Todays Report: Today: Nexstar Broadcasting Group Inc. (NXST) Upgraded at Zacks Investment Research

Today: Nexstar Broadcasting Group Inc. (NXST) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Nexstar Broadcasting Group Inc. (NASDAQ:NXST) from a strong sell rating to a hold rating in a report issued on Wednesday. The firm currently has $63.00 price objective on the stock.

According to Zacks, “Nexstar Broadcasting Group currently owns, operates, programs or provides sales and other services to television stations in the states of Illinois, Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama and New York. Nexstar’s television station group includes affiliates of NBC, CBS, ABC, FOX and UPN. “

NXST has been the subject of several other research reports. Jefferies Group restated a buy rating and issued a $60.00 price objective on shares of Nexstar Broadcasting Group in a research report on Wednesday, September 28th. Stephens set a $65.00 price objective on shares of Nexstar Broadcasting Group and gave the company a buy rating in a research report on Wednesday, September 28th. Finally, Wells Fargo & Co. restated a positive rating and issued a $66.00 price objective on shares of Nexstar Broadcasting Group in a research report on Monday, July 18th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Nexstar Broadcasting Group presently has an average rating of Buy and an average target price of $67.75.

Shares of Nexstar Broadcasting Group (NASDAQ:NXST) traded down 1.13% during midday trading on Wednesday, hitting $52.53. 22,110 shares of the company traded hands. Nexstar Broadcasting Group has a 12-month low of $34.65 and a 12-month high of $61.79. The stock’s 50-day moving average is $54.51 and its 200 day moving average is $51.58. The stock has a market capitalization of $1.61 billion, a P/E ratio of 18.42 and a beta of 2.30.

Nexstar Broadcasting Group (NASDAQ:NXST) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by $0.07. The firm had revenue of $261.99 million for the quarter, compared to the consensus estimate of $265.19 million. Nexstar Broadcasting Group had a net margin of 9.12% and a return on equity of 89.87%. The company’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.63 earnings per share. On average, analysts expect that Nexstar Broadcasting Group will post $3.81 earnings per share for the current year.

In related news, CFO Thomas Carter sold 1,236 shares of Nexstar Broadcasting Group stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $51.52, for a total transaction of $63,678.72. Following the transaction, the chief financial officer now owns 67,836 shares of the company’s stock, valued at approximately $3,494,910.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Blake Russell sold 10,000 shares of Nexstar Broadcasting Group stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $52.38, for a total transaction of $523,800.00. Following the transaction, the senior vice president now directly owns 27,861 shares in the company, valued at approximately $1,459,359.18. The disclosure for this sale can be found here. Insiders own 7.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NXST. BNP Paribas Arbitrage SA raised its position in Nexstar Broadcasting Group by 110.3% in the third quarter. BNP Paribas Arbitrage SA now owns 2,454 shares of the company’s stock valued at $142,000 after buying an additional 1,287 shares during the last quarter. BlackRock Inc. raised its position in Nexstar Broadcasting Group by 72.4% in the second quarter. BlackRock Inc. now owns 3,609 shares of the company’s stock valued at $172,000 after buying an additional 1,516 shares during the last quarter. Teacher Retirement System of Texas raised its position in Nexstar Broadcasting Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 4,285 shares of the company’s stock valued at $204,000 after buying an additional 518 shares during the last quarter. Cantab Capital Partners LLP raised its position in Nexstar Broadcasting Group by 1,080.4% in the second quarter. Cantab Capital Partners LLP now owns 5,300 shares of the company’s stock valued at $252,000 after buying an additional 4,851 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in Nexstar Broadcasting Group during the second quarter valued at $281,000.

Nexstar Broadcasting Group Company Profile

Nexstar Broadcasting Group, Inc (Nexstar) 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 in medium-sized markets in the United States. The Company’s segments include Broadcasting and Other.

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