Redwood Investment Management LLC Cuts Stock Holdings in Nexstar Media Group, Inc. (NASDAQ:NXST)

Redwood Investment Management LLC cut its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 21.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,611 shares of the company's stock after selling 6,771 shares during the period. Redwood Investment Management LLC owned about 0.08% of Nexstar Media Group worth $4,093,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of NXST. Brooklyn Investment Group purchased a new position in shares of Nexstar Media Group in the 3rd quarter valued at $25,000. Whittier Trust Co. purchased a new position in Nexstar Media Group during the 2nd quarter worth $27,000. True Wealth Design LLC purchased a new position in Nexstar Media Group during the 3rd quarter worth $30,000. Allspring Global Investments Holdings LLC grew its stake in Nexstar Media Group by 3,700.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 266 shares of the company's stock worth $44,000 after buying an additional 259 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in Nexstar Media Group during the 3rd quarter worth $44,000. 95.30% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Loop Capital downgraded Nexstar Media Group from a "buy" rating to a "hold" rating and dropped their target price for the stock from $200.00 to $190.00 in a research note on Friday, November 8th. Guggenheim dropped their target price on Nexstar Media Group from $200.00 to $198.00 and set a "buy" rating on the stock in a research note on Friday, October 4th. Wells Fargo & Company dropped their target price on Nexstar Media Group from $221.00 to $209.00 and set an "overweight" rating on the stock in a research note on Friday, August 9th. Barrington Research restated an "outperform" rating and set a $200.00 target price on shares of Nexstar Media Group in a research note on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Nexstar Media Group from $207.00 to $205.00 and set a "buy" rating on the stock in a research note on Friday, August 9th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Nexstar Media Group presently has an average rating of "Moderate Buy" and an average price target of $198.50.

Insider Activity

In related news, 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 owns 9,173 shares of the company's stock, valued at approximately $1,539,412.86. This represents a 25.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Perry A. Sook sold 12,239 shares of the company's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $190.28, for a total value of $2,328,836.92. Following the completion of the transaction, the chief executive officer now directly owns 674,694 shares of the company's stock, valued at $128,380,774.32. The trade was a 1.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,423 shares of company stock valued at $7,916,739 in the last quarter. 6.30% of the stock is currently owned by company insiders.

Nexstar Media Group Stock Performance

Nexstar Media Group stock traded down $1.85 during trading hours on Thursday, hitting $171.09. 215,715 shares of the stock traded hands, compared to its average volume of 326,768. The stock has a market capitalization of $5.31 billion, a price-to-earnings ratio of 9.90, a P/E/G ratio of 0.20 and a beta of 1.45. The firm's 50 day moving average price is $169.85 and its 200-day moving average price is $167.08. The company has a debt-to-equity ratio of 2.98, a current ratio of 1.68 and a quick ratio of 1.68. Nexstar Media Group, Inc. has a 1 year low of $141.56 and a 1 year high of $191.86.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported $5.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.51 by ($0.24). The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.37 billion. Nexstar Media Group had a net margin of 11.39% and a return on equity of 26.03%. The business's quarterly revenue was up 20.7% compared to the same quarter last year. During the same period last year, the firm earned $0.70 EPS. As a group, equities analysts expect that Nexstar Media Group, Inc. will post 24.53 EPS for the current fiscal year.

Nexstar Media Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a $1.69 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $6.76 annualized dividend and a dividend yield of 3.95%. Nexstar Media Group's dividend payout ratio (DPR) is presently 39.10%.

Nexstar Media Group Profile

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.