Nexstar Media Group, Inc. $NXST Shares Sold by First Trust Advisors LP

Key Points

• First Trust Advisors LP reduced its Nexstar Media Group position by 9.5% in the first quarter, selling 10,438 shares and retaining 99,577 shares worth approximately $18.0 million. Institutional investors and hedge funds collectively own 95.3% of NXST.
• Analyst sentiment remains broadly positive, with six Buy ratings and two Hold ratings. Nexstar has a consensus rating of “Moderate Buy” and an average price target of $259.67, despite several analysts recently lowering their targets.
• NXST shares opened at $196.94, compared with a 52-week range of $154.47 to $254.30. Company insiders have sold 22,813 shares worth about $4.17 million over the past three months, including sales made to cover tax obligations on vested equity awards.

First Trust Advisors LP cut its position in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 9.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 99,577 shares of the company's stock after selling 10,438 shares during the period. First Trust Advisors LP owned 0.33% of Nexstar Media Group worth $18,007,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of NXST. Integrated Wealth Concepts LLC acquired a new position in shares of Nexstar Media Group during the first quarter worth $499,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Nexstar Media Group by 49.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,870 shares of the company's stock valued at $2,844,000 after buying an additional 5,251 shares in the last quarter. Millennium Management LLC raised its stake in Nexstar Media Group by 571.4% in the first quarter. Millennium Management LLC now owns 72,650 shares of the company's stock valued at $13,020,000 after buying an additional 61,830 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Nexstar Media Group by 14.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,809 shares of the company's stock worth $23,802,000 after buying an additional 16,637 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in Nexstar Media Group during the 1st quarter worth about $654,000. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft dropped their price objective on Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Wells Fargo & Company decreased their target price on Nexstar Media Group from $290.00 to $253.00 and set an "overweight" rating for the company in a research note on Friday, May 8th. Wall Street Zen cut Nexstar Media Group from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nexstar Media Group in a report on Wednesday, May 27th. Finally, Citigroup upgraded shares of Nexstar Media Group from a "neutral" rating to a "buy" rating and dropped their price target for the company from $252.00 to $220.00 in a research note on Friday, April 10th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $259.67.

Insider Buying and Selling at Nexstar Media Group

In other news, insider Brett Jenkins sold 301 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total value of $51,413.81. Following the completion of the sale, the insider directly owned 28,798 shares of the company's stock, valued at approximately $4,918,986.38. The trade was a 1.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Blake Russell sold 261 shares of the business's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $170.81, for a total value of $44,581.41. Following the completion of the sale, the executive vice president directly owned 28,296 shares of the company's stock, valued at $4,833,239.76. The trade was a 0.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 22,813 shares of company stock valued at $4,174,731. 7.00% of the stock is owned by insiders.

Nexstar Media Group Price Performance

Shares of NXST opened at $196.94 on Thursday. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76. Nexstar Media Group, Inc. has a 1-year low of $154.47 and a 1-year high of $254.30. The stock has a market cap of $6.01 billion, a PE ratio of 42.26, a price-to-earnings-growth ratio of 0.52 and a beta of 0.91. The firm has a fifty day moving average price of $178.52 and a 200 day moving average price of $201.79.

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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