Strs Ohio Purchases New Stake in Nexstar Media Group, Inc. $NXST

Key Points

• Strs Ohio has acquired a new stake in Nexstar Media Group (NASDAQ:NXST), purchasing 6,821 shares valued at approximately $1.22 million during the first quarter.
• Several institutional investors significantly increased their holdings in Nexstar Media Group, with some like Whipplewood Advisors LLC raising their position by over 800% within the same quarter.
• Equity analysts have raised their price targets for Nexstar Media Group, with Wells Fargo and Guggenheim both setting new targets at $250, contributing to a consensus rating of "Moderate Buy."

Strs Ohio bought a new stake in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 6,821 shares of the company's stock, valued at approximately $1,222,000.

A number of other hedge funds have also modified their holdings of NXST. Deutsche Bank AG raised its position in shares of Nexstar Media Group by 7.9% in the 4th quarter. Deutsche Bank AG now owns 3,451 shares of the company's stock valued at $545,000 after acquiring an additional 252 shares during the period. Focus Partners Wealth raised its position in shares of Nexstar Media Group by 7.3% in the 4th quarter. Focus Partners Wealth now owns 1,726 shares of the company's stock valued at $273,000 after acquiring an additional 117 shares during the period. Janus Henderson Group PLC raised its position in shares of Nexstar Media Group by 3.6% in the 4th quarter. Janus Henderson Group PLC now owns 14,074 shares of the company's stock valued at $2,223,000 after acquiring an additional 494 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Nexstar Media Group in the 4th quarter valued at approximately $1,677,000. Finally, Nomura Holdings Inc. acquired a new stake in Nexstar Media Group during the 4th quarter worth approximately $611,000. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NXST has been the topic of several research analyst reports. Wells Fargo & Company raised their target price on shares of Nexstar Media Group from $206.00 to $250.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Guggenheim raised their target price on shares of Nexstar Media Group from $220.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Benchmark raised their target price on shares of Nexstar Media Group from $220.00 to $225.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Zacks Research upgraded shares of Nexstar Media Group to a "hold" rating in a report on Friday, August 8th. Finally, Barrington Research restated an "outperform" rating and set a $225.00 target price on shares of Nexstar Media Group in a report on Tuesday, August 19th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $225.00.

Nexstar Media Group Price Performance

Shares of NXST stock traded up $2.54 during trading hours on Friday, reaching $208.94. The company's stock had a trading volume of 902,580 shares, compared to its average volume of 284,712. The firm's 50 day simple moving average is $197.56 and its 200-day simple moving average is $177.87. The company has a market capitalization of $6.34 billion, a price-to-earnings ratio of 10.85, a PEG ratio of 1.53 and a beta of 1.04. Nexstar Media Group, Inc. has a fifty-two week low of $141.66 and a fifty-two week high of $223.36. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 2.80.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $3.06 EPS for the quarter, topping analysts' consensus estimates of $2.95 by $0.11. The firm had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.21 billion. Nexstar Media Group had a net margin of 11.90% and a return on equity of 28.40%. The business's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.54 earnings per share. Sell-side analysts forecast that Nexstar Media Group, Inc. will post 21.62 earnings per share for the current year.

Nexstar Media Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were issued a $1.86 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.6%. Nexstar Media Group's dividend payout ratio is 38.63%.

About Nexstar Media Group

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.