Barrington Research Research Analysts Lift Earnings Estimates for Nexstar Broadcasting Group, Inc. (NXST)
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) – Equities researchers at Barrington Research increased their FY2019 earnings per share (EPS) estimates for Nexstar Broadcasting Group in a research report issued on Monday. Barrington Research analyst J. Goss now expects that the company will post earnings per share of $6.40 for the year, up from their prior forecast of $5.75.
Nexstar Broadcasting Group (NASDAQ:NXST) last issued its quarterly earnings data on Tuesday, August 8th. The company reported $0.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.01. Nexstar Broadcasting Group had a net margin of 5.44% and a return on equity of 18.35%. The business had revenue of $626.11 million during the quarter, compared to analyst estimates of $608.23 million. During the same period last year, the business posted $0.78 earnings per share. Nexstar Broadcasting Group’s quarterly revenue was up 139.0% compared to the same quarter last year.
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Other equities research analysts have also recently issued research reports about the stock. BidaskClub cut shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research report on Thursday. Royal Bank Of Canada reiterated a “buy” rating and issued a $83.00 price objective on shares of Nexstar Broadcasting Group in a research note on Thursday, July 6th. Zacks Investment Research lowered shares of Nexstar Broadcasting Group from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. ValuEngine upgraded shares of Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. Finally, Wells Fargo & Company reiterated an “outperform” rating and issued a $85.00 price objective on shares of Nexstar Broadcasting Group in a research note on Friday, July 14th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $77.75.
Nexstar Broadcasting Group (NASDAQ NXST) traded down 1.657% during trading on Thursday, hitting $60.825. 1,229,982 shares of the stock traded hands. The firm has a market cap of $2.81 billion, a PE ratio of 25.021 and a beta of 2.31. The firm has a 50-day moving average price of $62.90 and a 200 day moving average price of $64.67. Nexstar Broadcasting Group has a 12 month low of $47.00 and a 12 month high of $73.90.
A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Nexstar Broadcasting Group by 1.8% in the second quarter. Vanguard Group Inc. now owns 3,502,491 shares of the company’s stock worth $209,449,000 after buying an additional 62,881 shares during the last quarter. Neuberger Berman Group LLC boosted its position in Nexstar Broadcasting Group by 14.2% in the first quarter. Neuberger Berman Group LLC now owns 3,304,534 shares of the company’s stock worth $231,813,000 after buying an additional 411,280 shares during the period. BlackRock Inc. boosted its position in 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 period. FMR LLC boosted its position in 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 period. Finally, Bank of New York Mellon Corp boosted its position in Nexstar Broadcasting Group by 1.0% in the first quarter. Bank of New York Mellon Corp now owns 2,098,247 shares of the company’s stock worth $147,191,000 after buying an additional 21,029 shares during the period.
In related news, CFO Thomas Carter sold 3,125 shares of the company’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $63.50, for a total value of $198,437.50. Following the completion of the sale, the chief financial officer now owns 67,836 shares in the company, valued at approximately $4,307,586. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Dennis Miller sold 4,500 shares of the company’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $63.49, for a total transaction of $285,705.00. The disclosure for this sale can be found here. Insiders own 7.80% of the company’s stock.
Nexstar Broadcasting Group declared that its board has authorized a share buyback program on Monday, June 12th that authorizes the company to buyback $51.30 million in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 11th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Wednesday, August 9th. Nexstar Broadcasting Group’s dividend payout ratio (DPR) is presently 48.78%.
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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