Nexstar Media Group, Inc. $NXST Stake Boosted by Kendall Capital Management

Key Points

• Kendall Capital Management increased its stake in Nexstar Media Group by 56.4% during Q2, now owning 19,129 shares valued at $3,308,000.
• The stock has received multiple upgrades from analysts, with Wells Fargo raising its price target from $206.00 to $250.00 and a consensus average price target of $225.00.
• Nexstar Media Group reported $3.06 earnings per share for the last quarter, surpassing estimates, but experienced a 3.2% decline in year-over-year revenue.

Kendall Capital Management grew its stake in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 56.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,129 shares of the company's stock after acquiring an additional 6,895 shares during the period. Kendall Capital Management owned 0.06% of Nexstar Media Group worth $3,308,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Glassy Mountain Advisors Inc. raised its position in Nexstar Media Group by 0.4% in the first quarter. Glassy Mountain Advisors Inc. now owns 20,497 shares of the company's stock worth $3,674,000 after purchasing an additional 73 shares in the last quarter. HighPoint Advisor Group LLC increased its holdings in Nexstar Media Group by 5.0% during the 1st quarter. HighPoint Advisor Group LLC now owns 1,930 shares of the company's stock worth $346,000 after purchasing an additional 92 shares in the last quarter. State of Michigan Retirement System raised its stake in shares of Nexstar Media Group by 1.4% in the 1st quarter. State of Michigan Retirement System now owns 7,000 shares of the company's stock valued at $1,255,000 after purchasing an additional 100 shares during the period. Louisiana State Employees Retirement System increased its position in shares of Nexstar Media Group by 1.2% in the first quarter. Louisiana State Employees Retirement System now owns 8,200 shares of the company's stock valued at $1,470,000 after acquiring an additional 100 shares during the last quarter. Finally, UMB Bank n.a. increased its position in Nexstar Media Group by 18.8% during the second quarter. UMB Bank n.a. now owns 637 shares of the company's stock worth $110,000 after buying an additional 101 shares during the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NXST has been the subject of a number of research analyst reports. Wells Fargo & Company boosted their price objective on Nexstar Media Group from $206.00 to $250.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Zacks Research upgraded Nexstar Media Group to a "hold" rating in a research note on Friday, August 8th. Guggenheim increased their price target 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. Benchmark increased their price objective on Nexstar Media Group from $220.00 to $225.00 and gave the company a "buy" rating in a report on Friday, August 8th. Finally, Barrington Research reiterated an "outperform" rating and set a $225.00 price target on shares of Nexstar Media Group in a report on Tuesday, August 19th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $225.00.

Nexstar Media Group Stock Down 0.2%

Shares of NASDAQ:NXST opened at $197.80 on Friday. 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 52-week low of $141.66 and a 52-week high of $223.36. The stock's fifty day simple moving average is $199.31 and its 200-day simple moving average is $178.79. The company has a market capitalization of $6.00 billion, a P/E ratio of 10.27, a P/E/G ratio of 1.47 and a beta of 1.04.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $3.06 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $1.21 billion. During the same period in the prior year, the business earned $3.54 earnings per share. The business's revenue was down 3.2% on a year-over-year basis. As a group, equities research analysts forecast that Nexstar Media Group, Inc. will post 21.62 earnings per share for the current fiscal year.

Nexstar Media Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were issued a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Friday, August 15th. Nexstar Media Group's dividend payout ratio (DPR) is 38.63%.

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.

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