. The firm’s revenue for the quarter was up 111.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.69 earnings per share. On average, equities analysts anticipate that Nexstar Broadcasting Group will post $3.30 earnings per share for the current year.
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Nexstar Broadcasting Group announced that its Board of Directors has authorized a stock buyback program on Monday, June 12th that permits the company to repurchase $51.30 million in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, Director John R. Muse sold 700 shares of the company’s stock in a transaction on Thursday, April 20th. The stock was sold at an average price of $70.01, for a total value of $49,007.00. Following the sale, the director now directly owns 7,400 shares of the company’s stock, valued at $518,074. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John R. Muse sold 38,631 shares of the company’s stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $70.10, for a total value of $2,708,033.10. Following the completion of the sale, the director now directly owns 7,141 shares in the company, valued at $500,584.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,631 shares of company stock worth $2,778,049. 8.40% of the stock is owned by insiders.
Large investors have recently modified their holdings of the company. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Nexstar Broadcasting Group during the second quarter valued at $73,774,000. James Investment Research Inc. boosted its stake in shares of Nexstar Broadcasting Group by 827.1% in the second quarter. James Investment Research Inc. now owns 20,165 shares of the company’s stock valued at $1,206,000 after buying an additional 17,990 shares during the last quarter. Blueport Capital L.P. purchased a new stake in shares of Nexstar Broadcasting Group during the first quarter valued at $140,000. Bank of Nova Scotia purchased a new stake in shares of Nexstar Broadcasting Group during the first quarter valued at $11,028,000. Finally, Lowe Brockenbrough & Co. Inc. purchased a new stake in shares of Nexstar Broadcasting Group during the first quarter valued at $1,469,000.
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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