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

Nexstar Media Group, Inc. (NASDAQ:NXST)’s stock price hit a new 52-week low on Friday. The stock traded as low as $154.35 and last traded at $155.39, with a volume of 212727 shares changing hands. The stock had previously closed at $158.61.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on NXST shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Nexstar Media Group in a research report on Monday, August 24th. Wall Street Zen lowered Nexstar Media Group from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Deutsche Bank Aktiengesellschaft reduced their target price on Nexstar Media Group from $255.00 to $240.00 and set a “buy” rating on the stock in a report on Monday, August 10th. Wells Fargo & Company dropped their price target on Nexstar Media Group from $253.00 to $249.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Finally, Zacks Research cut Nexstar Media Group from a “hold” rating to a “strong sell” rating in a report on Monday, August 10th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $256.50.

Nexstar Media Group Price Performance

The company has a debt-to-equity ratio of 5.09, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market capitalization of $4.79 billion, a P/E ratio of 29.83 and a beta of 0.94. The stock’s 50 day simple moving average is $178.50 and its 200 day simple moving average is $185.61.

Nexstar Media Group (NASDAQ:NXST) last released its quarterly earnings data on Thursday, August 6th. The company reported $3.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.98 by ($2.37). Nexstar Media Group had a net margin of 3.20% and a return on equity of 24.02%. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the business posted $3.06 earnings per share. Nexstar Media Group’s revenue for the quarter was up 62.2% on a year-over-year basis. As a group, analysts expect that Nexstar Media Group, Inc. will post 32.88 earnings per share for the current fiscal year.

Nexstar Media Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were issued a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a dividend yield of 4.8%. The ex-dividend date was Friday, August 14th. Nexstar Media Group’s dividend payout ratio is currently 142.80%.

Insiders Place Their Bets

In related news, COO Michael Biard sold 2,465 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $185.82, for a total transaction of $458,046.30. Following the transaction, the chief operating officer directly owned 20,890 shares of the company’s stock, valued at $3,881,779.80. This represents a 10.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Andrew Alford sold 2,823 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $165.69, for a total value of $467,742.87. Following the completion of the sale, the insider directly owned 11,726 shares of the company’s stock, valued at approximately $1,942,880.94. This represents a 19.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,596 shares of company stock worth $1,733,169 over the last quarter. Company insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Nexstar Media Group

A number of large investors have recently made changes to their positions in the stock. Bank of America Corp DE raised its holdings in Nexstar Media Group by 17.0% in the 1st quarter. Bank of America Corp DE now owns 173,269 shares of the company’s stock valued at $31,332,000 after acquiring an additional 25,193 shares during the period. Sentinel Dome Partners LLC acquired a new position in shares of Nexstar Media Group in the fourth quarter valued at about $2,315,000. CPC Advisors LLC grew its stake in shares of Nexstar Media Group by 114.3% in the first quarter. CPC Advisors LLC now owns 26,651 shares of the company’s stock valued at $4,819,000 after acquiring an additional 14,217 shares in the last quarter. Geode Capital Management LLC increased its position in Nexstar Media Group by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 773,443 shares of the company’s stock worth $157,114,000 after acquiring an additional 13,084 shares during the period. Finally, Louisiana State Employees Retirement System bought a new position in Nexstar Media Group during the first quarter worth about $1,501,000. 95.30% of the stock is owned by hedge funds and other institutional investors.

Nexstar Media Group Company Profile

Nexstar Media Group, Inc is a diversified media company that owns and operates local television stations across the United States. Its stations provide local news, weather, sports, and entertainment programming, while also distributing content through digital platforms and connected television services.

The company also operates national media businesses, including NewsNation, a national cable news network, and The CW Network, which offers scripted programming, sports, and other entertainment content.