Nexstar Media Group (NASDAQ:NXST) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Nexstar Media Group to “strong sell” from “hold,” although the broader analyst consensus remains “moderate buy” with an average price target of $259.
• Nexstar reported quarterly EPS of $3.61, missing the $5.98 consensus estimate by $2.37, while revenue of $1.99 billion exceeded forecasts and rose 62.2% year over year.
• The stock opened at $184.56, below its 200-day moving average of $200.43; insiders sold $4.17 million of shares in the last quarter, while institutional investors own 95.3% of the company.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) was downgraded by analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Monday,Zacks.com reports.

A number of other research firms have also commented on NXST. Weiss Ratings reiterated a "hold (c)" rating on shares of Nexstar Media Group in a research note on Wednesday, May 27th. Wells Fargo & Company lowered their target price on Nexstar Media Group from $253.00 to $249.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft dropped their price target 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. Barrington Research reiterated an "outperform" rating and set a $290.00 price target on shares of Nexstar Media Group in a report on Tuesday, April 28th. Finally, Wall Street Zen cut Nexstar Media Group from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $259.00.

Nexstar Media Group Stock Performance

NASDAQ:NXST opened at $184.56 on Monday. Nexstar Media Group has a 1 year low of $154.47 and a 1 year high of $254.30. The firm's fifty day simple moving average is $179.52 and its 200 day simple moving average is $200.43. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 5.53. The firm has a market capitalization of $5.69 billion, a PE ratio of 35.42, a PEG ratio of 0.51 and a beta of 0.91.

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 for the quarter, missing analysts' consensus estimates of $5.98 by ($2.37). The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.97 billion. Nexstar Media Group had a return on equity of 24.26% and a net margin of 3.20%.The firm's revenue was up 62.2% on a year-over-year basis. During the same period in the prior year, the firm earned $3.06 EPS. On average, sell-side analysts anticipate that Nexstar Media Group will post 37.46 EPS for the current year.

Insiders Place Their Bets

In related news, insider Brett Jenkins sold 301 shares of Nexstar Media Group stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total transaction of $51,413.81. Following the sale, the insider directly owned 28,798 shares of the company's stock, valued at $4,918,986.38. This trade represents a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Dana Zimmer sold 876 shares of the business's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $170.81, for a total value of $149,629.56. Following the transaction, the insider owned 5,800 shares in the company, valued at $990,698. This represents a 13.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 22,813 shares of company stock valued at $4,174,731 in the last quarter. 7.00% of the stock is currently owned by insiders.

Institutional Trading of Nexstar Media Group

Institutional investors and hedge funds have recently modified their holdings of the company. Sentinel Dome Partners LLC bought a new position in shares of Nexstar Media Group during the 4th quarter worth about $2,315,000. 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 purchasing an additional 13,084 shares in the last quarter. CPC Advisors LLC lifted its stake in Nexstar Media Group by 114.3% during the first quarter. CPC Advisors LLC now owns 26,651 shares of the company's stock worth $4,819,000 after purchasing an additional 14,217 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Nexstar Media Group by 3,648.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 64,995 shares of the company's stock valued at $13,197,000 after purchasing an additional 63,261 shares in the last quarter. Finally, M&T Bank Corp grew its stake in shares of Nexstar Media Group by 2,573.4% in the 4th quarter. M&T Bank Corp now owns 140,112 shares of the company's stock valued at $28,494,000 after purchasing an additional 134,871 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source