Nexstar Media Group (NASDAQ:NXST) Sets New 1-Year High on Better-Than-Expected Earnings

Nexstar Media Group, Inc. (NASDAQ:NXSTGet Rating) reached a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $195.89 and last traded at $195.32, with a volume of 5043 shares. The stock had previously closed at $190.44.

The company reported $5.56 earnings per share for the quarter, beating 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 return on equity of 32.55% and a net margin of 18.79%. The company’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.51 EPS.

Nexstar Media Group Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Nexstar Media Group from $216.00 to $225.00 in a report on Thursday, May 12th. Guggenheim boosted their price target on Nexstar Media Group from $210.00 to $220.00 in a report on Wednesday, May 11th. Rosenblatt Securities boosted their price target on Nexstar Media Group to $181.00 and gave the stock a “na” rating in a report on Monday, May 16th. Finally, StockNews.com raised Nexstar Media Group from a “hold” rating to a “buy” rating in a report on Thursday, May 12th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Nexstar Media Group has a consensus rating of “Buy” and an average target price of $210.57.

Insiders Place Their Bets

In other Nexstar Media Group news, insider Gary Weitman sold 3,202 shares of the company’s stock in a transaction dated Tuesday, June 28th. The stock was sold at an average price of $168.20, for a total value of $538,576.40. Following the completion of the transaction, the insider now owns 2,783 shares of the company’s stock, valued at approximately $468,100.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Nexstar Media Group news, insider Gary Weitman sold 3,202 shares of the company’s stock in a transaction dated Tuesday, June 28th. The stock was sold at an average price of $168.20, for a total value of $538,576.40. Following the completion of the transaction, the insider now owns 2,783 shares of the company’s stock, valued at approximately $468,100.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Dennis Miller sold 4,989 shares of the company’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $172.33, for a total value of $859,754.37. Following the completion of the transaction, the director now directly owns 1,625 shares of the company’s stock, valued at approximately $280,036.25. The disclosure for this sale can be found here. Insiders sold a total of 12,960 shares of company stock valued at $2,233,523 in the last 90 days. Corporate insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Nexstar Media Group

A number of institutional investors have recently made changes to their positions in the stock. M&T Bank Corp grew its position in shares of Nexstar Media Group by 140.6% in the 2nd quarter. M&T Bank Corp now owns 2,954 shares of the company’s stock valued at $271,000 after buying an additional 1,726 shares during the last quarter. Private Management Group Inc. grew its position in shares of Nexstar Media Group by 4.7% in the 2nd quarter. Private Management Group Inc. now owns 228,580 shares of the company’s stock valued at $37,231,000 after buying an additional 10,350 shares during the last quarter. Pinebridge Investments L.P. grew its position in shares of Nexstar Media Group by 144.6% in the 2nd quarter. Pinebridge Investments L.P. now owns 9,273 shares of the company’s stock valued at $1,510,000 after buying an additional 5,482 shares during the last quarter. Zions Bancorporation N.A. grew its position in shares of Nexstar Media Group by 22.6% in the 2nd quarter. Zions Bancorporation N.A. now owns 8,149 shares of the company’s stock valued at $1,327,000 after buying an additional 1,500 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its position in shares of Nexstar Media Group by 67.1% in the 2nd quarter. Illinois Municipal Retirement Fund now owns 21,976 shares of the company’s stock valued at $3,579,000 after buying an additional 8,828 shares during the last quarter. Institutional investors own 96.00% of the company’s stock.

Nexstar Media Group Price Performance

The business has a 50-day simple moving average of $172.71 and a 200 day simple moving average of $173.59. The stock has a market cap of $7.84 billion, a P/E ratio of 8.97, a price-to-earnings-growth ratio of 0.74 and a beta of 1.50. The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 2.47.

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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