Pacer Advisors Inc. Has $740,000 Stake in Nexstar Media Group, Inc. $NXST

Key Points

• Pacer Advisors cut its Nexstar Media Group stake by 97.9% in the first quarter, selling 187,452 shares and retaining 4,095 shares valued at approximately $740,000. Institutional investors and hedge funds collectively own 95.3% of the company.
• Nexstar reported quarterly revenue of $1.99 billion, up 62.2% year over year and above estimates, but earnings per share of $3.61 fell well short of the $5.98 consensus forecast.
• The company declared a quarterly dividend of $1.86 per share, equivalent to an annualized $7.44 and a 3.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $259, above the reported share price of $191.73.

Pacer Advisors Inc. reduced its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 97.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,095 shares of the company's stock after selling 187,452 shares during the quarter. Pacer Advisors Inc.'s holdings in Nexstar Media Group were worth $740,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. QVT Financial LP lifted its holdings in Nexstar Media Group by 200.0% during the 4th quarter. QVT Financial LP now owns 155,281 shares of the company's stock valued at $31,530,000 after purchasing an additional 310,562 shares during the last quarter. AQR Capital Management LLC increased 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 purchasing an additional 294,308 shares during the last quarter. Norges Bank bought a new position in shares of Nexstar Media Group in the fourth quarter valued at about $41,474,000. Alliancebernstein L.P. raised its position 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 purchasing an additional 187,864 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of Nexstar Media Group by 104.2% during the 4th quarter. Millennium Management LLC now owns 319,376 shares of the company's stock worth $64,849,000 after buying an additional 162,963 shares during the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

Nexstar Media Group Price Performance

Shares of NASDAQ NXST opened at $191.73 on Tuesday. The business has a fifty day moving average price of $179.45 and a two-hundred day moving average price of $200.63. The stock has a market capitalization of $5.86 billion, a PE ratio of 36.80, a P/E/G ratio of 0.52 and a beta of 0.91. 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 fifty-two week low of $154.47 and a fifty-two week high of $254.30.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $3.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.98 by ($2.37). Nexstar Media Group had a return on equity of 24.26% and a net margin of 3.20%.The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period last year, the company posted $3.06 earnings per share. The business's revenue for the quarter was up 62.2% compared to the same quarter last year. As a group, equities analysts predict that Nexstar Media Group, Inc. will post 37.46 earnings per share for the current fiscal year.

Nexstar Media Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Friday, August 14th. Nexstar Media Group's dividend payout ratio is presently 142.80%.

Insider Transactions at Nexstar Media Group

In related news, insider Dana Zimmer sold 915 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $176.42, for a total transaction of $161,424.30. Following the sale, the insider owned 5,738 shares in the company, valued at approximately $1,012,297.96. This trade represents a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Sean Compton sold 5,000 shares of Nexstar Media Group stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $196.00, for a total transaction of $980,000.00. Following the completion of the transaction, the insider directly owned 11,252 shares in the company, valued at $2,205,392. This trade represents a 30.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 22,813 shares of company stock worth $4,174,731. Corporate insiders own 7.00% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Wall Street Zen lowered shares of Nexstar Media Group from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Zacks Research downgraded shares of Nexstar Media Group from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Deutsche Bank Aktiengesellschaft decreased their target price on Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating on the stock in a research report on Monday, May 11th. Weiss Ratings reissued a "hold (c)" rating on shares of Nexstar Media Group in a report on Wednesday, May 27th. Finally, Wells Fargo & Company decreased their price objective on Nexstar Media Group from $253.00 to $249.00 and set an "overweight" rating on the stock in a report on Friday. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $259.00.

About Nexstar Media Group

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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