Scopus Asset Management L.P. lowered its position in Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) by 10.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,059,360 shares of the company’s stock after selling 121,659 shares during the period. Nexstar Broadcasting Group comprises 1.1% of Scopus Asset Management L.P.’s investment portfolio, making the stock its 20th largest position. Scopus Asset Management L.P. owned approximately 2.25% of Nexstar Broadcasting Group worth $74,314,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the company. Russell Investments Group Ltd. acquired a new stake in shares of Nexstar Broadcasting Group during the fourth quarter worth about $2,707,000. Norges Bank acquired a new stake in shares of Nexstar Broadcasting Group during the fourth quarter worth about $17,068,000. Guggenheim Capital LLC acquired a new stake in shares of Nexstar Broadcasting Group during the fourth quarter worth about $319,000. Muse John R acquired a new stake in shares of Nexstar Broadcasting Group during the first quarter worth about $70,119,000. Finally, FMR LLC increased its stake in shares of Nexstar Broadcasting Group by 1.9% in the fourth quarter. FMR LLC now owns 1,494,453 shares of the company’s stock worth $94,599,000 after buying an additional 28,500 shares during the period.
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) traded down 0.48% during mid-day trading on Friday, hitting $62.50. The stock had a trading volume of 664,662 shares. The company has a 50 day moving average price of $60.73 and a 200 day moving average price of $64.74. Nexstar Broadcasting Group, Inc. has a one year low of $44.75 and a one year high of $73.90. The stock has a market cap of $2.95 billion, a P/E ratio of 29.03 and a beta of 2.24.
Nexstar Broadcasting Group (NASDAQ:NXST) last issued its earnings results on Tuesday, May 9th. The company reported $0.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.71. The firm had revenue of $540.32 million during the quarter, compared to analysts’ expectations of $525.76 million. Nexstar Broadcasting Group had a net margin of 5.47% and a return on equity of 24.33%. The firm’s revenue for the quarter was up 111.3% compared to the same quarter last year. During the same period last year, the firm posted $0.69 earnings per share. On average, equities analysts anticipate that Nexstar Broadcasting Group, Inc. will post $3.35 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, May 26th. Investors of record on Friday, May 12th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date was Wednesday, May 10th. Nexstar Broadcasting Group’s payout ratio is 51.50%.
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A number of analysts have issued reports on NXST shares. Benchmark Co. reaffirmed a “buy” rating and set a $89.00 price target (up from $70.00) on shares of Nexstar Broadcasting Group in a report on Wednesday, March 1st. ValuEngine downgraded Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Jefferies Group LLC reaffirmed a “buy” rating and set a $80.00 price target (up from $60.00) on shares of Nexstar Broadcasting Group in a report on Friday, March 3rd. Wedbush lifted their price target on Nexstar Broadcasting Group from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, March 1st. Finally, BidaskClub raised Nexstar Broadcasting Group from a “strong sell” rating to a “sell” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $75.63.
In related news, EVP Elizabeth Ryder sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, March 24th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the sale, the executive vice president now directly owns 3,210 shares in the company, valued at $224,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John R. Muse sold 700 shares of the firm’s stock in a transaction that occurred on Thursday, April 20th. The stock was sold at an average price of $70.01, for a total transaction of $49,007.00. Following the sale, the director now owns 7,400 shares of the company’s stock, valued at $518,074. The disclosure for this sale can be found here. Insiders have sold 46,147 shares of company stock valued at $3,234,500 over the last 90 days. 7.80% of the stock is currently owned by insiders.
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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