Nexstar Broadcasting Group, Inc. (NXST) Director John R. Muse Sells 82,880 Shares
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) Director John R. Muse sold 82,880 shares of the firm’s stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $59.65, for a total value of $4,943,792.00. Following the completion of the sale, the director now directly owns 6,857 shares of the company’s stock, valued at approximately $409,020.05. The transaction was disclosed in a document filed with the SEC, which is available through this link.
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) traded up 0.42% during trading on Friday, reaching $59.50. 678,248 shares of the company’s stock traded hands. The stock has a market capitalization of $2.75 billion, a P/E ratio of 24.48 and a beta of 2.27. Nexstar Broadcasting Group, Inc. has a 1-year low of $47.00 and a 1-year high of $73.90. The stock has a 50-day moving average price of $61.21 and a 200 day moving average price of $63.34.
Nexstar Broadcasting Group (NASDAQ:NXST) last announced its quarterly earnings data on Tuesday, August 8th. The company reported $0.93 earnings per share 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 company 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 earned $0.78 EPS. The firm’s revenue for the quarter was up 139.0% compared to the same quarter last year. Equities research analysts expect that Nexstar Broadcasting Group, Inc. will post $3.57 earnings per share for the current year.
Nexstar Broadcasting Group announced that its board has approved a share repurchase program on Monday, June 12th that authorizes the company to buyback $51.30 million in outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 11th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend was Wednesday, August 9th. Nexstar Broadcasting Group’s payout ratio is 48.78%.
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Hedge funds have recently added to or reduced their stakes in the business. Rovida Advisors Inc. bought a new stake in shares of Nexstar Broadcasting Group during the 2nd quarter worth about $2,912,000. Sei Investments Co. raised its holdings in shares of Nexstar Broadcasting Group by 25.1% in the 2nd quarter. Sei Investments Co. now owns 18,239 shares of the company’s stock worth $1,092,000 after purchasing an additional 3,658 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in shares of Nexstar Broadcasting Group by 2.8% in the 2nd quarter. Teacher Retirement System of Texas now owns 3,584 shares of the company’s stock worth $214,000 after purchasing an additional 99 shares in the last quarter. Strs Ohio bought a new stake in shares of Nexstar Broadcasting Group in the 1st quarter worth approximately $322,000. Finally, Horizon Investment Services LLC bought a new stake in shares of Nexstar Broadcasting Group in the 1st quarter worth approximately $3,926,000.
A number of brokerages recently issued reports on NXST. ValuEngine lowered Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Royal Bank Of Canada reiterated a “buy” rating and set a $83.00 price objective 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 report on Tuesday, July 18th. Wells Fargo & Company restated an “outperform” rating and set a $85.00 target price on shares of Nexstar Broadcasting Group in a research report on Friday, July 14th. Finally, BidaskClub upgraded Nexstar Broadcasting Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $77.00.
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.
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