Neuberger Berman Group LLC Has $195.39 Million Position in Nexstar Broadcasting Group, Inc. (NXST)
Neuberger Berman Group LLC lowered its stake in shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) by 1.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,267,335 shares of the company’s stock after selling 37,199 shares during the period. Neuberger Berman Group LLC owned about 6.92% of Nexstar Broadcasting Group worth $195,387,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in shares of Nexstar Broadcasting Group by 1.0% in the first quarter. Bank of New York Mellon Corp now owns 2,098,247 shares of the company’s stock valued at $147,191,000 after buying an additional 21,029 shares during the period. Strs Ohio bought a new stake in Nexstar Broadcasting Group during the first quarter valued at $322,000. Gabelli Funds LLC bought a new stake in Nexstar Broadcasting Group during the first quarter valued at $13,208,000. Horizon Investment Services LLC bought a new stake in Nexstar Broadcasting Group during the first quarter valued at $3,926,000. Finally, Emerald Advisers Inc. PA increased its stake in 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 buying an additional 8,270 shares during the last quarter.
Shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) opened at 60.85 on Monday. The firm has a market cap of $2.81 billion, a P/E ratio of 25.03 and a beta of 2.31. The company has a 50-day moving average of $62.95 and a 200 day moving average of $64.42. Nexstar Broadcasting Group, Inc. has a 12-month low of $47.00 and a 12-month high of $73.90.
Nexstar Broadcasting Group (NASDAQ:NXST) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.01. The company had revenue of $626.11 million during the quarter, compared to analysts’ expectations of $608.23 million. Nexstar Broadcasting Group had a return on equity of 18.35% and a net margin of 5.44%. The business’s quarterly revenue was up 139.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.78 earnings per share. Equities analysts predict that Nexstar Broadcasting Group, Inc. will post $3.57 EPS for the current year.
Nexstar Broadcasting Group announced that its Board of Directors has approved a stock repurchase plan on Monday, June 12th that allows the company to buyback $51.30 million in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were paid a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $1.20 annualized dividend and a dividend yield of 1.97%. Nexstar Broadcasting Group’s payout ratio is 48.78%.
Several equities research analysts recently weighed in on NXST shares. ValuEngine downgraded shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Nexstar Broadcasting Group in a report on Thursday, July 6th. Zacks Investment Research raised shares of Nexstar Broadcasting Group from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a report on Friday, May 5th. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $85.00 price objective on shares of Nexstar Broadcasting Group in a report on Friday, July 14th. Finally, BidaskClub raised shares of Nexstar Broadcasting Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $77.75.
In related news, Director Dennis Miller sold 4,500 shares of the company’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $63.49, for a total transaction of $285,705.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Thomas Carter sold 3,125 shares of the company’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 sale, the chief financial officer now owns 67,836 shares in the company, valued at approximately $4,307,586. The disclosure for this sale can be found here. Corporate insiders own 8.40% of the company’s stock.
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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