Groesbeck Investment Management Corp NJ Cuts Stock Position in Nexstar Media Group, Inc. (NASDAQ:NXST)

Groesbeck Investment Management Corp NJ lowered its stake in Nexstar Media Group, Inc. (NASDAQ:NXST) by 22.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,544 shares of the company’s stock after selling 2,207 shares during the period. Nexstar Media Group accounts for about 1.6% of Groesbeck Investment Management Corp NJ’s holdings, making the stock its 19th largest holding. Groesbeck Investment Management Corp NJ’s holdings in Nexstar Media Group were worth $1,183,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in NXST. Channing Capital Management LLC boosted its stake in Nexstar Media Group by 738.8% during the 3rd quarter. Channing Capital Management LLC now owns 506,212 shares of the company’s stock valued at $72,576,000 after purchasing an additional 445,859 shares during the last quarter. Norges Bank purchased a new stake in Nexstar Media Group during the 4th quarter valued at $64,347,000. JPMorgan Chase & Co. boosted its stake in Nexstar Media Group by 44.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 607,631 shares of the company’s stock valued at $87,116,000 after purchasing an additional 186,486 shares during the last quarter. Boston Financial Mangement LLC boosted its stake in Nexstar Media Group by 156.5% during the 3rd quarter. Boston Financial Mangement LLC now owns 238,670 shares of the company’s stock valued at $34,218,000 after purchasing an additional 145,617 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in shares of Nexstar Media Group by 15,107.2% during the 4th quarter. International Assets Investment Management LLC now owns 122,570 shares of the company’s stock valued at $19,213,000 after buying an additional 121,764 shares during the period. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NXST. Rosenblatt Securities lowered their price target on Nexstar Media Group from $216.00 to $213.00 and set a “buy” rating on the stock in a report on Wednesday, March 13th. Barrington Research reissued an “outperform” rating and set a $200.00 price target on shares of Nexstar Media Group in a report on Thursday, March 7th. Finally, TheStreet raised Nexstar Media Group from a “c+” rating to a “b-” rating in a report on Thursday, February 1st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $193.83.

Insider Buying and Selling

In other Nexstar Media Group news, CEO Perry A. Sook sold 31,758 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $158.66, for a total value of $5,038,724.28. Following the completion of the sale, the chief executive officer now owns 636,788 shares in the company, valued at approximately $101,032,784.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Dennis J. Fitzsimons sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $170.82, for a total transaction of $341,640.00. Following the completion of the transaction, the director now owns 12,027 shares in the company, valued at $2,054,452.14. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Perry A. Sook sold 31,758 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $158.66, for a total value of $5,038,724.28. Following the transaction, the chief executive officer now owns 636,788 shares of the company’s stock, valued at approximately $101,032,784.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,508 shares of company stock valued at $7,487,950. 5.90% of the stock is owned by company insiders.

Nexstar Media Group Stock Performance

Nexstar Media Group stock traded up $4.83 during trading on Thursday, reaching $163.70. The company had a trading volume of 60,194 shares, compared to its average volume of 347,714. Nexstar Media Group, Inc. has a 52 week low of $132.30 and a 52 week high of $187.32. The firm’s 50-day simple moving average is $165.76 and its 200 day simple moving average is $158.01. The firm has a market capitalization of $5.47 billion, a price-to-earnings ratio of 16.50, a price-to-earnings-growth ratio of 0.59 and a beta of 1.50. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 2.90.

Nexstar Media Group (NASDAQ:NXST) last announced its earnings results on Wednesday, February 28th. The company reported $3.32 EPS for the quarter, missing analysts’ consensus estimates of $4.42 by ($1.10). Nexstar Media Group had a return on equity of 14.06% and a net margin of 7.03%. The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the business posted $8.04 earnings per share. Nexstar Media Group’s revenue for the quarter was down 12.3% compared to the same quarter last year. Sell-side analysts forecast that Nexstar Media Group, Inc. will post 26.73 earnings per share for the current fiscal year.

Nexstar Media Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Friday, February 9th were issued a $1.69 dividend. This is a boost from Nexstar Media Group’s previous quarterly dividend of $1.35. This represents a $6.76 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend was Thursday, February 8th. Nexstar Media Group’s dividend payout ratio (DPR) is currently 70.20%.

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.