Penn Capital Management Company LLC Acquires 13,264 Shares of Nexstar Media Group, Inc. $NXST

Penn Capital Management Company LLC lifted its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST) by 15.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,941 shares of the company’s stock after purchasing an additional 13,264 shares during the period. Penn Capital Management Company LLC’s holdings in Nexstar Media Group were worth $16,506,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of NXST. AlphaCore Capital LLC acquired a new stake in Nexstar Media Group during the 3rd quarter valued at $258,000. Fulcrum Asset Management LLP increased its position in Nexstar Media Group by 3,836.4% during the third quarter. Fulcrum Asset Management LLP now owns 433 shares of the company’s stock worth $70,000 after buying an additional 422 shares in the last quarter. Ethic Inc. increased its position in Nexstar Media Group by 4.1% during the third quarter. Ethic Inc. now owns 1,457 shares of the company’s stock worth $235,000 after buying an additional 57 shares in the last quarter. CenterBook Partners LP acquired a new position in shares of Nexstar Media Group in the third quarter worth $1,246,000. Finally, Heritage Family Offices LLP acquired a new position in shares of Nexstar Media Group in the third quarter worth $37,000. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NXST has been the topic of several recent research reports. Weiss Ratings restated a “hold (c)” rating on shares of Nexstar Media Group in a research report on Monday, August 24th. Zacks Research cut Nexstar Media Group from a “hold” rating to a “strong sell” rating in a research report on Monday, August 10th. Wall Street Zen upgraded Nexstar Media Group from a “hold” rating to a “buy” rating in a research report on Saturday. Deutsche Bank Aktiengesellschaft cut their target price on shares of Nexstar Media Group from $255.00 to $240.00 and set a “buy” rating for the company in a research note on Monday, August 10th. Finally, Citigroup upped their target price on shares of Nexstar Media Group from $215.00 to $225.00 and gave the company a “buy” rating in a report on Monday. 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 company. According to MarketBeat.com, Nexstar Media Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $257.50.

Nexstar Media Group Stock Up 5.9%

Shares of NASDAQ:NXST opened at $201.23 on Tuesday. The stock’s 50-day moving average price is $168.16 and its two-hundred day moving average price is $191.70. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 5.09. Nexstar Media Group, Inc. has a 12-month low of $153.17 and a 12-month high of $254.30. The firm has a market cap of $6.20 billion, a price-to-earnings ratio of 18.31 and a beta of 0.97.

Nexstar Media Group (NASDAQ:NXST) last posted its quarterly earnings results on Thursday, November 5th. The company reported $7.92 EPS for the quarter, missing the consensus estimate of $8.08 by ($0.16). Nexstar Media Group had a net margin of 3.20% and a return on equity of 24.02%. The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.07 billion. During the same quarter last year, the firm earned $2.14 EPS. The firm’s quarterly revenue was up 78.0% compared to the same quarter last year. On average, research analysts forecast that Nexstar Media Group, Inc. will post 32.88 EPS for the current year.

Nexstar Media Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 13th will be given a $1.86 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $7.44 annualized dividend and a dividend yield of 3.7%. Nexstar Media Group’s dividend payout ratio (DPR) is currently 67.70%.

Insider Activity at Nexstar Media Group

In related news, insider Dana Zimmer sold 4,008 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $187.46, for a total value of $751,339.68. Following the completion of the sale, the insider directly owned 1,792 shares in the company, valued at approximately $335,928.32. The trade was a 69.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bernadette Aulestia sold 300 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $186.80, for a total transaction of $56,040.00. Following the completion of the sale, the director owned 4,383 shares of the company’s stock, valued at approximately $818,744.40. The trade was a 6.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,596 shares of company stock valued at $1,733,169 over the last three months. Insiders own 7.00% of the company’s stock.

About Nexstar Media Group

Nexstar Media Group is a U.S. media company focused on local television broadcasting and national programming. It owns and operates local television stations across the country, many affiliated with major broadcast networks, and produces local news, sports, and other programming for viewers in their communities.

The company also operates NewsNation, a national news and entertainment network, and holds a majority interest in The CW. Its digital businesses distribute news and other content online, while advertising and fees for carrying its stations and networks are among its business activities.

Founded by Perry Sook in 1996 and headquartered in Irving, Texas, Nexstar expanded its station portfolio through acquisitions, including its 2019 acquisition of Tribune Media.