Nexstar Media Group (NASDAQ:NXST) Stock Price Down 9.5% After Earnings Miss

Nexstar Media Group, Inc. (NASDAQ:NXST) shares were down 9.5% on Friday following a weaker than expected earnings announcement. The stock traded as low as $168.80 and last traded at $170.66. Approximately 427,026 shares changed hands during trading, an increase of 31% from the average daily volume of 325,232 shares. The stock had previously closed at $188.50.

The company reported $5.27 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.24). The firm had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Nexstar Media Group had a net margin of 8.68% and a return on equity of 18.65%. The company’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.70 EPS.

Nexstar Media Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $1.69 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $6.76 annualized dividend and a yield of 4.00%. Nexstar Media Group’s payout ratio is currently 53.14%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NXST. Wells Fargo & Company dropped their price target on shares of Nexstar Media Group from $221.00 to $209.00 and set an “overweight” rating for the company in a research report on Friday, August 9th. Barrington Research reaffirmed an “outperform” rating and issued a $200.00 target price on shares of Nexstar Media Group in a research report on Thursday. Loop Capital lowered shares of Nexstar Media Group from a “buy” rating to a “hold” rating and decreased their price target for the stock from $200.00 to $190.00 in a research note on Friday. Guggenheim decreased their price target on shares of Nexstar Media Group from $200.00 to $198.00 and set a “buy” rating for the company in a research note on Friday, October 4th. Finally, StockNews.com lowered shares of Nexstar Media Group from a “buy” rating to a “hold” rating in a research note on Friday, October 4th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $198.50.

Insider Transactions at Nexstar Media Group

In related news, insider Andrew Alford sold 3,175 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $167.82, for a total value of $532,828.50. Following the transaction, the insider now owns 9,173 shares of the company’s stock, valued at approximately $1,539,412.86. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Nexstar Media Group news, insider Gary Weitman sold 7,261 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $164.80, for a total transaction of $1,196,612.80. Following the sale, the insider now directly owns 5,216 shares of the company’s stock, valued at $859,596.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew Alford sold 3,175 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $167.82, for a total value of $532,828.50. Following the completion of the transaction, the insider now directly owns 9,173 shares of the company’s stock, valued at approximately $1,539,412.86. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,112 shares of company stock worth $6,887,029 over the last three months. 6.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nexstar Media Group

Hedge funds have recently made changes to their positions in the business. Whittier Trust Co. bought a new position in shares of Nexstar Media Group in the second quarter worth about $27,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Nexstar Media Group by 3,700.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 266 shares of the company’s stock worth $44,000 after acquiring an additional 259 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Nexstar Media Group in the third quarter worth about $44,000. UMB Bank n.a. boosted its stake in shares of Nexstar Media Group by 117.8% in the third quarter. UMB Bank n.a. now owns 294 shares of the company’s stock worth $49,000 after acquiring an additional 159 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Nexstar Media Group by 112.2% in the second quarter. GAMMA Investing LLC now owns 295 shares of the company’s stock worth $49,000 after acquiring an additional 156 shares during the period. Institutional investors own 95.30% of the company’s stock.

Nexstar Media Group Stock Down 10.3 %

The company has a debt-to-equity ratio of 2.92, a current ratio of 1.78 and a quick ratio of 1.78. The company has a market capitalization of $5.46 billion, a PE ratio of 13.50, a P/E/G ratio of 0.20 and a beta of 1.48. The business has a 50-day moving average of $168.63 and a 200 day moving average of $166.91.

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.