Short Interest in Nexstar Media Group, Inc. (NASDAQ:NXST) Drops By 18.4%

Key Points

• Short interest dropped 18.4% — as of March 31 short interest fell to 1,474,804 shares (about 5.2% of the stock) with a days-to-cover ratio of 2.5.
• Analyst sentiment is positive, with an average rating of "Moderate Buy" and an average price target of $268.33 after multiple firms raised targets and issued buy/overweight calls.
• Nexstar pays a quarterly dividend of $1.86 (annualized $7.44) for a 3.8% yield

Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report) was the recipient of a large drop in short interest in March. As of March 31st, there was short interest totaling 1,474,804 shares, a drop of 18.4% from the March 15th total of 1,807,496 shares. Based on an average daily volume of 579,552 shares, the days-to-cover ratio is currently 2.5 days. Currently, 5.2% of the company's stock are sold short.

Wall Street Analysts Forecast Growth

NXST has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised their price objective on Nexstar Media Group from $250.00 to $270.00 and gave the company a "buy" rating in a research note on Monday, March 23rd. Benchmark lowered their price objective on Nexstar Media Group from $300.00 to $250.00 and set a "buy" rating for the company in a research note on Monday, April 6th. Wells Fargo & Company raised their price objective on Nexstar Media Group from $250.00 to $290.00 and gave the company an "overweight" rating in a research note on Friday, February 27th. Barrington Research restated an "outperform" rating and set a $290.00 price objective on shares of Nexstar Media Group in a research note on Tuesday, March 3rd. Finally, Guggenheim raised their price objective on Nexstar Media Group from $250.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, February 27th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Nexstar Media Group currently has an average rating of "Moderate Buy" and an average price target of $268.33.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NXST. Torren Management LLC acquired a new position in shares of Nexstar Media Group in the 4th quarter worth approximately $28,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Nexstar Media Group in the 3rd quarter worth approximately $28,000. Root Financial Partners LLC acquired a new position in shares of Nexstar Media Group in the 3rd quarter worth approximately $31,000. WPG Advisers LLC boosted its position in Nexstar Media Group by 65.7% during the 4th quarter. WPG Advisers LLC now owns 179 shares of the company's stock valued at $36,000 after purchasing an additional 71 shares during the period. Finally, Hantz Financial Services Inc. boosted its position in Nexstar Media Group by 164.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 201 shares of the company's stock valued at $40,000 after purchasing an additional 125 shares during the period. Institutional investors and hedge funds own 95.30% of the company's stock.

Nexstar Media Group Stock Performance

Shares of NXST traded up $0.81 during mid-day trading on Thursday, hitting $197.40. The stock had a trading volume of 326,359 shares, compared to its average volume of 564,055. The company has a market cap of $5.99 billion, a PE ratio of 67.14, a PEG ratio of 0.77 and a beta of 0.93. The company's fifty day simple moving average is $221.55 and its two-hundred day simple moving average is $207.28. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 3.05. Nexstar Media Group has a fifty-two week low of $141.66 and a fifty-two week high of $254.30.

Nexstar Media Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were given a $1.86 dividend. The ex-dividend date was Friday, February 13th. This represents a $7.44 annualized dividend and a dividend yield of 3.8%. Nexstar Media Group's dividend payout ratio (DPR) is presently 253.06%.

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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