Retirement Systems of Alabama Trims Stake in Nexstar Media Group, Inc. (NASDAQ:NXST)

Retirement Systems of Alabama cut its stake in Nexstar Media Group, Inc. (NASDAQ:NXST) by 4.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,834 shares of the company’s stock after selling 1,659 shares during the quarter. Retirement Systems of Alabama’s holdings in Nexstar Media Group were worth $6,091,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Brooklyn Investment Group acquired 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 in the second quarter valued at $27,000. True Wealth Design LLC acquired a new position in shares of Nexstar Media Group in the third quarter worth about $30,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Nexstar Media Group during the 3rd quarter worth about $33,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of 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 valued at $44,000 after acquiring an additional 259 shares during the period. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Insider Activity

In other news, CEO Perry A. Sook sold 12,239 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $190.28, for a total transaction of $2,328,836.92. Following the transaction, the chief executive officer now owns 674,694 shares of the company’s stock, valued at approximately $128,380,774.32. The trade was a 1.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Lisbeth Mcnabb sold 875 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $172.00, for a total transaction of $150,500.00. Following the sale, the director now owns 5,752 shares of the company’s stock, valued at approximately $989,344. The trade was a 13.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,221 shares of company stock worth $11,184,773 over the last ninety days. Corporate insiders own 6.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. StockNews.com raised Nexstar Media Group from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Loop Capital downgraded Nexstar Media Group from a “buy” rating to a “hold” rating and reduced their target price for the stock from $200.00 to $190.00 in a research note on Friday, November 8th. Benchmark reissued a “buy” rating and issued a $215.00 price target on shares of Nexstar Media Group in a research note on Friday, November 8th. Guggenheim reduced their price objective on shares of Nexstar Media Group from $200.00 to $198.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Finally, Barrington Research reiterated an “outperform” rating and issued a $200.00 target price on shares of Nexstar Media Group in a research report on Thursday, November 7th. 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $204.29.

Nexstar Media Group Trading Down 1.5 %

Shares of NXST stock opened at $158.98 on Thursday. Nexstar Media Group, Inc. has a fifty-two week low of $147.25 and a fifty-two week 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. The stock’s fifty day moving average is $170.07 and its two-hundred day moving average is $167.44. The firm has a market capitalization of $4.93 billion, a P/E ratio of 9.19, a PEG ratio of 0.20 and a beta of 1.45.

Nexstar Media Group (NASDAQ:NXST) last posted its quarterly earnings results on Thursday, November 7th. The company reported $5.27 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.24). The business had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Nexstar Media Group had a return on equity of 26.03% and a net margin of 11.39%. The business’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 earnings per share. Research analysts expect that Nexstar Media Group, Inc. will post 24.53 earnings per share for the current fiscal year.

Nexstar Media Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a dividend of $1.69 per share. This represents a $6.76 annualized dividend and a dividend yield of 4.25%. The ex-dividend date was Friday, November 15th. Nexstar Media Group’s dividend payout ratio is currently 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.