Nexstar Broadcasting Group, Inc. (NXST) Director Sells $38,538,524.00 in Stock
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) Director John R. Muse sold 641,240 shares of the firm’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $60.10, for a total value of $38,538,524.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Nexstar Broadcasting Group, Inc. (NASDAQ NXST) traded down 2.17% during midday trading on Monday, reaching $60.95. The company had a trading volume of 924,666 shares. Nexstar Broadcasting Group, Inc. has a 52-week low of $47.00 and a 52-week high of $73.90. The company has a market capitalization of $2.82 billion, a P/E ratio of 24.38 and a beta of 2.22. The company’s 50 day moving average is $61.21 and its 200-day moving average is $63.34.
Nexstar Broadcasting Group (NASDAQ:NXST) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.01. The company had revenue of $626.11 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 EPS. Equities analysts expect that Nexstar Broadcasting Group, Inc. will post $3.57 earnings per share for the current fiscal year.
Nexstar Broadcasting Group announced that its board has approved a stock repurchase plan on Monday, June 12th that allows the company to buyback $51.30 million in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
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A number of research firms have commented on NXST. BidaskClub upgraded Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research report on Friday, August 11th. Zacks Investment Research upgraded 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 upgraded Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Royal Bank Of Canada restated a “buy” rating and issued a $83.00 price target on shares of Nexstar Broadcasting Group in a research report on Thursday, July 6th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of Nexstar Broadcasting Group in a research note on Thursday, September 21st. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Nexstar Broadcasting Group presently has a consensus rating of “Buy” and a consensus price target of $78.71.
A number of hedge funds have recently added to or reduced their stakes in the stock. Thompson Siegel & Walmsley LLC acquired a new position in Nexstar Broadcasting Group in the second quarter worth approximately $125,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of 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 buying an additional 901 shares in the last quarter. Blueport Capital L.P. bought a new position in shares of Nexstar Broadcasting Group in the first quarter valued at $140,000. Bronfman E.L. Rothschild L.P. bought a new position in shares of Nexstar Broadcasting Group in the second quarter valued at $145,000. Finally, Invictus RG bought a new position in shares of Nexstar Broadcasting Group in the first quarter valued at $149,000.
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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