Nexstar Media Group (NASDAQ:NXST) Reaches New 1-Year High After Earnings Beat

Nexstar Media Group, Inc. (NASDAQ:NXSTGet Rating)’s stock price reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $195.89 and last traded at $195.32, with a volume of 5043 shares changing hands. The stock had previously closed at $190.44.

The company reported $5.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.46 by $0.10. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Nexstar Media Group had a net margin of 18.79% and a return on equity of 32.55%. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the prior year, the company posted $4.51 earnings per share.

Nexstar Media Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th will be given a dividend of $0.90 per share. The ex-dividend date is Wednesday, August 10th. This represents a $3.60 annualized dividend and a yield of 1.86%. Nexstar Media Group’s payout ratio is currently 16.64%.

Analyst Upgrades and Downgrades

NXST has been the topic of several recent analyst reports. Guggenheim upped their target price on shares of Nexstar Media Group from $210.00 to $220.00 in a research report on Wednesday, May 11th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Nexstar Media Group from $216.00 to $225.00 in a research report on Thursday, May 12th. Rosenblatt Securities upped their target price on shares of Nexstar Media Group to $181.00 and gave the stock a “na” rating in a research report on Monday, May 16th. Finally, StockNews.com upgraded shares of Nexstar Media Group from a “hold” rating to a “buy” rating in a research report on Thursday, May 12th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $210.57.

Insider Activity

In related news, insider Gary Weitman sold 3,202 shares of the firm’s stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $168.20, for a total transaction of $538,576.40. Following the sale, the insider now owns 2,783 shares in the company, valued at $468,100.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Gary Weitman sold 3,202 shares of the firm’s stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $168.20, for a total transaction of $538,576.40. Following the sale, the insider now owns 2,783 shares in the company, valued at $468,100.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Dana Zimmer sold 1,191 shares of the firm’s stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of $173.86, for a total transaction of $207,067.26. Following the sale, the insider now owns 4,661 shares in the company, valued at approximately $810,361.46. The disclosure for this sale can be found here. Insiders have sold 12,960 shares of company stock worth $2,233,523 over the last ninety days. 5.00% of the stock is currently owned by insiders.

Institutional Trading of Nexstar Media Group

A number of hedge funds have recently bought and sold shares of NXST. National Asset Management Inc. raised its stake in Nexstar Media Group by 5.6% during the fourth quarter. National Asset Management Inc. now owns 2,450 shares of the company’s stock worth $371,000 after purchasing an additional 131 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in Nexstar Media Group during the fourth quarter worth approximately $5,631,000. CWM LLC purchased a new position in Nexstar Media Group during the fourth quarter worth approximately $242,000. Assenagon Asset Management S.A. purchased a new position in Nexstar Media Group during the fourth quarter worth approximately $2,354,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Nexstar Media Group by 0.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,510 shares of the company’s stock worth $1,889,000 after purchasing an additional 108 shares during the period. Institutional investors and hedge funds own 96.00% of the company’s stock.

Nexstar Media Group Stock Performance

The company has a quick ratio of 2.02, a current ratio of 2.02 and a debt-to-equity ratio of 2.47. The company has a market cap of $7.84 billion, a PE ratio of 8.97, a P/E/G ratio of 0.74 and a beta of 1.50. The stock’s 50 day simple moving average is $172.71 and its two-hundred day simple moving average is $173.59.

About Nexstar Media Group

(Get Rating)

Nexstar Media Group, Inc, a television broadcasting and digital media company, focuses on the acquisition, development, and operation of television stations and interactive community websites and digital media services in the United States. The company offers free programming to television viewing audiences.

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