Assetmark Inc. Acquires 6,539 Shares of Nexstar Media Group, Inc. $NXST

Key Points

• Assetmark Inc. increased its stake in Nexstar Media Group by 15.1% in the first quarter, adding 6,539 shares to bring its holdings to 49,770 shares worth about $9 million.
• Institutional ownership remains very high at 95.30% of the company, with several other hedge funds and asset managers also boosting or initiating positions in NXST.
• Insiders have been selling shares recently, including COO Michael Biard and insider Sean Compton, while analysts currently rate the stock a consensus Moderate Buy with an average price target of $259.67.

Assetmark Inc. increased its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 15.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 49,770 shares of the company's stock after acquiring an additional 6,539 shares during the period. Assetmark Inc. owned about 0.16% of Nexstar Media Group worth $9,000,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of NXST. Integrated Wealth Concepts LLC acquired a new stake in Nexstar Media Group during the 1st quarter worth approximately $499,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Nexstar Media Group by 49.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,870 shares of the company's stock worth $2,844,000 after purchasing an additional 5,251 shares in the last quarter. Millennium Management LLC grew its holdings in Nexstar Media Group by 571.4% in the first quarter. Millennium Management LLC now owns 72,650 shares of the company's stock worth $13,020,000 after purchasing an additional 61,830 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Nexstar Media Group by 14.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,809 shares of the company's stock valued at $23,802,000 after buying an additional 16,637 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of Nexstar Media Group during the first quarter valued at approximately $654,000. Institutional investors and hedge funds own 95.30% of the company's stock.

Insider Activity

In other Nexstar Media Group news, COO Michael Biard sold 1,227 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $174.21, for a total value of $213,755.67. Following the transaction, the chief operating officer directly owned 17,105 shares of the company's stock, valued at approximately $2,979,862.05. This trade represents a 6.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Sean Compton sold 5,000 shares of the business's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $196.00, for a total value of $980,000.00. Following the sale, the insider owned 11,252 shares of the company's stock, valued at approximately $2,205,392. This represents a 30.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 22,813 shares of company stock valued at $4,174,731 over the last three months. Corporate insiders own 7.00% of the company's stock.

Analyst Upgrades and Downgrades

NXST has been the subject of several analyst reports. Wells Fargo & Company decreased their price objective on shares of Nexstar Media Group from $290.00 to $253.00 and set an "overweight" rating for the company in a research note on Friday, May 8th. Citigroup raised shares of Nexstar Media Group from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $252.00 to $220.00 in a report on Friday, April 10th. Barrington Research reiterated an "outperform" rating and issued a $290.00 target price on shares of Nexstar Media Group in a research note on Tuesday, April 28th. Zacks Research lowered shares of Nexstar Media Group from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Finally, Benchmark cut their target price on shares of Nexstar Media Group from $300.00 to $250.00 and set a "buy" rating for the company in a research report on Monday, April 6th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $259.67.

Nexstar Media Group Trading Up 0.4%

Nexstar Media Group stock opened at $184.45 on Tuesday. Nexstar Media Group, Inc. has a one year low of $154.47 and a one year high of $254.30. The business's fifty day moving average is $179.61 and its 200 day moving average is $202.76. The stock has a market capitalization of $5.63 billion, a PE ratio of 39.58, a price-to-earnings-growth ratio of 0.46 and a beta of 0.91. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76.

Nexstar Media Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were issued a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, May 15th. Nexstar Media Group's payout ratio is presently 159.66%.

About Nexstar Media Group

Nexstar Media Group, Inc is a diversified American media company engaged primarily in the ownership, operation and strategic affiliation of local television stations, digital platforms and cable networks. The company provides a range of broadcast content, including local news, sports coverage, entertainment programming and syndicated shows, reaching audiences in more than 100 television markets across the United States.

Founded in 1996 by entrepreneur Perry Sook and headquartered in Irving, Texas, Nexstar has built its presence through organic growth and a series of high-profile acquisitions.

Want to see what other hedge funds are holding NXST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.