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

Nexstar Media Group, Inc. (NASDAQ:NXST) reached a new 52-week low on Friday. The company traded as low as $154.35 and last traded at $155.39, with a volume of 212727 shares trading hands. The stock had previously closed at $158.61.

Analysts Set New Price Targets

NXST has been the subject of several recent research reports. Zacks Research cut Nexstar Media Group from a “hold” rating to a “strong sell” rating in a research note on Monday, August 10th. Wells Fargo & Company cut their target price on Nexstar Media Group from $253.00 to $249.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Wall Street Zen lowered Nexstar Media Group from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Weiss Ratings restated a “hold (c)” rating on shares of Nexstar Media Group in a research report on Monday, August 24th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on 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. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $256.50.

Nexstar Media Group Stock Down 2.0%

The stock has a market capitalization of $4.79 billion, a price-to-earnings ratio of 29.83 and a beta of 0.94. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 5.09. The stock has a 50 day moving average price of $178.50 and a 200 day moving average price of $185.61.

Nexstar Media Group (NASDAQ:NXST) last issued its quarterly earnings data on Thursday, August 6th. The company reported $3.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.98 by ($2.37). The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.97 billion. Nexstar Media Group had a net margin of 3.20% and a return on equity of 24.02%. The firm’s quarterly revenue was up 62.2% compared to the same quarter last year. During the same quarter last year, the business earned $3.06 EPS. As a group, analysts forecast that Nexstar Media Group, Inc. will post 32.88 EPS for the current year.

Nexstar Media Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were paid a $1.86 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $7.44 annualized dividend and a dividend yield of 4.8%. Nexstar Media Group’s dividend payout ratio is presently 142.80%.

Insider Buying and Selling

In other Nexstar Media Group news, Director Bernadette S. Aulestia sold 300 shares of the 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. This represents a 6.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Dana Zimmer sold 4,008 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $187.46, for a total transaction of $751,339.68. Following the transaction, the insider owned 1,792 shares of the company’s stock, valued at approximately $335,928.32. The trade was a 69.10% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 9,596 shares of company stock worth $1,733,169. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Nexstar Media Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in Nexstar Media Group by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 773,443 shares of the company’s stock worth $157,114,000 after acquiring an additional 13,084 shares during the period. Janus Henderson Group PLC increased its holdings in Nexstar Media Group by 1.8% in the first quarter. Janus Henderson Group PLC now owns 643,864 shares of the company’s stock worth $116,427,000 after purchasing an additional 11,477 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Nexstar Media Group by 1.6% in the first quarter. Principal Financial Group Inc. now owns 488,744 shares of the company’s stock valued at $88,381,000 after buying an additional 7,661 shares during the period. Allianz Asset Management GmbH boosted its holdings in shares of Nexstar Media Group by 28.4% during the 4th quarter. Allianz Asset Management GmbH now owns 358,762 shares of the company’s stock worth $72,847,000 after buying an additional 79,426 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Nexstar Media Group in the 4th quarter valued at $41,474,000. Institutional investors and hedge funds own 95.30% of the company’s stock.

About Nexstar Media Group

Nexstar Media Group, Inc is a diversified media company that owns and operates local television stations across the United States. Its stations provide local news, weather, sports, and entertainment programming, while also distributing content through digital platforms and connected television services.

The company also operates national media businesses, including NewsNation, a national cable news network, and The CW Network, which offers scripted programming, sports, and other entertainment content.