Assetmark Inc. Has $9.46 Million Position in Nexstar Media Group, Inc. (NASDAQ:NXST)

Key Points

• Assetmark Inc. has reduced its ownership in Nexstar Media Group by 2.5%, selling 1,377 shares and now holding approximately 0.17% of the company, valued at $9.46 million.
• Insider transactions included COO Michael Biard selling 2,182 shares and EVP Lee Ann Gliha selling 1,437 shares, representing significant decreases in their stock ownership.
• Despite a year-over-year revenue decline of 3.9%, Nexstar reported better-than-expected quarterly earnings of $3.37 per share and recently announced a quarterly dividend of $1.86, reflecting a yield of 3.92%.

Assetmark Inc. lowered its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 2.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,789 shares of the company's stock after selling 1,377 shares during the quarter. Assetmark Inc. owned approximately 0.17% of Nexstar Media Group worth $9,461,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in NXST. Glassy Mountain Advisors Inc. increased its stake in Nexstar Media Group by 0.4% in the first quarter. Glassy Mountain Advisors Inc. now owns 20,497 shares of the company's stock worth $3,674,000 after purchasing an additional 73 shares during the period. HighPoint Advisor Group LLC increased its stake in Nexstar Media Group by 5.0% in the first quarter. HighPoint Advisor Group LLC now owns 1,930 shares of the company's stock worth $346,000 after purchasing an additional 92 shares during the period. State of Michigan Retirement System increased its stake in Nexstar Media Group by 1.4% in the first quarter. State of Michigan Retirement System now owns 7,000 shares of the company's stock worth $1,255,000 after purchasing an additional 100 shares during the period. Louisiana State Employees Retirement System increased its stake in Nexstar Media Group by 1.2% in the first quarter. Louisiana State Employees Retirement System now owns 8,200 shares of the company's stock worth $1,470,000 after purchasing an additional 100 shares during the period. Finally, Mariner LLC increased its stake in Nexstar Media Group by 5.3% in the fourth quarter. Mariner LLC now owns 2,300 shares of the company's stock worth $363,000 after purchasing an additional 115 shares during the period. 95.30% of the stock is currently owned by institutional investors.

Insider Activity at Nexstar Media Group

In other Nexstar Media Group news, insider Dana Zimmer sold 889 shares of the business's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $165.25, for a total transaction of $146,907.25. Following the sale, the insider directly owned 6,201 shares of the company's stock, valued at $1,024,715.25. The trade was a 12.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lee Ann Gliha sold 757 shares of the company's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $165.25, for a total transaction of $125,094.25. Following the completion of the transaction, the executive vice president directly owned 12,826 shares in the company, valued at $2,119,496.50. This trade represents a 5.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,474 shares of company stock worth $3,666,988. 6.70% of the stock is owned by corporate insiders.

Nexstar Media Group Trading Up 0.1%

Shares of NASDAQ:NXST traded up $0.26 during midday trading on Thursday, reaching $187.85. The company's stock had a trading volume of 61,636 shares, compared to its average volume of 419,923. Nexstar Media Group, Inc. has a 1 year low of $141.66 and a 1 year high of $192.36. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 9.52, a price-to-earnings-growth ratio of 1.39 and a beta of 1.04. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 2.86. The business has a 50 day moving average price of $176.28 and a 200 day moving average price of $165.92.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $3.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.26 by $0.11. Nexstar Media Group had a return on equity of 29.21% and a net margin of 12.21%. The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the previous year, the firm posted $5.16 earnings per share. The business's revenue was down 3.9% on a year-over-year basis. Research analysts forecast that Nexstar Media Group, Inc. will post 21.62 EPS for the current year.

Nexstar Media Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a dividend of $1.86 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.96%. Nexstar Media Group's dividend payout ratio (DPR) is presently 37.69%.

Analyst Ratings Changes

NXST has been the subject of several recent analyst reports. Wells Fargo & Company lowered their price target on Nexstar Media Group from $216.00 to $200.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Benchmark dropped their price objective on 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, Barrington Research reissued an "outperform" rating and issued a $200.00 price target on shares of Nexstar Media Group in a report on Wednesday. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Nexstar Media Group presently has an average rating of "Moderate Buy" and a consensus target price of $205.71.

Nexstar Media Group Company 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.