Cresset Asset Management LLC Cuts Position in Nexstar Media Group, Inc. (NASDAQ:NXST)

Cresset Asset Management LLC reduced its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 71.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,122 shares of the company's stock after selling 5,423 shares during the quarter. Cresset Asset Management LLC's holdings in Nexstar Media Group were worth $335,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of NXST. SBI Securities Co. Ltd. purchased a new position in shares of Nexstar Media Group during the 4th quarter valued at $25,000. Jones Financial Companies Lllp lifted its holdings in Nexstar Media Group by 15.3% during the fourth quarter. Jones Financial Companies Lllp now owns 550 shares of the company's stock valued at $87,000 after purchasing an additional 73 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its position in Nexstar Media Group by 99.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 786 shares of the company's stock worth $124,000 after purchasing an additional 392 shares during the period. Venturi Wealth Management LLC increased its stake in shares of Nexstar Media Group by 31.0% in the fourth quarter. Venturi Wealth Management LLC now owns 883 shares of the company's stock worth $139,000 after purchasing an additional 209 shares in the last quarter. Finally, Covestor Ltd lifted its position in shares of Nexstar Media Group by 49.7% during the fourth quarter. Covestor Ltd now owns 949 shares of the company's stock worth $150,000 after acquiring an additional 315 shares in the last quarter. Hedge funds and other institutional investors own 95.30% of the company's stock.

Insiders Place Their Bets

In related news, Director Charles Thomas Mcmillen sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $169.51, for a total value of $339,020.00. Following the transaction, the director now owns 4,975 shares of the company's stock, valued at $843,312.25. This represents a 28.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew Alford sold 3,768 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.98, for a total value of $685,700.64. Following the transaction, the insider now directly owns 5,405 shares in the company, valued at $983,601.90. The trade was a 41.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,558 shares of company stock worth $7,504,098 in the last 90 days. 6.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

NXST has been the topic of a number of analyst reports. Guggenheim boosted their price objective on Nexstar Media Group from $210.00 to $220.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Wall Street Zen downgraded shares of Nexstar Media Group from a "buy" rating to a "hold" rating in a report on Monday, March 3rd. Barrington Research reaffirmed an "outperform" rating and set a $200.00 price objective on shares of Nexstar Media Group in a research note on Tuesday, May 13th. Benchmark decreased their target price on shares of Nexstar Media Group from $225.00 to $215.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $200.00 price target on shares of Nexstar Media Group in a report on Monday, March 10th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Nexstar Media Group has a consensus rating of "Moderate Buy" and an average target price of $205.71.

Nexstar Media Group Stock Up 0.3%

Shares of NASDAQ NXST traded up $0.52 during trading on Thursday, reaching $171.25. The company had a trading volume of 30,855 shares, compared to its average volume of 389,949. Nexstar Media Group, Inc. has a 12-month low of $141.66 and a 12-month high of $191.86. The stock has a market cap of $5.22 billion, a PE ratio of 9.90, a P/E/G ratio of 0.45 and a beta of 1.06. The business's 50-day moving average is $162.86 and its 200 day moving average is $162.16. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 2.98.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $3.37 EPS for the quarter, beating analysts' consensus estimates of $3.26 by $0.11. Nexstar Media Group had a return on equity of 26.03% and a net margin of 11.39%. The company had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter in the prior year, the business earned $5.16 earnings per share. Nexstar Media Group's revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, equities analysts forecast that Nexstar Media Group, Inc. will post 21.62 earnings per share for the current fiscal year.

Nexstar Media Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be paid a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a yield of 4.34%. The ex-dividend date of this dividend is Monday, May 19th. Nexstar Media Group's dividend payout ratio (DPR) is presently 37.69%.

Nexstar Media Group Profile

Nexstar Media Group, Inc operates as a diversified media company that produces and distributes engaging local and national news, sports and entertainment content across the television and digital platforms in the United States. It owns, operates, programs, or provides sales and other services to various markets; and offers television programming services.