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

Nexstar Media Group, Inc. (NASDAQ:NXST)’s share price reached a new 52-week high on Friday . The company traded as high as $223.43 and last traded at $222.0450, with a volume of 188979 shares changing hands. The stock had previously closed at $218.10.

Wall Street Analyst Weigh In

NXST has been the topic of several analyst reports. Citigroup decreased their price target on Nexstar Media Group from $218.00 to $204.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 25th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Nexstar Media Group in a research note on Monday, December 29th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Nexstar Media Group from $229.00 to $225.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Nexstar Media Group has an average rating of “Moderate Buy” and an average target price of $222.38.

Nexstar Media Group Stock Performance

The business’s fifty day simple moving average is $205.60 and its 200-day simple moving average is $199.56. The firm has a market cap of $6.71 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 0.81 and a beta of 0.85. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 2.76.

Nexstar Media Group (NASDAQ:NXST) last released its quarterly earnings results on Thursday, November 6th. The company reported $2.14 EPS for the quarter, missing analysts’ consensus estimates of $2.62 by ($0.48). The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Nexstar Media Group had a net margin of 10.02% and a return on equity of 22.99%. The company’s revenue for the quarter was down 12.3% on a year-over-year basis. During the same period in the previous year, the company earned $5.27 EPS. As a group, sell-side analysts expect that Nexstar Media Group, Inc. will post 21.62 earnings per share for the current year.

Nexstar Media Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be issued a $1.86 dividend. The ex-dividend date is Friday, February 13th. This represents a $7.44 annualized dividend and a yield of 3.4%. Nexstar Media Group’s payout ratio is 46.13%.

Institutional Investors Weigh In On Nexstar Media Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC purchased a new position in shares of Nexstar Media Group during the first quarter valued at about $499,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Nexstar Media Group by 49.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,870 shares of the company’s stock worth $2,844,000 after acquiring an additional 5,251 shares during the period. Millennium Management LLC raised its position in shares of Nexstar Media Group by 571.4% in the 1st quarter. Millennium Management LLC now owns 72,650 shares of the company’s stock worth $13,020,000 after acquiring an additional 61,830 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Nexstar Media Group by 14.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,809 shares of the company’s stock valued at $23,802,000 after purchasing an additional 16,637 shares during the period. Finally, Acadian Asset Management LLC bought a new stake in shares of Nexstar Media Group during the first quarter valued at approximately $654,000. 95.30% of the stock is owned by hedge funds and other institutional investors.

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.