13,562 Nexstar Media Group, Inc. $NXST Shares Sold by Sterling Capital Management LLC

Key Points

• Sterling Capital Management cut its Nexstar Media Group stake by 94.3%, selling 13,562 shares and retaining 824 shares worth approximately $133,000. Institutional investors collectively own 95.3% of NXST.
• Analyst sentiment remains generally positive, with six Buy ratings, one Hold and one Sell; the stock has an average “Moderate Buy” rating and a consensus price target of $256.50, despite some recent downgrades.
• Nexstar reported quarterly revenue of $1.99 billion, up 62.2% year over year, but missed earnings expectations with EPS of $3.61 versus the $5.98 consensus. The company declared a quarterly dividend of $1.86, representing a 4.3% yield.

Sterling Capital Management LLC lessened its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 94.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 824 shares of the company's stock after selling 13,562 shares during the period. Sterling Capital Management LLC's holdings in Nexstar Media Group were worth $133,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. SBI Securities Co. Ltd. raised its position in shares of Nexstar Media Group by 139.2% in the third quarter. SBI Securities Co. Ltd. now owns 378 shares of the company's stock valued at $61,000 after buying an additional 220 shares in the last quarter. Harbor Investment Advisory LLC acquired a new stake in Nexstar Media Group during the second quarter worth approximately $63,000. Allworth Financial LP grew its position in Nexstar Media Group by 35.8% during the second quarter. Allworth Financial LP now owns 360 shares of the company's stock worth $64,000 after buying an additional 95 shares in the last quarter. C M Bidwell & Associates Ltd. bought a new position in Nexstar Media Group during the 2nd quarter worth $67,000. Finally, Parvin Asset Management LLC bought a new position in Nexstar Media Group during the 2nd quarter worth $80,000. 95.30% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

NXST has been the subject of several analyst reports. Zacks Research cut Nexstar Media Group from a "hold" rating to a "strong sell" rating in a report on Monday, August 10th. Wall Street Zen lowered Nexstar Media Group from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Deutsche Bank Aktiengesellschaft reduced their target price on Nexstar Media Group from $255.00 to $240.00 and set a "buy" rating on the stock in a report on Monday, August 10th. Wells Fargo & Company decreased their price target on Nexstar Media Group from $253.00 to $249.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nexstar Media Group in a research note on Monday, August 24th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $256.50.

Nexstar Media Group Stock Performance

NASDAQ NXST opened at $171.44 on Monday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 5.09. The firm has a market capitalization of $5.28 billion, a price-to-earnings ratio of 32.91 and a beta of 0.94. The firm's 50 day simple moving average is $167.96 and its 200 day simple moving average is $192.48. Nexstar Media Group, Inc. has a 1 year low of $153.17 and a 1 year high of $254.30.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $3.61 EPS for the quarter, missing the consensus estimate of $5.98 by ($2.37). Nexstar Media Group had a net margin of 3.20% and a return on equity of 24.02%. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the firm earned $3.06 earnings per share. The firm's revenue for the quarter was up 62.2% on a year-over-year basis. As a group, research analysts expect that Nexstar Media Group, Inc. will post 32.88 earnings per share for the current fiscal year.

Nexstar Media Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 13th will be paid a $1.86 dividend. The ex-dividend date is Friday, November 13th. This represents a $7.44 annualized dividend and a dividend yield of 4.3%. Nexstar Media Group's dividend payout ratio (DPR) is presently 142.80%.

Insiders Place Their Bets

In other Nexstar Media Group news, insider Dana Zimmer sold 4,008 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $187.46, for a total transaction of $751,339.68. Following the completion of the transaction, the insider owned 1,792 shares of the company's stock, valued at approximately $335,928.32. The trade was a 69.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew Alford sold 2,823 shares of the business's stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $165.69, for a total value of $467,742.87. Following the transaction, the insider directly owned 11,726 shares of the company's stock, valued at approximately $1,942,880.94. The trade was a 19.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 9,596 shares of company stock worth $1,733,169 over the last 90 days. Corporate insiders own 7.00% of the company's stock.

Nexstar Media Group Company Profile

Nexstar Media Group, Inc is a television broadcasting and digital media company headquartered in Irving, Texas. The company operates local television stations across the United States, with stations affiliated with major networks including ABC, NBC, CBS, FOX, The CW and MyNetworkTV. Its local media operations provide news, weather, sports, entertainment and other programming to audiences in markets nationwide.

Nexstar also owns and operates national media properties, including NewsNation, a cable and streaming news network, and The Hill, a political news and information platform.

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