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

Nexstar Media Group, Inc. (NASDAQ:NXST)’s stock price dropped 9.5% during trading on Friday following a dissappointing earnings announcement. The stock traded as low as $168.80 and last traded at $170.66. Approximately 427,026 shares traded 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 EPS for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.24). Nexstar Media Group had a net margin of 8.68% and a return on equity of 18.65%. The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. The company’s revenue was up 20.7% on a year-over-year basis.

Nexstar Media Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $1.69 dividend. This represents a $6.76 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date is Friday, November 15th. Nexstar Media Group’s dividend payout ratio is presently 53.14%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NXST. Deutsche Bank Aktiengesellschaft decreased 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. StockNews.com raised Nexstar Media Group from a “hold” rating to a “buy” rating in a research report on Friday. Loop Capital lowered Nexstar Media Group from a “buy” rating to a “hold” rating and cut their price objective for the stock from $200.00 to $190.00 in a research report on Friday. Wells Fargo & Company cut their price objective on Nexstar Media Group from $221.00 to $209.00 and set an “overweight” rating on the stock in a research report on Friday, August 9th. Finally, Guggenheim cut their price objective on Nexstar Media Group from $200.00 to $198.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $198.50.

Insider Activity at Nexstar Media Group

In related news, EVP Rachel Morgan sold 6,196 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $171.30, for a total value of $1,061,374.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Nexstar Media Group news, EVP Rachel Morgan sold 6,196 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $171.30, for a total transaction of $1,061,374.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Lee Ann Gliha sold 984 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $157.63, for a total value of $155,107.92. Following the transaction, the chief financial officer now directly owns 8,107 shares in the company, valued at approximately $1,277,906.41. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 41,112 shares of company stock valued at $6,887,029 over the last quarter. 6.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Nexstar Media Group

Several hedge funds have recently made changes to their positions in NXST. Whittier Trust Co. acquired a new stake in shares of Nexstar Media Group during 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% during the second 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 period. Capital Performance Advisors LLP acquired a new stake in shares of Nexstar Media Group during the third quarter worth about $44,000. GAMMA Investing LLC boosted its stake in shares of Nexstar Media Group by 112.2% during the second quarter. GAMMA Investing LLC now owns 295 shares of the company’s stock worth $49,000 after buying an additional 156 shares during the period. Finally, Mascoma Wealth Management LLC acquired a new stake in shares of Nexstar Media Group during the second quarter worth about $49,000. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Nexstar Media Group Stock Down 11.9 %

The firm has a market cap of $5.36 billion, a price-to-earnings ratio of 13.05, a P/E/G ratio of 0.21 and a beta of 1.48. The firm’s 50 day moving average price is $168.54 and its two-hundred day moving average price is $166.94. The company has a debt-to-equity ratio of 2.92, a current ratio of 1.78 and a quick ratio of 1.78.

Nexstar Media Group Company 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.