Nexstar Media Group, Inc. (NASDAQ:NXST) Shares Sold by Groesbeck Investment Management Corp NJ

Groesbeck Investment Management Corp NJ cut its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST) by 22.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,544 shares of the company’s stock after selling 2,207 shares during the period. Nexstar Media Group comprises approximately 1.6% of Groesbeck Investment Management Corp NJ’s investment portfolio, making the stock its 19th biggest holding. Groesbeck Investment Management Corp NJ’s holdings in Nexstar Media Group were worth $1,183,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. acquired a new position in shares of Nexstar Media Group in the first quarter worth about $26,000. OLD Second National Bank of Aurora acquired a new position in shares of Nexstar Media Group in the fourth quarter worth about $45,000. Itau Unibanco Holding S.A. acquired a new position in shares of Nexstar Media Group in the third quarter worth about $65,000. Arlington Trust Co LLC acquired a new position in shares of Nexstar Media Group in the fourth quarter worth about $81,000. Finally, Point72 Asset Management L.P. raised its position in shares of Nexstar Media Group by 101.1% in the second quarter. Point72 Asset Management L.P. now owns 526 shares of the company’s stock worth $88,000 after acquiring an additional 50,526 shares during the period. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Nexstar Media Group Price Performance

NASDAQ NXST traded up $4.83 during trading hours on Thursday, hitting $163.70. 60,194 shares of the company’s stock traded hands, compared to its average volume of 347,714. Nexstar Media Group, Inc. has a 52-week low of $132.30 and a 52-week high of $187.32. The company has a market capitalization of $5.47 billion, a PE ratio of 16.50, a PEG ratio of 0.59 and a beta of 1.50. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.53 and a quick ratio of 1.53. The firm’s 50-day moving average is $165.76 and its 200-day moving average is $158.01.

Nexstar Media Group (NASDAQ:NXST) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $3.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.42 by ($1.10). Nexstar Media Group had a net margin of 7.03% and a return on equity of 14.06%. The business had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the company posted $8.04 EPS. The firm’s revenue was down 12.3% on a year-over-year basis. Equities analysts forecast that Nexstar Media Group, Inc. will post 26.73 EPS for the current fiscal year.

Nexstar Media Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Friday, February 9th were paid a dividend of $1.69 per share. This represents a $6.76 annualized dividend and a yield of 4.13%. The ex-dividend date of this dividend was Thursday, February 8th. This is a boost from Nexstar Media Group’s previous quarterly dividend of $1.35. Nexstar Media Group’s dividend payout ratio is currently 70.20%.

Analysts Set New Price Targets

A number of research analysts have weighed in on NXST shares. TheStreet upgraded shares of Nexstar Media Group from a “c+” rating to a “b-” rating in a research report on Thursday, February 1st. Barrington Research reiterated an “outperform” rating and issued a $200.00 price objective on shares of Nexstar Media Group in a research report on Thursday, March 7th. Finally, Rosenblatt Securities reduced their price target on shares of Nexstar Media Group from $216.00 to $213.00 and set a “buy” rating for the company in a research report on Wednesday, March 13th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $193.83.

Insider Activity at Nexstar Media Group

In other news, EVP Michael Strober sold 1,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $167.49, for a total value of $167,490.00. Following the completion of the sale, the executive vice president now owns 1,076 shares of the company’s stock, valued at approximately $180,219.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Michael Strober sold 1,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $167.49, for a total value of $167,490.00. Following the completion of the sale, the executive vice president now owns 1,076 shares of the company’s stock, valued at approximately $180,219.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Perry A. Sook sold 31,758 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $158.66, for a total transaction of $5,038,724.28. Following the completion of the sale, the chief executive officer now directly owns 636,788 shares of the company’s stock, valued at approximately $101,032,784.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,508 shares of company stock valued at $7,487,950. Corporate insiders own 5.90% of the company’s stock.

Nexstar Media Group Company Profile

Nexstar Media Group, Inc operates as a diversified media company that produces and distributes engaging local and national news, sports and entertainment content across the television and digital platforms in the United States. It owns, operates, programs, or provides sales and other services to various markets; and offers television programming services.