Nexstar Media Group, Inc. (NASDAQ:NXST) Sees Significant Drop in Short Interest

Nexstar Media Group, Inc. (NASDAQ:NXST) saw a significant decline in short interest in the month of February. As of February 27th, there was short interest totaling 1,806,510 shares, a decline of 17.8% from the February 12th total of 2,199,003 shares. Currently, 6.4% of the company’s shares are sold short. Based on an average daily volume of 320,731 shares, the short-interest ratio is presently 5.6 days. Based on an average daily volume of 320,731 shares, the short-interest ratio is presently 5.6 days. Currently, 6.4% of the company’s shares are sold short.

Nexstar Media Group Price Performance

Nexstar Media Group stock opened at $237.82 on Wednesday. The company’s 50 day simple moving average is $227.01 and its 200-day simple moving average is $208.07. The company has a debt-to-equity ratio of 3.05, a quick ratio of 2.07 and a current ratio of 2.07. Nexstar Media Group has a 1 year low of $141.66 and a 1 year high of $254.30. The company has a market capitalization of $7.21 billion, a price-to-earnings ratio of 80.89, a price-to-earnings-growth ratio of 0.93 and a beta of 0.79.

Nexstar Media Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 13th were given a $1.86 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $7.44 dividend on an annualized basis and a yield of 3.1%. Nexstar Media Group’s payout ratio is presently 253.06%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NXST. Sentinel Dome Partners LLC purchased a new stake in shares of Nexstar Media Group in the 4th quarter valued at $2,315,000. Caitong International Asset Management Co. Ltd purchased a new position in Nexstar Media Group during the 4th quarter valued at about $167,000. Cross Staff Investments Inc acquired a new position in Nexstar Media Group in the 4th quarter valued at about $203,000. Compound Planning Inc. acquired a new position in Nexstar Media Group in the 4th quarter valued at about $252,000. Finally, Corient Private Wealth LLC increased its stake in Nexstar Media Group by 1,595.7% during the fourth quarter. Corient Private Wealth LLC now owns 114,813 shares of the company’s stock worth $23,313,000 after purchasing an additional 108,042 shares during the period. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NXST. Wells Fargo & Company increased their price target on shares of Nexstar Media Group from $250.00 to $290.00 and gave the company an “overweight” rating in a research note on Friday, February 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Nexstar Media Group in a report on Monday, December 29th. Deutsche Bank Aktiengesellschaft increased their price objective on Nexstar Media Group from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, February 10th. Guggenheim raised their target price on Nexstar Media Group from $250.00 to $290.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Finally, Barrington Research restated an “outperform” rating and issued a $290.00 target price on shares of Nexstar Media Group in a research report on Tuesday, March 3rd. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $278.67.

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.