Nexstar Broadcasting Group, Inc. (NXST) Issues Quarterly Earnings Results
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) released its quarterly earnings results on Tuesday. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.01, Morningstar.com reports. Nexstar Broadcasting Group had a net margin of 5.47% and a return on equity of 24.33%. The firm had revenue of $626.11 million during the quarter, compared to analyst estimates of $608.23 million. During the same quarter last year, the business earned $0.78 EPS. The company’s revenue was up 139.0% compared to the same quarter last year.
Shares of Nexstar Broadcasting Group (NASDAQ NXST) opened at 63.20 on Wednesday. The stock has a 50 day moving average of $62.05 and a 200 day moving average of $64.62. Nexstar Broadcasting Group has a 1-year low of $47.00 and a 1-year high of $73.90. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 29.35 and a beta of 2.31.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 11th will be paid a $0.30 dividend. The ex-dividend date is Wednesday, August 9th. This represents a $1.20 annualized dividend and a dividend yield of 1.90%. Nexstar Broadcasting Group’s dividend payout ratio is currently 51.50%.
A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Nexstar Broadcasting Group by 118,109.1% in the first quarter. BlackRock Inc. now owns 2,975,324 shares of the company’s stock worth $208,720,000 after buying an additional 2,972,807 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Nexstar Broadcasting Group during the second quarter worth approximately $73,774,000. Vanguard Group Inc. raised its stake in shares of Nexstar Broadcasting Group by 54.3% in the first quarter. Vanguard Group Inc. now owns 3,439,610 shares of the company’s stock worth $241,289,000 after buying an additional 1,209,744 shares during the last quarter. Muse John R acquired a new stake in shares of Nexstar Broadcasting Group during the first quarter worth approximately $70,119,000. Finally, FMR LLC raised its stake in shares of Nexstar Broadcasting Group by 52.6% in the first quarter. FMR LLC now owns 2,280,054 shares of the company’s stock worth $159,946,000 after buying an additional 785,601 shares during the last quarter.
Nexstar Broadcasting Group announced that its board has authorized a stock repurchase plan on Monday, June 12th that authorizes the company to repurchase $51.30 million in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
COPYRIGHT VIOLATION NOTICE: This piece was first reported by Daily Political and is the sole property of of Daily Political. If you are viewing this piece on another site, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The legal version of this piece can be viewed at https://www.dailypolitical.com/2017/08/08/nexstar-broadcasting-group-inc-nxst-posts-earnings-results.html.
Several research analysts have issued reports on NXST shares. ValuEngine lowered shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Royal Bank Of Canada restated a “buy” rating and set a $83.00 price target on shares of Nexstar Broadcasting Group in a report on Thursday, July 6th. Zacks Investment Research upgraded shares of Nexstar Broadcasting Group from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a report on Friday, May 5th. Wells Fargo & Company restated an “outperform” rating and set a $85.00 price target on shares of Nexstar Broadcasting Group in a report on Friday, July 14th. Finally, BidaskClub upgraded shares of Nexstar Broadcasting Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $78.00.
About Nexstar Broadcasting Group
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.
Receive News & Ratings for Nexstar Broadcasting Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nexstar Broadcasting Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.