It looks like the stars have aligned for Nexstar Broadcasting Group Inc. (NXST
), one of the nation’s top 20 television broadcasting companies in Irving, Texas. Yesterday, the company reported plans for a major expansion that is “expected to result in a total leverage ratio of approximately 3.5 times at year-end 2014,” according to Nexstar’s chairman and CEO Perry A. Sook. The company also reported yesterday a new record for its first quarter 2013 revenue of $112.2 million, an increase of 34.2%. In 2012 the company generated a record net revenue of $379 million, with cash flow of $171 million and adjusted EBITDA of $146 million. Nexstar is also getting the yes vote from one of the richest investors in the U.S., Steven Cohen
of SAC Capital Advisors, recently listed as third on the latest “Rich List” by Institutional Investors Alpha. Cohen is reported to have earned $1.4 billion in 2012.
As of May 7, 2013, Cohen, the intuitive, poker-playing hedge fund genius, increased his position with Nexstar Broadcasting Group (NXST
) by a12,851.79%, picking up around 1.5 million shares in the price range $26.73. This trade impacts his portfolio by 0.24%. Continue Reading »