Royal Bank Of Canada Reaffirms Outperform Rating for Nexstar Broadcasting Group, Inc. (NXST)
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST)‘s stock had its “outperform” rating reiterated by stock analysts at Royal Bank Of Canada in a note issued to investors on Thursday. They currently have a $81.00 price target on the stock, down from their prior price target of $83.00. Royal Bank Of Canada’s price objective would indicate a potential upside of 26.17% from the stock’s previous close.
Other equities analysts have also issued research reports about the stock. BidaskClub lowered shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. Zacks Investment Research lowered shares of Nexstar Broadcasting Group from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. ValuEngine raised shares of Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Finally, Wells Fargo & Company reaffirmed an “outperform” rating and set a $85.00 target price on shares of Nexstar Broadcasting Group in a research report on Friday, July 14th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $77.75.
Nexstar Broadcasting Group (NXST) traded down 0.39% on Thursday, reaching $63.95. 126,581 shares of the company’s stock were exchanged. The stock has a market capitalization of $3.02 billion, a PE ratio of 26.31 and a beta of 2.31. Nexstar Broadcasting Group has a 12 month low of $47.00 and a 12 month high of $73.90. The firm has a 50 day moving average of $62.23 and a 200 day moving average of $64.66.
Nexstar Broadcasting Group (NASDAQ:NXST) last released its quarterly earnings results on Tuesday, August 8th. The company reported $0.93 EPS for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.01. Nexstar Broadcasting Group had a net margin of 5.44% and a return on equity of 23.10%. The company had revenue of $626.11 million for the quarter, compared to analyst estimates of $608.23 million. During the same quarter last year, the firm posted $0.78 earnings per share. The company’s quarterly revenue was up 139.0% compared to the same quarter last year. Equities analysts predict that Nexstar Broadcasting Group will post $3.22 earnings per share for the current fiscal year.
Nexstar Broadcasting Group announced that its board has authorized a share buyback program on Monday, June 12th that allows the company to buyback $51.30 million in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
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Large investors have recently bought and sold shares of the company. Guggenheim Capital LLC acquired a new stake in Nexstar Broadcasting Group during the fourth quarter worth $319,000. Norges Bank acquired a new stake in Nexstar Broadcasting Group during the fourth quarter worth $17,068,000. Teachers Advisors LLC increased its stake in Nexstar Broadcasting Group by 1.4% in the fourth quarter. Teachers Advisors LLC now owns 48,784 shares of the company’s stock worth $3,088,000 after buying an additional 665 shares in the last quarter. First National Bank of Omaha increased its stake in Nexstar Broadcasting Group by 44.8% in the first quarter. First National Bank of Omaha now owns 28,351 shares of the company’s stock worth $1,989,000 after buying an additional 8,765 shares in the last quarter. Finally, Parametrica Management Ltd acquired a new stake in Nexstar Broadcasting Group during the first quarter worth $437,000.
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.
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