CX Institutional Trims Stake in Nexstar Media Group, Inc. $NXST

Key Points

• CX Institutional cut its Nexstar Media Group stake by 77.7% in the third quarter, selling 31,391 shares and retaining 9,032 shares valued at approximately $1.46 million. Institutional investors collectively own 95.3% of the company.
• Nexstar’s stock opened at $155.42, near its one-year low of $154.35 and well below its 50-day and 200-day moving averages. The company’s latest quarterly results beat revenue estimates but missed earnings expectations, reporting $3.61 in EPS versus a $5.98 consensus.
• The company pays a quarterly dividend of $1.86 per share, equivalent to a 4.8% yield, although its 142.8% payout ratio exceeds reported earnings. Analysts maintain a “Moderate Buy” consensus with a $256.50 target price, while recent insider transactions involved net selling.

CX Institutional cut its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 77.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,032 shares of the company's stock after selling 31,391 shares during the quarter. CX Institutional's holdings in Nexstar Media Group were worth $1,459,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Allworth Financial LP grew its holdings in shares of Nexstar Media Group by 35.8% during the second quarter. Allworth Financial LP now owns 360 shares of the company's stock valued at $64,000 after buying an additional 95 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Nexstar Media Group by 1.7% in the first quarter. Oregon Public Employees Retirement Fund now owns 5,826 shares of the company's stock worth $1,054,000 after purchasing an additional 100 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Nexstar Media Group by 6.4% during the first quarter. Lazard Asset Management LLC now owns 1,774 shares of the company's stock valued at $321,000 after purchasing an additional 106 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Nexstar Media Group by 1.3% during the first quarter. Janney Montgomery Scott LLC now owns 8,455 shares of the company's stock valued at $1,529,000 after purchasing an additional 108 shares in the last quarter. Finally, Severin Investments LLC boosted its position in shares of Nexstar Media Group by 4.5% during the first quarter. Severin Investments LLC now owns 2,608 shares of the company's stock valued at $472,000 after buying an additional 113 shares during the last quarter. Institutional investors and hedge funds own 95.30% of the company's stock.

Nexstar Media Group Stock Performance

NXST opened at $155.42 on Friday. The company has a 50 day simple moving average of $177.95 and a two-hundred day simple moving average of $185.39. The company has a debt-to-equity ratio of 5.09, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market cap of $4.79 billion, a P/E ratio of 29.83 and a beta of 0.94. Nexstar Media Group, Inc. has a 1-year low of $154.35 and a 1-year high of $254.30.

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

Nexstar Media Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were paid a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Friday, August 14th. Nexstar Media Group's dividend payout ratio (DPR) is 142.80%.

Wall Street Analyst Weigh In

NXST has been the topic of a number of research analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Nexstar Media Group in a research report on Monday, August 24th. Wall Street Zen cut Nexstar Media Group from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Deutsche Bank Aktiengesellschaft dropped their price target on Nexstar Media Group from $255.00 to $240.00 and set a "buy" rating on the stock in a research note on Monday, August 10th. Wells Fargo & Company reduced their price objective on Nexstar Media Group from $253.00 to $249.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. Finally, Zacks Research downgraded shares of Nexstar Media Group from a "hold" rating to a "strong sell" rating in a report on Monday, August 10th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Nexstar Media Group has an average rating of "Moderate Buy" and a consensus target price of $256.50.

Insiders Place Their Bets

In related news, Director Bernadette Aulestia sold 300 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $186.80, for a total value of $56,040.00. Following the transaction, the director directly owned 4,383 shares of the company's stock, valued at approximately $818,744.40. The trade was a 6.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dana Zimmer sold 4,008 shares of the business's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $187.46, for a total transaction of $751,339.68. Following the completion of the transaction, the insider directly owned 1,792 shares in the company, valued at $335,928.32. This trade represents a 69.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 9,596 shares of company stock worth $1,733,169 over the last quarter. Company insiders own 7.00% of the company's stock.

Nexstar Media Group Profile

Nexstar Media Group, Inc is a diversified media company that owns and operates local television stations across the United States. Its stations provide local news, weather, sports, and entertainment programming, while also distributing content through digital platforms and connected television services.

The company also operates national media businesses, including NewsNation, a national cable news network, and The CW Network, which offers scripted programming, sports, and other entertainment content.

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