Odyssean LLC Raises Stake in Nexstar Media Group, Inc. $NXST

Odyssean LLC grew its position in Nexstar Media Group, Inc. (NASDAQ:NXST) by 188.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,036 shares of the company’s stock after purchasing an additional 11,133 shares during the quarter. Odyssean LLC owned approximately 0.06% of Nexstar Media Group worth $3,042,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Measured Wealth Private Client Group LLC bought a new stake in shares of Nexstar Media Group during the 3rd quarter valued at $28,000. State of Wyoming bought a new position in Nexstar Media Group in the 2nd quarter worth $54,000. Danske Bank A S bought a new position in Nexstar Media Group in the 3rd quarter worth $59,000. Harbor Investment Advisory LLC purchased a new stake in Nexstar Media Group in the 2nd quarter worth $63,000. Finally, C M Bidwell & Associates Ltd. purchased a new stake in Nexstar Media Group in the 2nd quarter worth $67,000. 95.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Nexstar Media Group Stock Performance

NXST opened at $176.83 on Friday. The company has a debt-to-equity ratio of 5.09, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of 33.94 and a beta of 0.90. The company has a fifty day moving average of $184.07 and a 200 day moving average of $195.98. Nexstar Media Group, Inc. has a fifty-two week low of $154.47 and a fifty-two week high of $254.30.

Nexstar Media Group (NASDAQ:NXST) last announced its quarterly 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). Nexstar Media Group had a return on equity of 24.02% and a net margin of 3.20%.The company had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the previous year, the firm earned $3.06 EPS. The firm’s revenue for the quarter was up 62.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Nexstar Media Group, Inc. will post 32.88 earnings per share for the current fiscal year.

Nexstar Media Group Dividend Announcement

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

Insider Buying and Selling

In related news, COO Michael Biard sold 2,465 shares of the 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 completion of the transaction, the chief operating officer directly owned 20,890 shares of the company’s stock, valued at approximately $3,881,779.80. This represents a 10.55% decrease in their ownership of the stock. The sale was disclosed in a filing 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, CEO Perry Sook purchased 12,235 shares of the business’s stock in a transaction on Friday, June 26th. The shares were purchased at an average price of $162.26 per share, with a total value of $1,985,251.10. Following the acquisition, the chief executive officer directly owned 899,044 shares in the company, valued at $145,878,879.44. This represents a 1.38% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 16,788 shares of company stock valued at $3,011,669 in the last ninety days. Company insiders own 7.00% of the company’s stock.

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.