Nexstar Media Group, Inc. $NXST Shares Sold by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC cut its Nexstar Media Group stake by 54% in the fourth quarter, leaving it with 11,425 shares valued at about $2.32 million.
• Other institutional investors have also been active in NXST, with several firms significantly increasing holdings; overall, 95.3% of the stock is owned by institutions and hedge funds.
• Analysts remain mostly positive on Nexstar, with a consensus Buy rating and an average price target of $259.67, while the stock recently traded at $188.03.

New Age Alpha Advisors LLC trimmed its holdings in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 54.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,425 shares of the company's stock after selling 13,424 shares during the quarter. New Age Alpha Advisors LLC's holdings in Nexstar Media Group were worth $2,320,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of NXST. Dorsal Capital Management LP acquired a new stake in shares of Nexstar Media Group in the third quarter valued at approximately $74,152,000. AQR Capital Management LLC boosted its holdings in shares of Nexstar Media Group by 118.1% in the second quarter. AQR Capital Management LLC now owns 543,612 shares of the company's stock valued at $93,795,000 after acquiring an additional 294,308 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Nexstar Media Group by 157.2% in the third quarter. JPMorgan Chase & Co. now owns 374,027 shares of the company's stock valued at $73,960,000 after acquiring an additional 228,603 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Nexstar Media Group by 63.0% in the third quarter. Principal Financial Group Inc. now owns 488,292 shares of the company's stock valued at $96,557,000 after acquiring an additional 188,695 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in shares of Nexstar Media Group by 27.1% in the second quarter. Alliancebernstein L.P. now owns 882,322 shares of the company's stock valued at $152,598,000 after acquiring an additional 187,864 shares during the period. 95.30% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NXST shares. Barrington Research reissued an "outperform" rating and issued a $290.00 price objective on shares of Nexstar Media Group in a report on Tuesday, April 28th. Zacks Research raised Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. Wall Street Zen raised Nexstar Media Group from a "hold" rating to a "buy" rating in a report on Saturday, May 16th. Benchmark decreased their price objective on Nexstar Media Group from $300.00 to $250.00 and set a "buy" rating for the company in a report on Monday, April 6th. Finally, Wells Fargo & Company decreased their price objective on Nexstar Media Group from $290.00 to $253.00 and set an "overweight" rating for the company in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $259.67.

Nexstar Media Group Price Performance

Nexstar Media Group stock opened at $188.03 on Wednesday. Nexstar Media Group, Inc. has a 12 month low of $164.00 and a 12 month high of $254.30. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76. The business has a 50 day simple moving average of $200.38 and a 200-day simple moving average of $207.99. The stock has a market capitalization of $5.74 billion, a PE ratio of 40.35, a price-to-earnings-growth ratio of 0.48 and a beta of 0.97.

Nexstar Media Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be paid a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Friday, May 15th. Nexstar Media Group's dividend payout ratio is 159.66%.

Insider Activity at Nexstar Media Group

In other news, insider Sean Compton sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $196.00, for a total transaction of $980,000.00. Following the completion of the sale, the insider owned 11,252 shares in the company, valued at $2,205,392. This represents a 30.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Dan Lanzano sold 237 shares of the company's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $196.37, for a total value of $46,539.69. The SEC filing for this sale provides additional information. 6.70% of the stock is owned by corporate insiders.

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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