Foster & Motley Inc. Takes $8.53 Million Position in Nexstar Media Group, Inc. $NXST

Key Points

• Foster & Motley Inc. acquired a new $8.53 million stake in Nexstar Media Group during the second quarter, purchasing 47,755 shares. Institutional investors collectively own 95.3% of the company.
• Nexstar’s latest quarterly results were mixed: revenue rose 62.2% year over year to $1.99 billion, exceeding estimates, but earnings per share of $3.61 fell well short of the $5.98 consensus forecast.
• The stock opened at $182.57, while analysts maintain a “Moderate Buy” consensus and an average price target of $259. Nexstar also declared a quarterly dividend of $1.86 per share, implying a 4.1% annualized yield, though its payout ratio is elevated at 142.8%.

Foster & Motley Inc. purchased a new position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 47,755 shares of the company's stock, valued at approximately $8,529,000. Foster & Motley Inc. owned about 0.16% of Nexstar Media Group at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Torren Management LLC purchased a new stake in Nexstar Media Group during the fourth quarter valued at approximately $28,000. Measured Wealth Private Client Group LLC acquired a new stake in Nexstar Media Group in the third quarter worth about $28,000. WPG Advisers LLC lifted its position in 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 acquiring an additional 71 shares during the period. State of Wyoming purchased a new stake in shares of Nexstar Media Group in the second quarter worth about $54,000. Finally, Danske Bank A S purchased a new position in shares of Nexstar Media Group during the 3rd quarter valued at approximately $59,000. Institutional investors own 95.30% of the company's stock.

Insiders Place Their Bets

In related news, insider Brett Jenkins sold 301 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 transaction of $51,413.81. Following the sale, the insider directly owned 28,798 shares of the company's stock, valued at approximately $4,918,986.38. This represents a 1.03% decrease in their position. The transaction was disclosed in a legal 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, insider Gary Weitman sold 261 shares of the firm's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total transaction of $44,581.41. Following the completion of the transaction, the insider owned 6,963 shares in the company, valued at approximately $1,189,350.03. The trade was a 3.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 21,584 shares of company stock worth $3,899,531. Company insiders own 7.00% of the company's stock.

Nexstar Media Group Stock Down 1.2%

Shares of NASDAQ:NXST opened at $182.57 on Wednesday. Nexstar Media Group, Inc. has a 52-week low of $154.47 and a 52-week high of $254.30. The stock's fifty day simple moving average is $180.10 and its 200-day simple moving average is $199.51. The company has a market capitalization of $5.62 billion, a P/E ratio of 35.04 and a beta of 0.91. 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 data on Thursday, August 6th. The company reported $3.61 EPS for the quarter, missing analysts' consensus estimates of $5.98 by ($2.37). The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.97 billion. Nexstar Media Group had a net margin of 3.20% and a return on equity of 24.02%. The company's revenue was up 62.2% compared to the same quarter last year. During the same period in the prior year, the company earned $3.06 EPS. As a group, equities research 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Friday, August 14th. Nexstar Media Group's dividend payout ratio (DPR) is 142.80%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NXST. Deutsche Bank Aktiengesellschaft decreased their target price on Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating on the stock in a research report on Monday, May 11th. Wells Fargo & Company decreased their price target on shares of 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. Weiss Ratings reissued a "hold (c)" rating on shares of Nexstar Media Group in a research report on Wednesday, May 27th. 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. Finally, Wall Street Zen cut Nexstar Media Group from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus 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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