Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) was the target of a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 3,695,674 shares, a decrease of 60.5% from the January 13th total of 9,363,956 shares. Approximately 8.5% of the company’s stock are sold short. Based on an average trading volume of 855,805 shares, the days-to-cover ratio is currently 4.3 days.
Shares of Nexstar Broadcasting Group (NASDAQ:NXST) opened at 67.55 on Friday. The firm has a market capitalization of $2.07 billion, a PE ratio of 21.76 and a beta of 2.22. Nexstar Broadcasting Group has a 52-week low of $36.36 and a 52-week high of $68.00. The firm’s 50-day moving average price is $63.76 and its 200-day moving average price is $57.09.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 24th. Investors of record on Friday, February 10th will be paid a $0.30 dividend. This is a boost from Nexstar Broadcasting Group’s previous quarterly dividend of $0.24. The ex-dividend date is Wednesday, February 8th. This represents a $1.20 annualized dividend and a dividend yield of 1.78%. Nexstar Broadcasting Group’s payout ratio is 38.59%.
A number of research firms recently issued reports on NXST. Zacks Investment Research downgraded Nexstar Broadcasting Group from a “hold” rating to a “strong sell” rating in a research note on Saturday, January 21st. Wedbush raised their price target on Nexstar Broadcasting Group from $66.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 18th. Barrington Research raised their price target on Nexstar Broadcasting Group from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Monday, November 14th. Finally, Wells Fargo & Company restated a “buy” rating on shares of Nexstar Broadcasting Group in a research note on Monday, November 14th. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $68.00.
In related news, CEO Perry A. Sook sold 10,725 shares of the firm’s stock in a transaction that occurred on Sunday, January 15th. The stock was sold at an average price of $62.26, for a total transaction of $667,738.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Julie Pruett sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, December 23rd. The stock was sold at an average price of $63.23, for a total value of $442,610.00. Following the transaction, the senior vice president now owns 15,985 shares in the company, valued at approximately $1,010,731.55. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,016 shares of company stock worth $2,591,457. Company insiders own 7.80% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NXST. UBS Asset Management Americas Inc. boosted its position in Nexstar Broadcasting Group by 30.1% in the second quarter. UBS Asset Management Americas Inc. now owns 19,513 shares of the company’s stock valued at $929,000 after buying an additional 4,513 shares during the period. Hudson Bay Capital Management LP boosted its position in Nexstar Broadcasting Group by 143.6% in the third quarter. Hudson Bay Capital Management LP now owns 97,307 shares of the company’s stock valued at $5,616,000 after buying an additional 57,355 shares during the period. Nordea Investment Management AB boosted its position in Nexstar Broadcasting Group by 2.3% in the third quarter. Nordea Investment Management AB now owns 348,543 shares of the company’s stock valued at $20,114,000 after buying an additional 7,790 shares during the period. William Harris Investors Inc. acquired a new position in Nexstar Broadcasting Group during the fourth quarter valued at approximately $6,995,000. Finally, SG Americas Securities LLC acquired a new position in Nexstar Broadcasting Group during the third quarter valued at approximately $281,000.
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 in medium-sized markets in the United States. The Company’s segments include Broadcasting and Other.
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