Millennium Management LLC Lowers Stock Holdings in Nexstar Media Group, Inc. (NASDAQ:NXST)

Millennium Management LLC reduced its stake in Nexstar Media Group, Inc. (NASDAQ:NXST) by 92.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,820 shares of the company’s stock after selling 135,055 shares during the quarter. Millennium Management LLC’s holdings in Nexstar Media Group were worth $1,709,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of NXST. Barclays PLC grew its stake in shares of Nexstar Media Group by 16.8% in the 3rd quarter. Barclays PLC now owns 45,051 shares of the company’s stock valued at $7,448,000 after purchasing an additional 6,475 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Nexstar Media Group by 18.8% in the 4th quarter. Blue Trust Inc. now owns 1,293 shares of the company’s stock valued at $214,000 after buying an additional 205 shares during the period. Clear Creek Financial Management LLC lifted its holdings in shares of Nexstar Media Group by 13.0% in the 4th quarter. Clear Creek Financial Management LLC now owns 2,367 shares of the company’s stock valued at $374,000 after buying an additional 273 shares during the period. Trust Point Inc. acquired a new stake in shares of Nexstar Media Group in the 4th quarter valued at approximately $350,000. Finally, Verity Asset Management Inc. acquired a new stake in shares of Nexstar Media Group in the 4th quarter valued at approximately $250,000. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Charles Thomas Mcmillen sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $169.51, for a total value of $339,020.00. Following the completion of the transaction, the director now directly owns 4,975 shares of the company’s stock, valued at $843,312.25. The trade was a 28.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Michael Biard sold 2,182 shares of the business’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $173.59, for a total value of $378,773.38. Following the completion of the transaction, the chief operating officer now directly owns 7,218 shares of the company’s stock, valued at approximately $1,252,972.62. This trade represents a 23.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,192 shares of company stock valued at $3,368,124. 6.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Guggenheim raised their price target on Nexstar Media Group from $210.00 to $220.00 and gave the company a “buy” rating in a report on Friday, February 28th. Loop Capital raised Nexstar Media Group from a “hold” rating to a “buy” rating and raised their price target for the company from $190.00 to $200.00 in a report on Friday, February 28th. Benchmark reduced their price target on Nexstar Media Group from $225.00 to $215.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Rosenblatt Securities reissued a “buy” rating and issued a $200.00 price target on shares of Nexstar Media Group in a report on Monday, March 10th. Finally, Wells Fargo & Company reduced their price target on Nexstar Media Group from $216.00 to $200.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Nexstar Media Group has a consensus rating of “Moderate Buy” and an average target price of $205.71.

Nexstar Media Group Stock Performance

Shares of NXST stock opened at $167.30 on Tuesday. The stock has a fifty day moving average price of $161.79 and a 200 day moving average price of $162.00. The stock has a market cap of $5.10 billion, a PE ratio of 9.68, a P/E/G ratio of 0.45 and a beta of 1.06. Nexstar Media Group, Inc. has a 1 year low of $141.66 and a 1 year high of $191.86. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.68 and a current ratio of 1.68.

Nexstar Media Group (NASDAQ:NXST) last issued its quarterly earnings data on Thursday, May 8th. The company reported $3.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.26 by $0.11. The firm had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Nexstar Media Group had a return on equity of 26.03% and a net margin of 11.39%. Nexstar Media Group’s revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $5.16 earnings per share. Sell-side analysts forecast that Nexstar Media Group, Inc. will post 21.62 earnings per share for the current fiscal year.

Nexstar Media Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a dividend of $1.86 per share. The ex-dividend date was Monday, May 19th. This represents a $7.44 annualized dividend and a yield of 4.45%. Nexstar Media Group’s dividend payout ratio is presently 37.69%.

About Nexstar Media Group

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.