Magnetar Financial LLC Buys Shares of 4,164 Nexstar Media Group, Inc. $NXST

Key Points

• Magnetar Financial LLC acquired 4,164 shares of Nexstar Media Group, valued at approximately $746,000, in the first quarter, highlighting growing institutional interest in the company.
• Several hedge funds significantly increased their stakes in Nexstar, with Victory Capital Management raising its holdings by 611.5%.
• Nexstar Media Group reported earnings of $3.06 per share, exceeding expectations, while the company also announced a quarterly dividend of $1.86 with a yield of 3.6%.

Magnetar Financial LLC acquired a new stake in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,164 shares of the company's stock, valued at approximately $746,000.

Several other hedge funds and other institutional investors have also modified their holdings of NXST. Whipplewood Advisors LLC raised its stake in shares of Nexstar Media Group by 830.3% during the first quarter. Whipplewood Advisors LLC now owns 307 shares of the company's stock valued at $55,000 after purchasing an additional 274 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in Nexstar Media Group by 2,293.8% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 383 shares of the company's stock worth $69,000 after buying an additional 367 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in Nexstar Media Group by 62.3% in the first quarter. First Horizon Advisors Inc. now owns 401 shares of the company's stock worth $72,000 after purchasing an additional 154 shares during the period. Versant Capital Management Inc grew its position in Nexstar Media Group by 2,126.3% in the 1st quarter. Versant Capital Management Inc now owns 423 shares of the company's stock valued at $76,000 after buying an additional 404 shares in the last quarter. Finally, SBI Securities Co. Ltd. raised its holdings in Nexstar Media Group by 186.7% during the first quarter. SBI Securities Co. Ltd. now owns 453 shares of the company's stock worth $81,000 after purchasing an additional 295 shares in the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Sean Compton sold 850 shares of the company's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $165.25, for a total value of $140,462.50. Following the completion of the sale, the insider owned 15,272 shares in the company, valued at approximately $2,523,698. This represents a 5.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Rachel Morgan sold 329 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $165.25, for a total value 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 $350,660.50. This represents a 13.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,209 shares of company stock valued at $860,787 in the last ninety days. 6.70% of the stock is currently owned by insiders.

Nexstar Media Group Price Performance

NXST traded up $1.61 during trading on Friday, hitting $208.27. The company's stock had a trading volume of 209,447 shares, compared to its average volume of 423,060. The stock has a market capitalization of $6.31 billion, a price-to-earnings ratio of 10.81, a price-to-earnings-growth ratio of 1.55 and a beta of 1.04. Nexstar Media Group, Inc. has a 12 month low of $141.66 and a 12 month high of $223.36. 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 firm's 50 day moving average price is $192.57 and its two-hundred day moving average price is $174.75.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $3.06 EPS for the quarter, beating analysts' consensus estimates of $2.95 by $0.11. The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.21 billion. Nexstar Media Group had a return on equity of 28.40% and a net margin of 11.90%.The firm's revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.54 earnings per share. Sell-side analysts forecast that Nexstar Media Group, Inc. will post 21.62 earnings per share for the current fiscal year.

Nexstar Media Group Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Barrington Research reaffirmed an "outperform" rating and set a $225.00 target price on shares of Nexstar Media Group in a research note on Tuesday, August 19th. Wells Fargo & Company raised their price target on Nexstar Media Group from $206.00 to $250.00 and gave the stock an "overweight" 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. Zacks Research raised Nexstar Media Group to a "hold" rating in a research report on Friday, August 8th. Finally, Benchmark boosted their price target 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. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Nexstar Media Group currently has a consensus rating of "Moderate Buy" and an average price target of $225.00.

Nexstar Media Group 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.