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

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on NXST shares. Guggenheim increased their target price on Nexstar Media Group from $250.00 to $290.00 and gave the company a “buy” rating in a report on Friday, February 27th. Citigroup raised Nexstar Media Group from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $252.00 to $220.00 in a research report on Friday, April 10th. Barrington Research reiterated an “outperform” rating and issued a $290.00 price objective on shares of Nexstar Media Group in a report on Tuesday, April 28th. Wells Fargo & Company dropped their price objective on Nexstar Media Group from $290.00 to $253.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Finally, Benchmark decreased their target price on Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating for the company in a research note on Monday, April 6th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Nexstar Media Group presently has an average rating of “Buy” and an average target price of $259.67.

Nexstar Media Group Price Performance

The stock has a 50-day moving average price of $189.23 and a 200 day moving average price of $206.30. 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 firm has a market cap of $5.01 billion, a price-to-earnings ratio of 35.20, a PEG ratio of 0.41 and a beta of 0.91.

Nexstar Media Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were given a dividend of $1.86 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $7.44 annualized dividend and a yield of 4.5%. Nexstar Media Group’s payout ratio is 159.66%.

Insiders Place Their Bets

In other news, insider Dana Zimmer sold 876 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total value of $149,629.56. Following the completion of the sale, the insider directly owned 5,800 shares of the company’s stock, valued at approximately $990,698. This represents a 13.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Sean Compton sold 840 shares of Nexstar Media Group stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $170.81, for a total transaction of $143,480.40. Following the completion of the transaction, the insider directly owned 14,430 shares in the company, valued at $2,464,788.30. The trade was a 5.50% 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. In the last three months, insiders sold 22,813 shares of company stock valued at $4,174,731. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Western Wealth Management LLC purchased a new stake in shares of Nexstar Media Group in the first quarter valued at about $1,229,000. NewEdge Advisors LLC grew its holdings in shares of Nexstar Media Group by 7,750.4% during the first quarter. NewEdge Advisors LLC now owns 9,028 shares of the company’s stock worth $1,633,000 after buying an additional 8,913 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Nexstar Media Group by 17.0% during the first quarter. Bank of America Corp DE now owns 173,269 shares of the company’s stock worth $31,332,000 after buying an additional 25,193 shares during the last quarter. Janus Henderson Group PLC increased its position in Nexstar Media Group by 1.8% in the 1st quarter. Janus Henderson Group PLC now owns 643,864 shares of the company’s stock valued at $116,427,000 after acquiring an additional 11,477 shares during the period. Finally, Strategic Investment Advisors MI acquired a new position in Nexstar Media Group in the 1st quarter valued at about $154,000. 95.30% of the stock is currently 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.