Nexstar Media Group (NASDAQ:NXST) Cut to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Nexstar Media Group from “buy” to “hold”, adding to a mixed analyst backdrop for the stock.
• Despite the downgrade, the broader analyst consensus remains “Buy”, with one strong buy, six buy ratings, and an average price target of $259.67.
• Nexstar shares fell to $174.05 in Friday trading, while insiders have also been selling stock in recent months, including director Charles Thomas Mcmillen and COO Michael Biard.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Sunday.

Several other equities analysts also recently commented on the company. Citigroup upgraded Nexstar Media Group from a "neutral" rating to a "buy" rating and dropped their price objective for the company from $252.00 to $220.00 in a research note on Friday, April 10th. Benchmark decreased their target price on Nexstar Media Group from $300.00 to $250.00 and set a "buy" rating for the company in a research report on Monday, April 6th. Zacks Research upgraded Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 13th. Barrington Research reiterated an "outperform" rating and set a $290.00 price target on shares of Nexstar Media Group in a research note on Tuesday, April 28th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Nexstar Media Group in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $259.67.

Nexstar Media Group Stock Performance

NXST traded down $2.59 during midday trading on Friday, reaching $174.05. The company had a trading volume of 186,032 shares, compared to its average volume of 492,973. Nexstar Media Group has a 12-month low of $154.47 and a 12-month high of $254.30. The business has a 50-day moving average price of $181.96 and a two-hundred day moving average price of $203.69. The stock has a market cap of $5.32 billion, a PE ratio of 37.35, a P/E/G ratio of 0.44 and a beta of 0.91. The company has a debt-to-equity ratio of 5.53, a quick ratio of 1.76 and a current ratio of 1.76.

Insider Transactions at Nexstar Media Group

In other Nexstar Media Group news, Director Charles Thomas Mcmillen sold 1,000 shares of the firm's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $180.00, for a total transaction of $180,000.00. Following the sale, the director owned 5,658 shares in the company, valued at $1,018,440. This trade represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Michael Biard sold 1,227 shares of Nexstar Media Group stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $174.21, for a total value of $213,755.67. Following the sale, the chief operating officer directly owned 17,105 shares of the company's stock, valued at approximately $2,979,862.05. This trade represents a 6.69% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 22,813 shares of company stock worth $4,174,731. Company insiders own 7.00% of the company's stock.

Hedge Funds Weigh In On Nexstar Media Group

Several institutional investors have recently modified their holdings of the company. Torren Management LLC bought a new stake in Nexstar Media Group in the 4th quarter worth approximately $28,000. Measured Wealth Private Client Group LLC purchased a new position in shares of Nexstar Media Group during the third quarter worth approximately $28,000. WPG Advisers LLC raised its stake in shares of Nexstar Media Group by 65.7% during the fourth quarter. WPG Advisers LLC now owns 179 shares of the company's stock worth $36,000 after acquiring an additional 71 shares in the last quarter. State of Wyoming bought a new stake in shares of Nexstar Media Group in the 2nd quarter worth approximately $54,000. Finally, Danske Bank A S bought a new stake in shares of Nexstar Media Group in the 3rd quarter worth approximately $59,000. 95.30% of the stock is currently owned by institutional investors.

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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