Paralel Advisors LLC Purchases New Shares in Nexstar Media Group, Inc. $NXST

Key Points

• Paralel Advisors acquired 12,792 Nexstar Media Group shares during the second quarter, valued at approximately $2.3 million. Institutional investors collectively own 95.3% of the company.
• Nexstar reported quarterly revenue of $1.99 billion, up 62.2% year over year, but earnings per share of $3.61 fell well short of the $5.98 consensus estimate.
• The company paid a quarterly dividend of $1.86 per share, equivalent to a 4.2% annualized yield, while analysts maintained a “Moderate Buy” consensus and an average price target of $259.

Paralel Advisors LLC acquired a new stake in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 12,792 shares of the company's stock, valued at approximately $2,285,000.

Other institutional investors have also recently made changes to their positions in the company. Bank of America Corp DE increased its stake in Nexstar Media Group by 17.0% in the 1st quarter. Bank of America Corp DE now owns 173,269 shares of the company's stock valued at $31,332,000 after buying an additional 25,193 shares during the last quarter. Sentinel Dome Partners LLC purchased a new position in shares of Nexstar Media Group in the 4th quarter worth about $2,315,000. CPC Advisors LLC grew its position in Nexstar Media Group by 114.3% during the first quarter. CPC Advisors LLC now owns 26,651 shares of the company's stock valued at $4,819,000 after buying an additional 14,217 shares during the period. Geode Capital Management LLC raised its position in Nexstar Media Group by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 773,443 shares of the company's stock worth $157,114,000 after acquiring an additional 13,084 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Nexstar Media Group by 3,648.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 64,995 shares of the company's stock valued at $13,197,000 after acquiring an additional 63,261 shares during the last quarter. Institutional investors own 95.30% of the company's stock.

Nexstar Media Group Stock Performance

Shares of NXST stock opened at $176.83 on Monday. The company's fifty day simple moving average is $184.07 and its two-hundred day simple moving average is $195.73. The company has a debt-to-equity ratio of 5.09, a current ratio of 1.56 and a quick ratio of 1.56. 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 capitalization of $5.45 billion, a price-to-earnings ratio of 33.94 and a beta of 0.90.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last posted 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). The company had revenue of $1.99 billion for the quarter, compared to analysts' expectations of $1.97 billion. Nexstar Media Group had a return on equity of 24.02% and a net margin of 3.20%.The company's revenue was up 62.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.06 EPS. As a group, analysts anticipate that Nexstar Media Group, Inc. will post 32.88 earnings per share for the current year.

Nexstar Media Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were issued a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Friday, August 14th. Nexstar Media Group's dividend payout ratio is 142.80%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on NXST shares. Zacks Research downgraded shares of Nexstar Media Group from a "hold" rating to a "strong sell" rating in a research report on Monday, August 10th. Wells Fargo & Company dropped their price objective on Nexstar Media Group from $253.00 to $249.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. Wall Street Zen lowered Nexstar Media Group from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Deutsche Bank Aktiengesellschaft decreased their target price on Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating for the company in a research report on Monday, May 11th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nexstar Media Group in a research report on Monday, August 24th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $259.00.

Insiders Place Their Bets

In other Nexstar Media Group news, CEO Perry A. Sook purchased 12,235 shares of the company's stock in a transaction dated Friday, June 26th. The stock was purchased at an average price of $162.26 per share, for a total transaction of $1,985,251.10. Following the transaction, the chief executive officer owned 899,044 shares in the company, valued at $145,878,879.44. The trade was a 1.38% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Michael Biard sold 2,465 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $185.82, for a total transaction of $458,046.30. Following the completion of the sale, the chief operating officer directly owned 20,890 shares in the company, valued at $3,881,779.80. This represents a 10.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 16,788 shares of company stock worth $3,011,669. Company insiders own 7.00% of the company's stock.

Nexstar Media Group Company 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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