Nexstar Broadcasting Group, Inc. (NXST) Earns “Buy” Rating from Jefferies Group LLC
Jefferies Group LLC reaffirmed their buy rating on shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) in a research report released on Thursday. Jefferies Group LLC currently has a $80.00 price objective on the stock.
NXST has been the subject of several other research reports. Zacks Investment Research raised shares of Nexstar Broadcasting Group from a hold rating to a buy rating and set a $66.00 price target for the company in a research report on Wednesday, September 13th. ValuEngine lowered shares of Nexstar Broadcasting Group from a buy rating to a hold rating in a research report on Friday, June 2nd. BidaskClub lowered shares of Nexstar Broadcasting Group from a buy rating to a hold rating in a research report on Thursday, August 17th. Royal Bank Of Canada reaffirmed an outperform rating and set a $81.00 price target (down previously from $83.00) on shares of Nexstar Broadcasting Group in a research report on Thursday, August 10th. Finally, Wells Fargo & Company reaffirmed an outperform rating and set a $85.00 price target on shares of Nexstar Broadcasting Group in a research report on Friday, July 14th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Nexstar Broadcasting Group currently has an average rating of Buy and an average target price of $77.00.
Shares of Nexstar Broadcasting Group (NXST) opened at 59.50 on Thursday. Nexstar Broadcasting Group has a 12-month low of $47.00 and a 12-month high of $73.90. The company’s 50-day moving average is $61.21 and its 200-day moving average is $63.34. The stock has a market cap of $2.75 billion, a P/E ratio of 24.48 and a beta of 2.27.
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 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 firm had revenue of $626.11 million during the quarter, compared to analyst estimates of $608.23 million. During the same quarter in the prior year, the firm earned $0.78 EPS. The business’s revenue for the quarter was up 139.0% compared to the same quarter last year. On average, equities research analysts anticipate that Nexstar Broadcasting Group will post $3.57 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 11th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend was Wednesday, August 9th. Nexstar Broadcasting Group’s dividend payout ratio is 48.78%.
Nexstar Broadcasting Group announced that its board has initiated a stock buyback program on Monday, June 12th that permits the company to repurchase $51.30 million in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
In related news, CFO Thomas Carter sold 3,125 shares of the stock in a transaction that occurred 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 directly owns 67,836 shares of the company’s stock, valued at approximately $4,307,586. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John R. Muse sold 82,880 shares of the stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $59.65, for a total transaction 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 $409,020.05. The disclosure for this sale can be found here. Insiders sold a total of 102,175 shares of company stock valued at $6,128,482 over the last three months. 7.80% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Phocas Financial Corp. increased its holdings in Nexstar Broadcasting Group by 4.7% in the 2nd quarter. Phocas Financial Corp. now owns 154,828 shares of the company’s stock worth $9,259,000 after acquiring an additional 6,908 shares in the last quarter. Sentry Investment Management LLC increased its holdings in Nexstar Broadcasting Group by 1.7% in the 2nd quarter. Sentry Investment Management LLC now owns 51,683 shares of the company’s stock worth $3,091,000 after acquiring an additional 881 shares in the last quarter. Cetera Investment Advisers purchased a new stake in Nexstar Broadcasting Group in the 2nd quarter worth approximately $260,000. Public Employees Retirement System of Ohio increased its holdings in Nexstar Broadcasting Group by 9.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 42,068 shares of the company’s stock worth $2,516,000 after acquiring an additional 3,665 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new stake in Nexstar Broadcasting Group in the 2nd quarter worth approximately $299,000.
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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