Strs Ohio Increases Stake in Nexstar Broadcasting Group, Inc. (NXST)
Strs Ohio increased its position in Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) by 1,173.9% during the second quarter, Holdings Channel reports. The fund owned 58,600 shares of the company’s stock after buying an additional 54,000 shares during the period. Strs Ohio’s holdings in Nexstar Broadcasting Group were worth $3,504,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the company. Clear Harbor Asset Management LLC bought a new position in Nexstar Broadcasting Group during the second quarter worth about $848,000. US Bancorp DE increased its position in Nexstar Broadcasting Group by 38.3% in the second quarter. US Bancorp DE now owns 14,248 shares of the company’s stock worth $852,000 after buying an additional 3,946 shares during the last quarter. Peregrine Capital Management LLC increased its position in Nexstar Broadcasting Group by 32.2% in the second quarter. Peregrine Capital Management LLC now owns 305,061 shares of the company’s stock worth $18,243,000 after buying an additional 74,268 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in Nexstar Broadcasting Group during the second quarter worth about $73,774,000. Finally, James Investment Research Inc. increased its position in Nexstar Broadcasting Group by 827.1% in the second quarter. James Investment Research Inc. now owns 20,165 shares of the company’s stock worth $1,206,000 after buying an additional 17,990 shares during the last quarter.
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) opened at 63.20 on Wednesday. Nexstar Broadcasting Group, Inc. has a 52 week low of $47.00 and a 52 week high of $73.90. The company has a market cap of $2.98 billion, a P/E ratio of 29.35 and a beta of 2.31. The firm’s 50 day moving average is $62.05 and its 200-day moving average is $64.62.
Nexstar Broadcasting Group (NASDAQ:NXST) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.83 by $0.08. Nexstar Broadcasting Group had a net margin of 5.47% and a return on equity of 24.33%. The business had revenue of $626.11 million during the quarter, compared to analyst estimates of $608.23 million. During the same quarter in the previous year, the business posted $0.78 EPS. The company’s quarterly revenue was up 139.0% compared to the same quarter last year. On average, analysts predict that Nexstar Broadcasting Group, Inc. will post $3.31 earnings per share for the current fiscal year.
Nexstar Broadcasting Group announced that its board has approved a stock repurchase plan on Monday, June 12th that allows the company to repurchase $51.30 million in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 11th will be issued a $0.30 dividend. The ex-dividend date of this dividend 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%.
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A number of research firms recently issued reports on NXST. BidaskClub downgraded shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research note on Saturday. Zacks Investment Research raised shares of Nexstar Broadcasting Group from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Wells Fargo & Company reissued an “outperform” rating and issued a $85.00 price target on shares of Nexstar Broadcasting Group in a research note on Friday, July 14th. Royal Bank Of Canada reissued a “buy” rating and issued a $83.00 price target on shares of Nexstar Broadcasting Group in a research note on Thursday, July 6th. Finally, ValuEngine raised shares of Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Nexstar Broadcasting Group has a consensus rating of “Buy” and an average price target of $78.00.
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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