Nexstar Media Group (NASDAQ:NXST) Trading Up 7.1% – Here’s Why

Nexstar Media Group, Inc. (NASDAQ:NXST)’s stock price traded up 7.1% during mid-day trading on Wednesday . The stock traded as high as $188.88 and last traded at $188.00. 119,667 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 397,792 shares. The stock had previously closed at $175.56.

Analyst Ratings Changes

Several research firms have weighed in on NXST. Barrington Research reiterated an “outperform” rating and issued a $290.00 target price on shares of Nexstar Media Group in a report on Tuesday, April 28th. Deutsche Bank Aktiengesellschaft dropped their price objective on Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating for the company in a research note on Monday, May 11th. Benchmark cut their price target on shares of Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating on the stock in a research note on Monday, April 6th. Citigroup upgraded shares of Nexstar Media Group from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $252.00 to $220.00 in a research note on Friday, April 10th. Finally, Zacks Research cut Nexstar Media Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $259.67.

Nexstar Media Group Stock Performance

The firm has a fifty day simple moving average of $180.83 and a 200-day simple moving average of $203.32. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 5.53. The company has a market cap of $5.64 billion, a PE ratio of 39.60, a price-to-earnings-growth ratio of 0.44 and a beta of 0.91.

Nexstar Media Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were issued a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, May 15th. Nexstar Media Group’s payout ratio is presently 159.66%.

Insider Transactions at Nexstar Media Group

In other news, insider Brett Jenkins sold 301 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total value of $51,413.81. Following the transaction, the insider owned 28,798 shares of the company’s stock, valued at approximately $4,918,986.38. The trade was a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Blake Russell sold 261 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total transaction of $44,581.41. Following the transaction, the executive vice president owned 28,296 shares in the company, valued at approximately $4,833,239.76. This trade represents a 0.91% 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 worth $4,174,731 over the last 90 days. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Nexstar Media Group

Hedge funds have recently modified their holdings of the business. CWA Asset Management Group LLC grew its holdings in Nexstar Media Group by 1.7% during the 4th quarter. CWA Asset Management Group LLC now owns 3,103 shares of the company’s stock valued at $630,000 after purchasing an additional 51 shares in the last quarter. Merit Financial Group LLC boosted its holdings in Nexstar Media Group by 1.6% in the fourth quarter. Merit Financial Group LLC now owns 3,571 shares of the company’s stock valued at $725,000 after purchasing an additional 56 shares during the last quarter. Truist Financial Corp raised its position in shares of Nexstar Media Group by 5.2% in the 4th quarter. Truist Financial Corp now owns 1,139 shares of the company’s stock valued at $231,000 after purchasing an additional 56 shares in the last quarter. WPG Advisers LLC boosted its stake in shares of 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 buying an additional 71 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in Nexstar Media Group by 15.7% during the 2nd quarter. Geneos Wealth Management Inc. now owns 589 shares of the company’s stock valued at $102,000 after acquiring an additional 80 shares during the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

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.