Bayforest Capital Ltd Has $498,000 Stock Holdings in Nexstar Media Group, Inc. (NASDAQ:NXST)

Key Points

• Bayforest Capital Ltd significantly increased its stake in Nexstar Media Group, owning 2,777 shares valued at approximately $498,000 after a 97.2% increase in the first quarter.
• Several institutional investors, including D.A. Davidson & CO. and Crossmark Global Holdings Inc., have also recently acquired stakes in Nexstar Media Group, indicating a growing interest in the company.
• Nexstar Media Group reported an EPS of $3.37 for the last quarter, exceeding analysts' expectations, and declared a quarterly dividend of $1.86 per share, yielding 3.97%.

Bayforest Capital Ltd boosted its position in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 97.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 2,777 shares of the company's stock after purchasing an additional 1,369 shares during the period. Bayforest Capital Ltd's holdings in Nexstar Media Group were worth $498,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Whipplewood Advisors LLC lifted its stake in Nexstar Media Group by 830.3% in the 1st quarter. Whipplewood Advisors LLC now owns 307 shares of the company's stock valued at $55,000 after purchasing an additional 274 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in Nexstar Media Group by 62.3% in the 1st quarter. First Horizon Advisors Inc. now owns 401 shares of the company's stock valued at $72,000 after purchasing an additional 154 shares during the last quarter. Versant Capital Management Inc lifted its stake in Nexstar Media Group by 2,126.3% in the 1st quarter. Versant Capital Management Inc now owns 423 shares of the company's stock valued at $76,000 after purchasing an additional 404 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in Nexstar Media Group by 186.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 453 shares of the company's stock valued at $81,000 after purchasing an additional 295 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in Nexstar Media Group by 68.6% in the 1st quarter. UMB Bank n.a. now owns 536 shares of the company's stock valued at $96,000 after purchasing an additional 218 shares during the last quarter. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Nexstar Media Group

In other news, COO Michael Biard sold 2,182 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $173.59, for a total transaction of $378,773.38. Following the transaction, the chief operating officer directly owned 7,218 shares of the company's stock, valued at approximately $1,252,972.62. This trade represents a 23.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dana Zimmer sold 1,151 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $175.53, for a total transaction of $202,035.03. Following the transaction, the insider directly owned 3,141 shares in the company, valued at $551,339.73. This represents a 26.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,474 shares of company stock valued at $3,666,988 over the last ninety days. Company insiders own 6.70% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NXST. Benchmark cut their target price on shares of Nexstar Media Group from $225.00 to $215.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Barrington Research reiterated an "outperform" rating and issued a $200.00 target price on shares of Nexstar Media Group in a research note on Wednesday. Finally, Wells Fargo & Company lowered their price target on shares of Nexstar Media Group from $216.00 to $200.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Nexstar Media Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $205.71.

Nexstar Media Group Stock Performance

Nexstar Media Group stock traded down $2.51 during trading hours on Friday, hitting $184.60. The company had a trading volume of 189,547 shares, compared to its average volume of 419,916. The firm has a market cap of $5.63 billion, a PE ratio of 9.35, a PEG ratio of 1.34 and a beta of 1.04. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.74 and a quick ratio of 1.74. Nexstar Media Group, Inc. has a one year low of $141.66 and a one year high of $192.36. The firm has a 50-day moving average of $176.60 and a 200 day moving average of $166.17.

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

Nexstar Media Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a dividend yield of 4.0%. Nexstar Media Group's dividend payout ratio is presently 37.69%.

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.