Bislett Management LLC Makes New Investment in Nexstar Media Group, Inc. $NXST

Key Points

• Bislett Management LLC bought 6,400 Nexstar shares worth approximately $230,000 in the second quarter, while institutional investors collectively own 95.3% of the company.
• Nexstar reported quarterly revenue of $1.99 billion, up 62.2% year over year and slightly above estimates, but earnings of $3.61 per share missed the $5.98 consensus forecast.
• The company announced a quarterly dividend of $1.86 per share, equivalent to a 4.0% annualized yield, while analysts maintain a “Moderate Buy” consensus with an average price target of $259.

Bislett Management LLC purchased a new stake in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,400 shares of the company's stock, valued at approximately $230,000. Nexstar Media Group accounts for approximately 0.2% of Bislett Management LLC's portfolio, making the stock its 14th biggest position.

Several other large investors have also recently modified their holdings of NXST. Foster & Motley Inc. acquired a new stake in Nexstar Media Group in the second quarter valued at $8,529,000. Plato Investment Management Ltd acquired a new stake in shares of Nexstar Media Group in the second quarter valued at about $246,000. Bank of New York Mellon Corp acquired a new stake in shares of Nexstar Media Group in the second quarter valued at about $27,241,000. A&I Financial Services LLC raised its position in shares of Nexstar Media Group by 17.6% during the second quarter. A&I Financial Services LLC now owns 3,907 shares of the company's stock worth $698,000 after acquiring an additional 585 shares during the last quarter. Finally, Gradient Investments LLC raised its position in shares of Nexstar Media Group by 6.6% during the second quarter. Gradient Investments LLC now owns 9,122 shares of the company's stock worth $1,629,000 after acquiring an additional 567 shares during the last quarter. Institutional investors own 95.30% of the company's stock.

Nexstar Media Group Stock Down 0.0%

Shares of NASDAQ NXST opened at $187.29 on Friday. The firm has a market cap of $5.77 billion, a PE ratio of 35.95 and a beta of 0.91. Nexstar Media Group, Inc. has a 12-month low of $154.47 and a 12-month high of $254.30. The company's fifty day simple moving average is $180.64 and its 200 day simple moving average is $199.20. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 5.09.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $3.61 earnings per share 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 company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the firm posted $3.06 earnings per share. The company's revenue for the quarter was up 62.2% on a year-over-year basis. As a group, sell-side analysts forecast that Nexstar Media Group, Inc. will post 32.88 earnings per share for the current fiscal year.

Nexstar Media Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be given a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, August 14th. Nexstar Media Group's dividend payout ratio is presently 142.80%.

Insider Buying and Selling

In other Nexstar Media Group news, COO Michael Biard sold 1,227 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $174.21, for a total transaction of $213,755.67. Following the transaction, the chief operating officer owned 17,105 shares in the company, valued at approximately $2,979,862.05. This represents a 6.69% decrease in their ownership of the stock. The transaction was disclosed in a filing 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, CEO Perry A. Sook acquired 12,235 shares of the company's stock in a transaction on Friday, June 26th. The stock was acquired at an average cost of $162.26 per share, for a total transaction of $1,985,251.10. Following the completion of the purchase, the chief executive officer directly owned 899,044 shares of the company's stock, valued at approximately $145,878,879.44. This represents a 1.38% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold 21,584 shares of company stock worth $3,899,531 over the last quarter. Corporate insiders own 7.00% of the company's stock.

Analyst Upgrades and Downgrades

NXST has been the topic of a number of recent analyst reports. Zacks Research downgraded shares of Nexstar Media Group from a "hold" rating to a "strong sell" rating in a research report on Monday, August 10th. Weiss Ratings reiterated a "hold (c)" rating on shares of Nexstar Media Group in a research report on Wednesday, May 27th. Wells Fargo & Company dropped their target price on shares of Nexstar Media Group from $253.00 to $249.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Wall Street Zen cut shares of Nexstar Media Group from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating for the company in a report on Monday, May 11th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $259.00.

Nexstar Media Group Profile

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.

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