Redwood Investment Management LLC Decreases Stake in Nexstar Media Group, Inc. $NXST

Key Points

• Redwood Investment Management LLC reduced its stake in Nexstar Media Group by 22.8% in the first quarter, selling 5,723 shares and owning approximately 0.06% of the company valued at $3,470,000.
• Research analysts have increased their target prices for Nexstar Media Group, with Wells Fargo raising theirs from $206 to $250, while Benchmark set a target of $225, indicating a generally positive outlook.
• Nexstar Media recently posted earnings of $3.06 per share for its last quarter, exceeding estimates by $0.11, though revenue was down 3.2% year-over-year.

Redwood Investment Management LLC trimmed its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 22.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,364 shares of the company's stock after selling 5,723 shares during the period. Redwood Investment Management LLC owned about 0.06% of Nexstar Media Group worth $3,470,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Glassy Mountain Advisors Inc. lifted its stake in shares of 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 buying an additional 73 shares in the last quarter. HighPoint Advisor Group LLC increased its position in shares of Nexstar Media Group by 5.0% during the first quarter. HighPoint Advisor Group LLC now owns 1,930 shares of the company's stock valued at $346,000 after acquiring an additional 92 shares in the last quarter. State of Michigan Retirement System raised its holdings in 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 worth $1,255,000 after acquiring an additional 100 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in Nexstar Media Group by 1.2% in the 1st 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 in the last quarter. Finally, Mariner LLC boosted its stake in Nexstar Media Group by 5.3% during the 4th quarter. Mariner LLC now owns 2,300 shares of the company's stock valued at $363,000 after purchasing an additional 115 shares during the last quarter. 95.30% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Guggenheim boosted their price target on Nexstar Media Group from $220.00 to $250.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Zacks Research raised Nexstar Media Group to a "hold" rating in a research report on Friday, August 8th. Benchmark upped their target price on shares of Nexstar Media Group from $220.00 to $225.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Wells Fargo & Company raised their price target on shares of Nexstar Media Group from $206.00 to $250.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Finally, Barrington Research reissued an "outperform" rating and set a $225.00 price objective on shares of Nexstar Media Group in a report on Tuesday, August 19th. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $225.00.

Insider Transactions at Nexstar Media Group

In other Nexstar Media Group news, EVP Blake Russell sold 507 shares of the firm's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $165.25, for a total transaction of $83,781.75. Following the sale, the executive vice president directly owned 24,826 shares of the company's stock, valued at $4,102,496.50. This trade represents a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gary Weitman sold 510 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $165.25, for a total value of $84,277.50. Following the completion of the transaction, the insider directly owned 8,229 shares in the company, valued at approximately $1,359,842.25. This represents a 5.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,291 shares of company stock valued at $1,543,502. Company insiders own 6.70% of the company's stock.

Nexstar Media Group Stock Performance

Shares of NXST traded up $3.40 on Friday, reaching $204.53. The company's stock had a trading volume of 408,776 shares, compared to its average volume of 443,615. The stock's 50 day simple moving average is $189.35 and its two-hundred day simple moving average is $172.94. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.69 and a quick ratio of 1.69. The stock has a market capitalization of $6.20 billion, a P/E ratio of 10.62, a PEG ratio of 1.52 and a beta of 1.05. Nexstar Media Group, Inc. has a 12-month low of $141.66 and a 12-month high of $223.36.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $3.06 EPS for the quarter, beating analysts' consensus estimates of $2.95 by $0.11. Nexstar Media Group had a net margin of 11.90% and a return on equity of 28.40%. The business had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.21 billion. During the same period in the prior year, the company earned $3.54 earnings per share. The firm's revenue was down 3.2% on a year-over-year basis. Research analysts forecast that Nexstar Media Group, Inc. will post 21.62 earnings per share for the current fiscal year.

Nexstar Media Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were given a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Friday, August 15th. Nexstar Media Group's dividend payout ratio is presently 38.63%.

Nexstar Media Group Company 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.