Harvest Fund Management Co. Ltd Increases Holdings in Nexstar Media Group, Inc. $NXST

Harvest Fund Management Co. Ltd grew its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST) by 767.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,662 shares of the company’s stock after buying an additional 3,240 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Nexstar Media Group were worth $744,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its position in shares of Nexstar Media Group by 3.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,391,323 shares of the company’s stock valued at $275,121,000 after buying an additional 42,391 shares in the last quarter. Alliancebernstein L.P. grew its holdings in Nexstar Media Group by 27.1% during the 2nd quarter. Alliancebernstein L.P. now owns 882,322 shares of the company’s stock valued at $152,598,000 after purchasing an additional 187,864 shares during the last quarter. Geode Capital Management LLC grew its holdings in Nexstar Media Group by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 773,443 shares of the company’s stock valued at $157,114,000 after purchasing an additional 13,084 shares during the last quarter. AQR Capital Management LLC grew its holdings in Nexstar Media Group by 118.1% during the 2nd quarter. AQR Capital Management LLC now owns 543,612 shares of the company’s stock valued at $93,795,000 after purchasing an additional 294,308 shares during the last quarter. Finally, Dorsal Capital Management LP bought a new position in Nexstar Media Group during the 3rd quarter valued at about $74,152,000. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Dana Zimmer sold 465 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $187.32, for a total transaction of $87,103.80. Following the transaction, the insider directly owned 3,272 shares in the company, valued at approximately $612,911.04. This trade represents a 12.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Michael Biard sold 989 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $187.32, for a total transaction of $185,259.48. Following the transaction, the chief operating officer owned 15,224 shares in the company, valued at approximately $2,851,759.68. This represents a 6.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 12,798 shares of company stock valued at $2,428,489. 6.70% of the stock is currently owned by corporate insiders.

Nexstar Media Group News Roundup

Here are the key news stories impacting Nexstar Media Group this week:

• Positive Sentiment: Brokerages currently maintain a consensus Buy rating on Nexstar Media Group, with a Street-average price target well above the stock’s recent trading range, suggesting analysts still see upside. Nexstar Media Group, Inc. (NASDAQ:NXST) Receives Consensus Recommendation of “Buy” from Brokerages
• Positive Sentiment: The company’s recent presentation at the Gabelli Sports & Media Symposium may have helped keep attention on the business and its strategy, which can support investor confidence. Nexstar Media Group, Inc. (NXST) Presents at Gabelli 18th Annual Sports & Media Symposium Transcript
• Neutral Sentiment: Nexstar also recently paid its quarterly dividend, reinforcing the stock’s income profile, though the payout ratio remains elevated and may limit enthusiasm. 3 Value Stocks with Room to Run
• Negative Sentiment: Several insiders, including EVP Lee Ann Gliha, Blake Russell, Gary Weitman, Andrew Alford, Brett Jenkins, Sean Compton, Dana Zimmer, and Lindsey Knapp, sold shares in recent filings. While the company said the transactions were mainly for tax withholding tied to equity vesting, the cluster of sales can still weigh on sentiment. Nexstar Media Group insider trades

Nexstar Media Group Price Performance

NASDAQ NXST opened at $182.02 on Friday. The company has a debt-to-equity ratio of 5.53, a quick ratio of 1.76 and a current ratio of 1.76. The firm’s 50 day moving average price is $193.11 and its 200-day moving average price is $207.52. Nexstar Media Group, Inc. has a 52-week low of $164.00 and a 52-week high of $254.30. The company has a market cap of $5.56 billion, a PE ratio of 39.06, a P/E/G ratio of 0.45 and a beta of 0.91.

Nexstar Media Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were paid a dividend of $1.86 per share. The ex-dividend date was Friday, May 15th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.1%. Nexstar Media Group’s dividend payout ratio (DPR) is currently 159.66%.

Analyst Ratings Changes

Several brokerages recently commented on NXST. Guggenheim upped their price target on shares of Nexstar Media Group from $250.00 to $290.00 and gave the company a “buy” rating in a report on Friday, February 27th. Wall Street Zen upgraded shares of Nexstar Media Group from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating on the stock in a report on Monday, May 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Nexstar Media Group in a report on Wednesday, May 27th. Finally, Benchmark cut their price target on shares of Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating on the stock in a report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $259.67.

About Nexstar Media Group

Nexstar Media Group, Inc is a diversified American media company engaged primarily in the ownership, operation and strategic affiliation of local television stations, digital platforms and cable networks. The company provides a range of broadcast content, including local news, sports coverage, entertainment programming and syndicated shows, reaching audiences in more than 100 television markets across the United States.

Founded in 1996 by entrepreneur Perry Sook and headquartered in Irving, Texas, Nexstar has built its presence through organic growth and a series of high-profile acquisitions.