Seven Eight Capital LP Sells 13,800 Shares of Nexstar Broadcasting Group, Inc. (NXST)
Seven Eight Capital LP lowered its position in Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) by 82.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,000 shares of the company’s stock after selling 13,800 shares during the quarter. Seven Eight Capital LP’s holdings in Nexstar Broadcasting Group were worth $179,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew 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 valued at $127,000 after purchasing an additional 901 shares in the last quarter. Blueport Capital L.P. purchased a new position in Nexstar Broadcasting Group in the first quarter valued at about $140,000. Thompson Siegel & Walmsley LLC purchased a new position in Nexstar Broadcasting Group in the second quarter valued at about $125,000. Invictus RG purchased a new position in Nexstar Broadcasting Group in the first quarter valued at about $149,000. Finally, Bronfman E.L. Rothschild L.P. purchased a new position in Nexstar Broadcasting Group in the second quarter valued at about $145,000.
NXST has been the topic of a number of recent research reports. ValuEngine downgraded Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Royal Bank Of Canada restated a “buy” rating and issued a $83.00 target price on shares of Nexstar Broadcasting Group in a research note on Thursday, July 6th. Zacks Investment Research upgraded Nexstar Broadcasting Group from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Wells Fargo & Company reiterated an “outperform” rating and set a $85.00 price target on shares of Nexstar Broadcasting Group in a research note on Friday, July 14th. Finally, BidaskClub upgraded Nexstar Broadcasting Group from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $77.00.
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Shares of Nexstar Broadcasting Group, Inc. (NXST) opened at 60.00 on Wednesday. Nexstar Broadcasting Group, Inc. has a 1-year low of $47.00 and a 1-year high of $73.90. The company has a market cap of $2.77 billion, a P/E ratio of 24.68 and a beta of 2.27. The stock’s 50 day moving average price is $61.21 and its 200 day moving average price is $63.34.
Nexstar Broadcasting Group (NASDAQ:NXST) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.01. Nexstar Broadcasting Group had a return on equity of 18.35% and a net margin of 5.44%. The business had revenue of $626.11 million during the quarter, compared to analysts’ expectations of $608.23 million. During the same quarter last year, the company posted $0.78 earnings per share. Nexstar Broadcasting Group’s quarterly revenue was up 139.0% on a year-over-year basis. Equities research analysts forecast that Nexstar Broadcasting Group, Inc. will post $3.57 earnings per share for the current year.
Nexstar Broadcasting Group announced that its Board of Directors has initiated a share repurchase program on Monday, June 12th that permits the company to buyback $51.30 million in shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date was Wednesday, August 9th. Nexstar Broadcasting Group’s dividend payout ratio is presently 48.78%.
In other news, CFO Thomas Carter sold 3,125 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $63.50, for a total transaction of $198,437.50. Following the completion of the sale, the chief financial officer now owns 67,836 shares in the company, valued at $4,307,586. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Dennis Miller sold 4,500 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $63.49, for a total value of $285,705.00. The disclosure for this sale can be found here. Insiders own 8.40% of the company’s stock.
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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