Nexstar Broadcasting Group, Inc. (NXST) Holdings Reduced by Fmr LLC
Fmr LLC lowered its position in Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) by 18.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,849,483 shares of the company’s stock after selling 430,571 shares during the quarter. Fmr LLC owned approximately 3.92% of Nexstar Broadcasting Group worth $110,599,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Thompson Siegel & Walmsley LLC acquired a new stake in Nexstar Broadcasting Group in the second quarter valued at $125,000. Blueport Capital L.P. acquired a new stake in Nexstar Broadcasting Group in the first quarter valued at $140,000. Bronfman E.L. Rothschild L.P. acquired a new stake in Nexstar Broadcasting Group in the second quarter valued at $145,000. Invictus RG acquired a new stake in Nexstar Broadcasting Group in the first quarter valued at $149,000. Finally, SG Americas Securities LLC lifted its stake in Nexstar Broadcasting Group by 48.4% in the first quarter. SG Americas Securities LLC now owns 2,633 shares of the company’s stock valued at $185,000 after acquiring an additional 859 shares during the last quarter.
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) opened at 62.70 on Monday. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 25.79 and a beta of 2.22. Nexstar Broadcasting Group, Inc. has a 12 month low of $47.00 and a 12 month high of $73.90. The stock has a 50 day moving average of $60.52 and a 200 day moving average of $62.61.
Nexstar Broadcasting Group (NASDAQ:NXST) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.01. The firm had revenue of $626.11 million for the quarter, compared to the consensus estimate of $608.23 million. Nexstar Broadcasting Group had a net margin of 5.44% and a return on equity of 18.35%. The business’s revenue for the quarter was up 139.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.78 EPS. Equities analysts anticipate that Nexstar Broadcasting Group, Inc. will post $3.57 EPS for the current fiscal year.
Nexstar Broadcasting Group declared that its Board of Directors has authorized a share buyback program on Monday, June 12th that authorizes the company to repurchase $51.30 million in outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In related news, CFO Thomas Carter sold 3,125 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $63.50, for a total value of $198,437.50. Following the transaction, the chief financial officer now directly owns 67,836 shares of the company’s stock, valued at approximately $4,307,586. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John R. Muse sold 641,240 shares of the business’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $60.10, for a total transaction of $38,538,524.00. The disclosure for this sale can be found here. Insiders sold a total of 972,682 shares of company stock worth $58,308,393 over the last three months. 8.40% of the stock is owned by insiders.
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A number of brokerages have commented on NXST. BidaskClub upgraded shares of Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research note on Friday, August 11th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $81.00 price target (down previously from $83.00) on shares of Nexstar Broadcasting Group in a research note on Thursday, August 10th. Zacks Investment Research cut shares of Nexstar Broadcasting Group from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Jefferies Group LLC reiterated a “buy” rating and issued a $80.00 price target on shares of Nexstar Broadcasting Group in a research note on Thursday, September 21st. Finally, ValuEngine upgraded shares of Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $78.71.
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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