JPMorgan Chase & Co. Lowers Position in Nexstar Media Group, Inc. (NASDAQ:NXST)

JPMorgan Chase & Co. lessened its stake in Nexstar Media Group, Inc. (NASDAQ:NXST) by 3.3% during the third quarter, Holdings Channel reports. The firm owned 505,127 shares of the company’s stock after selling 17,186 shares during the period. JPMorgan Chase & Co.’s holdings in Nexstar Media Group were worth $83,523,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Brooklyn Investment Group purchased a new position in Nexstar Media Group during the 3rd quarter worth $25,000. True Wealth Design LLC purchased a new stake in shares of Nexstar Media Group in the third quarter valued at about $30,000. Wilmington Savings Fund Society FSB purchased a new position in Nexstar Media Group during the third quarter worth about $33,000. Allspring Global Investments Holdings LLC boosted its holdings in Nexstar Media Group by 3,700.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 266 shares of the company’s stock worth $44,000 after purchasing an additional 259 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in Nexstar Media Group in the 3rd quarter valued at about $44,000. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on NXST. Guggenheim reduced their target price on Nexstar Media Group from $200.00 to $198.00 and set a “buy” rating for the company in a report on Friday, October 4th. Benchmark restated a “buy” rating and issued a $215.00 price objective on shares of Nexstar Media Group in a research note on Friday, November 8th. Barrington Research reaffirmed an “outperform” rating and set a $200.00 target price on shares of Nexstar Media Group in a research report on Thursday, November 7th. Loop Capital downgraded shares of Nexstar Media Group from a “buy” rating to a “hold” rating and cut their price target for the stock from $200.00 to $190.00 in a report on Friday, November 8th. Finally, StockNews.com upgraded shares of Nexstar Media Group from a “hold” rating to a “buy” rating in a report on Friday, November 8th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $204.29.

Nexstar Media Group Trading Up 0.8 %

Shares of NXST opened at $159.29 on Friday. The firm has a market cap of $4.94 billion, a P/E ratio of 9.21, a price-to-earnings-growth ratio of 0.20 and a beta of 1.45. Nexstar Media Group, Inc. has a fifty-two week low of $147.25 and a fifty-two week high of $191.86. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.68 and a current ratio of 1.68. The business has a 50-day moving average of $167.43 and a 200 day moving average of $167.51.

Nexstar Media Group (NASDAQ:NXST) last posted its quarterly earnings results on Thursday, November 7th. The company reported $5.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.51 by ($0.24). The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.37 billion. Nexstar Media Group had a net margin of 11.39% and a return on equity of 26.03%. The business’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same period last year, the firm earned $0.70 EPS. As a group, research analysts forecast that Nexstar Media Group, Inc. will post 24.53 EPS for the current year.

Nexstar Media Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a $1.69 dividend. This represents a $6.76 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date was Friday, November 15th. Nexstar Media Group’s payout ratio is currently 39.10%.

Insider Activity

In other news, CFO Lee Ann Gliha sold 330 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $158.23, for a total value of $52,215.90. Following the sale, the chief financial officer now directly owns 8,610 shares of the company’s stock, valued at approximately $1,362,360.30. This represents a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Perry A. Sook sold 12,239 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $190.28, for a total transaction of $2,328,836.92. Following the transaction, the chief executive officer now directly owns 674,694 shares of the company’s stock, valued at approximately $128,380,774.32. This represents a 1.78 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 146,448 shares of company stock worth $23,828,076. 6.30% of the stock is owned by corporate insiders.

Nexstar Media Group Company Profile

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.