Empowered Funds LLC Has $5.55 Million Stock Holdings in Nexstar Media Group, Inc. $NXST

Key Points

• Empowered Funds LLC increased its Nexstar Media Group stake by 21.5% in the first quarter, bringing its holdings to 30,687 shares valued at approximately $5.55 million. Institutional investors and hedge funds collectively own 95.3% of NXST.
• Nexstar shares opened at $190.53, with a 12-month range of $154.47 to $254.30. The company has a $5.82 billion market capitalization and a high debt-to-equity ratio of 5.53.
• Analysts maintain a generally positive outlook, with six Buy ratings and two Holds, producing a consensus “Moderate Buy” rating and an average price target of $259.67, despite several recent target-price reductions.

Empowered Funds LLC raised its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 21.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,687 shares of the company's stock after purchasing an additional 5,430 shares during the period. Empowered Funds LLC owned approximately 0.10% of Nexstar Media Group worth $5,549,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in NXST. Torren Management LLC acquired a new stake in shares of Nexstar Media Group in the 4th quarter valued at $28,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Nexstar Media Group during the 3rd quarter worth $28,000. WPG Advisers LLC lifted its position in shares of Nexstar Media Group by 65.7% during the 4th quarter. WPG Advisers LLC now owns 179 shares of the company's stock worth $36,000 after buying an additional 71 shares during the last quarter. Danske Bank A S bought a new stake in shares of Nexstar Media Group during the 3rd quarter worth $59,000. Finally, State of Wyoming acquired a new stake in Nexstar Media Group in the second quarter valued at about $54,000. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Nexstar Media Group Price Performance

Shares of NXST opened at $190.53 on Friday. Nexstar Media Group, Inc. has a 12-month low of $154.47 and a 12-month high of $254.30. The business has a 50-day simple moving average of $178.62 and a two-hundred day simple moving average of $201.60. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 5.53. The stock has a market cap of $5.82 billion, a PE ratio of 40.89, a PEG ratio of 0.51 and a beta of 0.91.

Insider Activity

In other news, insider Dana Zimmer sold 876 shares of the company's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total value of $149,629.56. Following the completion of the transaction, the insider owned 5,800 shares of the company's stock, valued at $990,698. This represents a 13.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Brett Jenkins sold 301 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $170.81, for a total transaction of $51,413.81. Following the completion of the transaction, the insider owned 28,798 shares of the company's stock, valued at approximately $4,918,986.38. This trade represents a 1.03% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 22,813 shares of company stock valued at $4,174,731. 7.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

NXST has been the topic of a number of recent analyst reports. Benchmark lowered their target price on Nexstar Media Group from $300.00 to $250.00 and set a "buy" rating for the company in a research note on Monday, April 6th. Wells Fargo & Company reduced their price target on shares of Nexstar Media Group from $290.00 to $253.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Citigroup upgraded shares of Nexstar Media Group from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $252.00 to $220.00 in a research report on Friday, April 10th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Nexstar Media Group in a research note on Wednesday, May 27th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Nexstar Media Group has an average rating of "Moderate Buy" and a consensus price target of $259.67.

About Nexstar Media Group

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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