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

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NXST. Barrington Research reaffirmed an “outperform” rating and set a $290.00 price objective on shares of Nexstar Media Group in a research report on Tuesday, April 28th. Deutsche Bank Aktiengesellschaft dropped their target price on Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating on the stock in a report on Monday, May 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Nexstar Media Group in a research note on Wednesday, May 27th. Wells Fargo & Company reduced their price target on Nexstar Media Group from $290.00 to $253.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Finally, Citigroup raised Nexstar Media Group from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $252.00 to $220.00 in a research report on Friday, April 10th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $259.67.

Nexstar Media Group Stock Up 1.1%

The stock has a market cap of $5.66 billion, a PE ratio of 39.76, a PEG ratio of 0.46 and a beta of 0.91. 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 50 day moving average price of $180.35 and a two-hundred day moving average price of $203.04.

Nexstar Media Group Announces Dividend

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

Insiders Place Their Bets

In other news, Director Charles Thomas Mcmillen sold 1,000 shares of Nexstar Media Group stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $180.00, for a total value of $180,000.00. Following the completion of the sale, the director directly owned 5,658 shares in the company, valued at $1,018,440. The trade was a 15.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Dana Zimmer sold 915 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $176.42, for a total transaction of $161,424.30. Following the transaction, the insider directly owned 5,738 shares of the company’s stock, valued at $1,012,297.96. The trade was a 13.75% 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 in the last quarter. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Nexstar Media Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in NXST. QVT Financial LP grew its position in Nexstar Media Group by 200.0% in the 4th quarter. QVT Financial LP now owns 155,281 shares of the company’s stock worth $31,530,000 after purchasing an additional 310,562 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Nexstar Media Group by 118.1% during the 2nd quarter. AQR Capital Management LLC now owns 543,612 shares of the company’s stock valued at $93,795,000 after buying an additional 294,308 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Nexstar Media Group by 157.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 374,027 shares of the company’s stock worth $73,960,000 after buying an additional 228,603 shares during the last quarter. Norges Bank purchased a new position in shares of Nexstar Media Group in the 4th quarter worth $41,474,000. Finally, Alliancebernstein L.P. grew its holdings in shares of Nexstar Media Group by 27.1% in the second quarter. Alliancebernstein L.P. now owns 882,322 shares of the company’s stock worth $152,598,000 after acquiring an additional 187,864 shares during the period. Hedge funds and other institutional investors own 95.30% of the company’s stock.

About Nexstar Media Group

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.