Invesco Ltd. Lowers Holdings in Nexstar Media Group, Inc. $NXST

Key Points

• Invesco Ltd. reduced its stake in Nexstar Media Group by 4.7%, now holding 209,133 shares valued at approximately $37.48 million.
• Several hedge funds increased their positions in Nexstar Media Group, with Whipplewood Advisors boosting its stake by 830.3% during the same quarter.
• Nexstar Media Group reported earnings of $3.06 per share, exceeding estimates, despite a 3.2% year-over-year decline in quarterly revenue.

Invesco Ltd. trimmed its holdings in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 4.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 209,133 shares of the company's stock after selling 10,428 shares during the quarter. Invesco Ltd. owned 0.69% of Nexstar Media Group worth $37,481,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Whipplewood Advisors LLC boosted its stake in shares of Nexstar Media Group by 830.3% during the 1st quarter. Whipplewood Advisors LLC now owns 307 shares of the company's stock worth $55,000 after acquiring an additional 274 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Nexstar Media Group by 62.3% during the 1st quarter. First Horizon Advisors Inc. now owns 401 shares of the company's stock worth $72,000 after acquiring an additional 154 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Nexstar Media Group by 2,126.3% during the 1st quarter. Versant Capital Management Inc now owns 423 shares of the company's stock worth $76,000 after acquiring an additional 404 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in shares of Nexstar Media Group by 186.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 453 shares of the company's stock worth $81,000 after acquiring an additional 295 shares in the last quarter. Finally, UMB Bank n.a. boosted its stake in shares of Nexstar Media Group by 68.6% during the 1st quarter. UMB Bank n.a. now owns 536 shares of the company's stock worth $96,000 after acquiring an additional 218 shares in the last quarter. 95.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NXST. Wells Fargo & Company increased their target price on shares of Nexstar Media Group from $206.00 to $250.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Benchmark increased their target price on shares of Nexstar Media Group from $220.00 to $225.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Zacks Research raised shares of Nexstar Media Group to a "hold" rating in a research note on Friday, August 8th. Finally, Barrington Research increased their target price on shares of Nexstar Media Group from $200.00 to $225.00 and gave the stock an "outperform" rating in a research note on Monday, August 11th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $220.00.

Nexstar Media Group Stock Up 0.0%

NXST opened at $206.38 on Tuesday. Nexstar Media Group, Inc. has a twelve month low of $141.66 and a twelve month high of $212.43. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 2.80. The company has a 50-day moving average price of $182.86 and a 200 day moving average price of $169.76. The company has a market cap of $6.26 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 1.53 and a beta of 1.05.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last released its quarterly earnings results 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 net margin of 11.90% and a return on equity of 28.40%. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the firm earned $3.54 EPS. The company's revenue for the quarter was down 3.2% on a year-over-year basis. Sell-side analysts expect that Nexstar Media Group, Inc. will post 21.62 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 29th. Shareholders of record on Friday, August 15th will be issued a $1.86 dividend. The ex-dividend date is Friday, August 15th. This represents a $7.44 dividend on an annualized basis and a yield of 3.6%. Nexstar Media Group's dividend payout ratio is presently 38.63%.

Insider Buying and Selling

In other Nexstar Media Group news, insider Dana Zimmer sold 889 shares of the stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $165.25, for a total value of $146,907.25. Following the completion of the sale, the insider owned 6,201 shares in the company, valued at approximately $1,024,715.25. This represents a 12.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Rachel Morgan sold 329 shares of the stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $165.25, for a total transaction of $54,367.25. Following the completion of the sale, the executive vice president owned 2,122 shares of the company's stock, valued at approximately $350,660.50. The trade was a 13.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,021 shares of company stock worth $2,885,352 in 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.

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