Paralel Advisors LLC Invests $2.29 Million in Nexstar Media Group, Inc. $NXST

Paralel Advisors LLC bought a new position in Nexstar Media Group, Inc. (NASDAQ:NXST) in the second quarter, Holdings Channel reports. The institutional investor bought 12,792 shares of the company’s stock, valued at approximately $2,285,000.

Several other hedge funds and other institutional investors have also bought and sold shares of NXST. QVT Financial LP grew its holdings in shares of Nexstar Media Group by 200.0% in the fourth quarter. QVT Financial LP now owns 155,281 shares of the company’s stock worth $31,530,000 after purchasing an additional 310,562 shares during the last quarter. AQR Capital Management LLC raised 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 buying an additional 294,308 shares during the last quarter. Norges Bank purchased a new stake in Nexstar Media Group during the 4th quarter valued at $41,474,000. Alliancebernstein L.P. grew its holdings in Nexstar Media Group by 27.1% in the 2nd quarter. Alliancebernstein L.P. now owns 882,322 shares of the company’s stock worth $152,598,000 after acquiring an additional 187,864 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in Nexstar Media Group by 104.2% in the 4th quarter. Millennium Management LLC now owns 319,376 shares of the company’s stock worth $64,849,000 after acquiring an additional 162,963 shares during the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Wall Street Analysts Forecast Growth

NXST has been the subject of several recent analyst reports. Wells Fargo & Company lowered their price objective on shares of Nexstar Media Group from $253.00 to $249.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Nexstar Media Group in a research note on Monday, August 24th. Zacks Research downgraded Nexstar Media Group from a “hold” rating to a “strong sell” rating in a report on Monday, August 10th. Wall Street Zen lowered Nexstar Media Group from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating for the company in a report on Monday, May 11th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $259.00.

Nexstar Media Group Price Performance

Shares of NASDAQ NXST opened at $176.83 on Monday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 5.09. Nexstar Media Group, Inc. has a 12 month low of $154.47 and a 12 month high of $254.30. The firm has a market capitalization of $5.45 billion, a PE ratio of 33.94 and a beta of 0.90. The firm has a fifty day simple moving average of $184.07 and a two-hundred day simple moving average of $195.73.

Nexstar Media Group (NASDAQ:NXST) last posted its earnings results on Thursday, August 6th. The company reported $3.61 EPS for the quarter, missing the consensus estimate of $5.98 by ($2.37). The company had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Nexstar Media Group had a return on equity of 24.02% and a net margin of 3.20%.The company’s revenue for the quarter was up 62.2% on a year-over-year basis. During the same period in the prior year, the business posted $3.06 earnings per share. Equities analysts expect that Nexstar Media Group, Inc. will post 32.88 earnings per share for the current year.

Nexstar Media Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Friday, August 14th. Nexstar Media Group’s payout ratio is presently 142.80%.

Insider Activity

In related news, COO Michael Biard sold 2,465 shares of Nexstar Media Group stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $185.82, for a total transaction of $458,046.30. Following the sale, the chief operating officer directly owned 20,890 shares in the company, valued at $3,881,779.80. The trade was a 10.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Perry A. Sook purchased 12,235 shares of Nexstar Media Group stock in a transaction that occurred on Friday, June 26th. The stock was purchased at an average cost of $162.26 per share, for a total transaction of $1,985,251.10. Following the completion of the purchase, the chief executive officer owned 899,044 shares of the company’s stock, valued at $145,878,879.44. This trade represents a 1.38% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have sold 16,788 shares of company stock worth $3,011,669. Company insiders own 7.00% of the company’s stock.

Nexstar Media Group Company Profile

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.