BidaskClub Downgrades Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) to Hold
BidaskClub cut shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) from a buy rating to a hold rating in a report published on Saturday.
A number of other equities research analysts also recently commented on the stock. Zacks Investment Research upgraded shares of Nexstar Broadcasting Group from a hold rating to a buy rating and set a $72.00 price objective for the company in a research report on Friday, May 5th. ValuEngine downgraded shares of Nexstar Broadcasting Group from a buy rating to a hold rating in a research report on Friday, June 2nd. Royal Bank Of Canada restated a buy rating and issued a $83.00 price objective on shares of Nexstar Broadcasting Group in a research report on Thursday, July 6th. Finally, Wells Fargo & Company restated an outperform rating and issued a $85.00 price objective on shares of Nexstar Broadcasting Group in a research report on Friday, July 14th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $78.00.
Nexstar Broadcasting Group (NXST) traded down 0.48% during trading on Friday, reaching $61.60. The company had a trading volume of 513,396 shares. The firm has a 50-day moving average of $62.03 and a 200-day moving average of $64.66. Nexstar Broadcasting Group has a 1-year low of $47.00 and a 1-year high of $73.90. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 28.61 and a beta of 2.31.
Nexstar Broadcasting Group (NASDAQ:NXST) last announced its quarterly earnings data on Tuesday, May 9th. The company reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.71. The firm had revenue of $540.32 million during the quarter, compared to the consensus estimate of $525.76 million. Nexstar Broadcasting Group had a net margin of 5.47% and a return on equity of 24.33%. The firm’s revenue was up 111.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.69 earnings per share. On average, analysts anticipate that Nexstar Broadcasting Group will post $3.31 EPS for the current fiscal year.
Nexstar Broadcasting Group announced that its board has initiated a share buyback plan on Monday, June 12th that authorizes the company to buyback $51.30 million in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 11th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.95%. Nexstar Broadcasting Group’s payout ratio is 51.50%.
Large investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Nexstar Broadcasting Group by 98.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,817 shares of the company’s stock worth $127,000 after buying an additional 901 shares during the last quarter. Blueport Capital L.P. bought a new stake in Nexstar Broadcasting Group during the first quarter worth about $140,000. Invictus RG bought a new stake in Nexstar Broadcasting Group during the first quarter worth about $149,000. James Investment Research Inc. bought a new stake in Nexstar Broadcasting Group during the first quarter worth about $153,000. Finally, SG Americas Securities LLC increased its stake in Nexstar Broadcasting Group by 48.4% in the first quarter. SG Americas Securities LLC now owns 2,633 shares of the company’s stock worth $185,000 after buying an additional 859 shares during the last quarter.
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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