Gotham Asset Management LLC Raises Stake in Nexstar Media Group, Inc. $NXST

Key Points

• Gotham Asset Management LLC increased its stake in Nexstar Media Group by 60.2%, acquiring 30,073 shares during the first quarter, bringing its total ownership to approximately 80,000 shares valued at $14.3 million.
• Nexstar Media Group reported an earnings per share (EPS) of $3.06 for the last quarter, exceeding analysts' expectations, despite a 3.2% year-over-year revenue decrease.
• The firm announced a quarterly dividend of $1.86 per share, translating to a 3.6% annual yield, and has a current dividend payout ratio (DPR) of 38.63%.

Gotham Asset Management LLC lifted its stake in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 60.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,988 shares of the company's stock after acquiring an additional 30,073 shares during the quarter. Gotham Asset Management LLC owned approximately 0.26% of Nexstar Media Group worth $14,335,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in NXST. Hancock Whitney Corp increased its holdings in Nexstar Media Group by 27.5% in the first quarter. Hancock Whitney Corp now owns 3,126 shares of the company's stock worth $560,000 after purchasing an additional 675 shares in the last quarter. Cinctive Capital Management LP bought a new stake in Nexstar Media Group in the first quarter worth approximately $2,544,000. Federation des caisses Desjardins du Quebec increased its holdings in Nexstar Media Group by 8.3% in the first quarter. Federation des caisses Desjardins du Quebec now owns 8,632 shares of the company's stock worth $1,547,000 after purchasing an additional 660 shares in the last quarter. Perbak Capital Partners LLP bought a new stake in Nexstar Media Group in the first quarter worth approximately $204,000. Finally, EP Wealth Advisors LLC bought a new stake in Nexstar Media Group in the first quarter worth approximately $325,000. 95.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NXST. Zacks Research upgraded Nexstar Media Group to a "hold" rating in a report on Friday, August 8th. Benchmark raised their price objective on Nexstar Media Group from $220.00 to $225.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Guggenheim raised their price objective 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 objective on shares of Nexstar Media Group in a research note on Tuesday, August 19th. Finally, Wells Fargo & Company raised their price objective 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. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $225.00.

Insiders Place Their Bets

In other Nexstar Media Group news, insider Andrew Alford sold 757 shares of the business's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $165.25, for a total value of $125,094.25. Following the transaction, the insider owned 10,528 shares of the company's stock, valued at approximately $1,739,752. The trade was a 6.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lee Ann Gliha sold 757 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $165.25, for a total value of $125,094.25. Following the transaction, the executive vice president directly owned 12,826 shares in the company, valued at $2,119,496.50. This represents a 5.57% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,209 shares of company stock valued at $860,787. 6.70% of the stock is currently owned by insiders.

Nexstar Media Group Stock Performance

NXST stock traded up $0.50 during midday trading on Friday, hitting $206.72. The company's stock had a trading volume of 58,242 shares, compared to its average volume of 415,124. The stock's 50-day moving average price is $194.63 and its 200 day moving average price is $176.04. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 2.80. Nexstar Media Group, Inc. has a 1 year low of $141.66 and a 1 year high of $223.36. The stock has a market cap of $6.27 billion, a price-to-earnings ratio of 10.73, a PEG ratio of 1.47 and a beta of 1.04.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $3.06 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.21 billion. During the same quarter in the previous year, the firm earned $3.54 earnings per share. The business's revenue was down 3.2% on a year-over-year basis. On average, equities analysts forecast that Nexstar Media Group, Inc. will post 21.62 EPS for the current year.

Nexstar Media Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were given a $1.86 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $7.44 annualized dividend and a yield of 3.6%. Nexstar Media Group's payout ratio is currently 38.63%.

Nexstar Media Group Company Profile

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.