B. Riley Raises Nexstar Broadcasting Group, Inc. (NXST) Price Target to $84.00
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) had its target price increased by B. Riley from $79.00 to $84.00 in a research report released on Tuesday. The firm currently has a buy rating on the stock. B. Riley also issued estimates for Nexstar Broadcasting Group’s Q4 2017 earnings at $1.73 EPS, FY2017 earnings at $3.79 EPS, Q1 2018 earnings at $1.55 EPS, Q2 2018 earnings at $1.55 EPS, Q3 2018 earnings at $1.55 EPS, Q4 2018 earnings at $2.59 EPS, FY2018 earnings at $7.24 EPS, FY2019 earnings at $6.32 EPS and FY2020 earnings at $8.65 EPS.
Other equities research analysts have also recently issued reports about the company. BidaskClub upgraded Nexstar Broadcasting Group from a hold rating to a buy rating in a research note on Friday, August 11th. Guggenheim started coverage on Nexstar Broadcasting Group in a research note on Wednesday, October 18th. They set a buy rating and a $90.00 price objective for the company. Jefferies Group LLC restated a buy rating and set a $80.00 price objective on shares of Nexstar Broadcasting Group in a research note on Thursday, September 21st. Royal Bank of Canada restated a buy rating and set a $81.00 price objective on shares of Nexstar Broadcasting Group in a research note on Monday, September 18th. Finally, Zacks Investment Research raised Nexstar Broadcasting Group from a hold rating to a buy rating and set a $66.00 target price on the stock in a research report on Wednesday, September 13th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $80.91.
Shares of Nexstar Broadcasting Group (NASDAQ NXST) traded down $0.55 during midday trading on Tuesday, hitting $65.65. The company had a trading volume of 784,200 shares, compared to its average volume of 720,564. The company has a quick ratio of 1.36, a current ratio of 1.35 and a debt-to-equity ratio of 3.58. The stock has a market cap of $3,016.48, a PE ratio of 17.38, a P/E/G ratio of 1.46 and a beta of 2.24. Nexstar Broadcasting Group has a 1 year low of $55.00 and a 1 year high of $73.90.
Nexstar Broadcasting Group (NASDAQ:NXST) last issued its quarterly earnings data on Monday, November 6th. The company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.09. The firm had revenue of $611.87 million during the quarter, compared to analysts’ expectations of $609.44 million. Nexstar Broadcasting Group had a return on equity of 16.20% and a net margin of 5.60%. The firm’s quarterly revenue was up 122.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.78 EPS. analysts predict that Nexstar Broadcasting Group will post 3.51 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Thursday, November 16th. Nexstar Broadcasting Group’s dividend payout ratio is currently 45.11%.
In other news, Director John R. Muse sold 229,267 shares of the stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $59.50, for a total value of $13,641,386.50. Following the transaction, the director now directly owns 4,743 shares of the company’s stock, valued at $282,208.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John R. Muse sold 8,473 shares of the stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $60.03, for a total value of $508,634.19. Following the completion of the transaction, the director now directly owns 7,108 shares in the company, valued at $426,693.24. The disclosure for this sale can be found here. Insiders have sold a total of 970,307 shares of company stock worth $58,146,660 over the last ninety days. 7.80% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Rovida Advisors Inc. acquired a new position in shares of Nexstar Broadcasting Group in the second quarter valued at about $2,912,000. Sei Investments Co. increased its holdings in shares of Nexstar Broadcasting Group by 25.1% in the second quarter. Sei Investments Co. now owns 18,239 shares of the company’s stock valued at $1,092,000 after purchasing an additional 3,658 shares during the period. Teacher Retirement System of Texas increased its holdings in shares of Nexstar Broadcasting Group by 2.8% in the second quarter. Teacher Retirement System of Texas now owns 3,584 shares of the company’s stock valued at $214,000 after purchasing an additional 99 shares during the period. Lazard Asset Management LLC increased its holdings in shares of Nexstar Broadcasting Group by 64.1% in the second quarter. Lazard Asset Management LLC now owns 133,121 shares of the company’s stock valued at $7,960,000 after purchasing an additional 52,015 shares during the period. Finally, Emerald Advisers Inc. PA increased its holdings in shares of Nexstar Broadcasting Group by 2.0% in the second quarter. Emerald Advisers Inc. PA now owns 425,260 shares of the company’s stock valued at $25,431,000 after purchasing an additional 8,270 shares during the period.
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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