Channing Capital Management LLC Has $86.87 Million Stock Position in Nexstar Media Group, Inc. $NXST

Key Points

• Channing Capital Management LLC reduced its holdings in Nexstar Media Group by 13.0%, selling 72,253 shares, and now owns 484,725 shares, making it the firm's largest position.
• Nexstar Media Group recently announced a quarterly dividend of $1.86 per share, with an annualized yield of 3.7%, scheduled for payment on August 29th.
• Analysts have raised price targets for Nexstar, with Guggenheim increasing its target from $220.00 to $250.00, indicating strong investor interest and confidence in the stock's future performance.

Channing Capital Management LLC decreased its holdings in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 13.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 484,725 shares of the company's stock after selling 72,253 shares during the quarter. Nexstar Media Group makes up 2.6% of Channing Capital Management LLC's investment portfolio, making the stock its biggest holding. Channing Capital Management LLC owned approximately 1.59% of Nexstar Media Group worth $86,872,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Whipplewood Advisors LLC increased its stake in shares of Nexstar Media Group by 830.3% in the first quarter. Whipplewood Advisors LLC now owns 307 shares of the company's stock valued at $55,000 after buying an additional 274 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in shares of Nexstar Media Group by 2,293.8% in the first quarter. Caitong International Asset Management Co. Ltd now owns 383 shares of the company's stock valued at $69,000 after buying an additional 367 shares during the period. First Horizon Advisors Inc. increased its stake in shares of Nexstar Media Group by 62.3% in the first quarter. First Horizon Advisors Inc. now owns 401 shares of the company's stock valued at $72,000 after buying an additional 154 shares during the period. Versant Capital Management Inc increased its stake in shares of Nexstar Media Group by 2,126.3% in the first quarter. Versant Capital Management Inc now owns 423 shares of the company's stock valued at $76,000 after buying an additional 404 shares during the period. Finally, SBI Securities Co. Ltd. increased its stake in shares of Nexstar Media Group by 186.7% in the first quarter. SBI Securities Co. Ltd. now owns 453 shares of the company's stock valued at $81,000 after buying an additional 295 shares during the period. Institutional investors and hedge funds own 95.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Guggenheim increased their price target on Nexstar Media Group from $220.00 to $250.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Barrington Research reissued an "outperform" rating and issued a $225.00 price target on shares of Nexstar Media Group in a research note on Tuesday, August 19th. Wells Fargo & Company increased their price target on Nexstar Media Group from $206.00 to $250.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Zacks Research raised Nexstar Media Group to a "hold" rating in a research note on Friday, August 8th. Finally, Benchmark raised their target price on Nexstar Media Group from $220.00 to $225.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $225.00.

Nexstar Media Group Stock Down 0.1%

Nexstar Media Group stock traded down $0.24 during mid-day trading on Monday, reaching $206.82. The stock had a trading volume of 331,621 shares, compared to its average volume of 425,424. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.69 and a current ratio of 1.69. Nexstar Media Group, Inc. has a fifty-two week low of $141.66 and a fifty-two week high of $223.36. The stock's 50-day simple moving average is $185.70 and its 200-day simple moving average is $171.23. The firm has a market capitalization of $6.27 billion, a PE ratio of 10.74, a price-to-earnings-growth ratio of 1.54 and a beta of 1.05.

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

Nexstar Media Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a dividend of $1.86 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $7.44 annualized dividend and a dividend yield of 3.6%. Nexstar Media Group's payout ratio is presently 38.63%.

Insider Activity at Nexstar Media Group

In related news, EVP Lee Ann Gliha sold 1,437 shares of Nexstar Media Group stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $173.59, for a total transaction of $249,448.83. Following the transaction, the executive vice president owned 10,923 shares of the company's stock, valued at $1,896,123.57. The trade was a 11.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Sean Compton sold 877 shares of Nexstar Media Group stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $173.59, for a total value of $152,238.43. Following the transaction, the insider directly owned 13,219 shares in the company, valued at approximately $2,294,686.21. The trade was a 6.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,021 shares of company stock valued at $2,885,352 over the last 90 days. Corporate insiders own 6.70% of the company's stock.

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.