Nexstar Media Group (NASDAQ:NXST) Reaches New 52-Week High – Here’s Why

Nexstar Media Group, Inc. (NASDAQ:NXST) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $191.32 and last traded at $190.76, with a volume of 31832 shares changing hands. The stock had previously closed at $183.25.

Analyst Ratings Changes

Several equities research analysts recently weighed in on NXST shares. Deutsche Bank Aktiengesellschaft cut their target price on shares of Nexstar Media Group from $207.00 to $205.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Wells Fargo & Company reduced their price objective on shares of Nexstar Media Group from $221.00 to $209.00 and set an “overweight” rating on the stock in a report on Friday, August 9th. StockNews.com lowered Nexstar Media Group from a “buy” rating to a “hold” rating in a report on Friday, October 4th. Guggenheim dropped their price objective on Nexstar Media Group from $200.00 to $198.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Finally, Barrington Research reiterated an “outperform” rating and issued a $200.00 price target on shares of Nexstar Media Group in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Nexstar Media Group has an average rating of “Moderate Buy” and a consensus target price of $199.71.

Nexstar Media Group Price Performance

The company has a 50-day moving average of $168.24 and a 200-day moving average of $166.75. The company has a debt-to-equity ratio of 2.92, a quick ratio of 1.78 and a current ratio of 1.78. The stock has a market cap of $6.04 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 0.20 and a beta of 1.48.

Nexstar Media Group (NASDAQ:NXST) last posted its quarterly earnings data on Thursday, August 8th. The company reported $3.54 earnings per share for the quarter, missing analysts’ consensus estimates of $4.48 by ($0.94). The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Nexstar Media Group had a net margin of 8.68% and a return on equity of 18.65%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the business earned $2.64 earnings per share. As a group, equities research analysts predict that Nexstar Media Group, Inc. will post 25.72 earnings per share for the current year.

Nexstar Media Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a dividend of $1.69 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $6.76 dividend on an annualized basis and a dividend yield of 3.61%. Nexstar Media Group’s dividend payout ratio (DPR) is 53.14%.

Insider Buying and Selling

In other Nexstar Media Group news, Director Charles Thomas Mcmillen sold 250 shares of the firm’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $164.44, for a total value of $41,110.00. Following the completion of the sale, the director now owns 7,725 shares of the company’s stock, valued at approximately $1,270,299. This trade represents a 0.00 % 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 the SEC website. In other Nexstar Media Group news, CFO Lee Ann Gliha sold 984 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $157.63, for a total value of $155,107.92. Following the sale, the chief financial officer now owns 8,107 shares of the company’s stock, valued at approximately $1,277,906.41. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles Thomas Mcmillen sold 250 shares of Nexstar Media Group stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $164.44, for a total value of $41,110.00. Following the transaction, the director now directly owns 7,725 shares of the company’s stock, valued at $1,270,299. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,112 shares of company stock valued at $6,887,029 over the last ninety days. Corporate insiders own 6.30% of the company’s stock.

Hedge Funds Weigh In On Nexstar Media Group

Several hedge funds have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Nexstar Media Group during the 1st quarter worth approximately $2,111,000. Vanguard Group Inc. raised its holdings in shares of Nexstar Media Group by 3.9% in the first quarter. Vanguard Group Inc. now owns 3,370,415 shares of the company’s stock worth $580,689,000 after acquiring an additional 127,783 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of Nexstar Media Group by 116.3% in the first quarter. BNP Paribas Financial Markets now owns 30,384 shares of the company’s stock valued at $5,235,000 after buying an additional 16,338 shares during the last quarter. Cornercap Investment Counsel Inc. purchased a new position in shares of Nexstar Media Group during the second quarter valued at approximately $570,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in Nexstar Media Group by 17.4% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 98,272 shares of the company’s stock worth $16,932,000 after acquiring an additional 14,574 shares during the last quarter. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

About Nexstar Media Group

Nexstar Media Group, Inc operates as a diversified media company that produces and distributes engaging local and national news, sports and entertainment content across the television and digital platforms in the United States. It owns, operates, programs, or provides sales and other services to various markets; and offers television programming services.