Nexstar Media Group (NASDAQ:NXST) Reaches New 12-Month Low – Here’s What Happened

Nexstar Media Group, Inc. (NASDAQ:NXST)’s share price hit a new 52-week low during trading on Tuesday . The stock traded as low as $158.94 and last traded at $164.01, with a volume of 376372 shares trading hands. The stock had previously closed at $164.16.

Wall Street Analysts Forecast Growth

NXST has been the subject of several recent research reports. Weiss Ratings restated a “hold (c)” rating on shares of Nexstar Media Group in a report on Wednesday, May 27th. Guggenheim raised their target price on shares of Nexstar Media Group from $250.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Benchmark reduced their price target on shares of Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating for the company in a report on Monday, April 6th. Wells Fargo & Company lowered their price target on shares of Nexstar Media Group from $290.00 to $253.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Finally, Citigroup upgraded shares of Nexstar Media Group from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $252.00 to $220.00 in a research note on Friday, April 10th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Nexstar Media Group presently has a consensus rating of “Buy” and a consensus price target of $259.67.

Nexstar Media Group Stock Performance

The business has a 50-day moving average of $188.56 and a two-hundred day moving average of $205.97. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76. The company has a market cap of $5.13 billion, a P/E ratio of 36.05, a P/E/G ratio of 0.42 and a beta of 0.91.

Nexstar Media Group Announces Dividend

The company also recently declared 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 4.4%. The ex-dividend date was Friday, May 15th. Nexstar Media Group’s dividend payout ratio (DPR) is currently 159.66%.

Insider Transactions at Nexstar Media Group

In related news, Director Charles Thomas Mcmillen sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $180.00, for a total transaction of $180,000.00. Following the completion of the transaction, the director owned 5,658 shares in the company, valued at $1,018,440. The trade was a 15.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Michael Biard sold 1,227 shares of Nexstar Media Group stock in a transaction on Friday, June 12th. The stock was sold at an average price of $174.21, for a total transaction of $213,755.67. Following the completion of the transaction, the chief operating officer directly owned 17,105 shares in the company, valued at $2,979,862.05. This represents a 6.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 22,813 shares of company stock worth $4,174,731. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nexstar Media Group

Several hedge funds have recently made changes to their positions in NXST. Dorsal Capital Management LP acquired a new stake in Nexstar Media Group during the 3rd quarter worth about $74,152,000. QVT Financial LP increased its holdings in shares of Nexstar Media Group by 200.0% in the fourth quarter. QVT Financial LP now owns 155,281 shares of the company’s stock valued at $31,530,000 after purchasing an additional 310,562 shares during the period. AQR Capital Management LLC raised its stake in shares of Nexstar Media Group by 118.1% in the second quarter. AQR Capital Management LLC now owns 543,612 shares of the company’s stock worth $93,795,000 after purchasing an additional 294,308 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Nexstar Media Group by 157.2% during the third quarter. JPMorgan Chase & Co. now owns 374,027 shares of the company’s stock worth $73,960,000 after purchasing an additional 228,603 shares during the period. Finally, Norges Bank acquired a new stake in shares of Nexstar Media Group during the fourth quarter worth about $41,474,000. 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.