Nexstar Media Group (NASDAQ:NXST) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Nexstar Media Group (NASDAQ:NXST) from a buy rating to a hold rating in a report published on Saturday, February 3rd.

According to Zacks, “Nexstar Broadcasting Group currently owns, operates, programs or provides sales and other services to television stations in the states of Illinois, Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama and New York. Nexstar’s television station group includes affiliates of NBC, CBS, ABC, FOX and UPN. “

A number of other brokerages also recently weighed in on NXST. Royal Bank of Canada reissued a buy rating and issued a $95.00 price target on shares of Nexstar Media Group in a report on Thursday, January 4th. BidaskClub raised shares of Nexstar Media Group from a hold rating to a buy rating in a research note on Thursday, December 7th. Noble Financial reissued a buy rating on shares of Nexstar Media Group in a research report on Thursday, December 21st. FBR & Co assumed coverage on shares of Nexstar Media Group in a research report on Tuesday, October 31st. They issued a buy rating and a $79.00 price target for the company. Finally, Deutsche Bank increased their price objective on Nexstar Media Group from $80.00 to $85.00 and gave the stock a buy rating in a report on Wednesday, November 8th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $86.60.

Nexstar Media Group (NASDAQ:NXST) opened at $73.30 on Friday. Nexstar Media Group has a 12-month low of $55.95 and a 12-month high of $82.95. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.35 and a quick ratio of 1.35. The stock has a market cap of $3,237.47, a PE ratio of 27.56, a P/E/G ratio of 0.68 and a beta of 1.83.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 2nd. Investors of record on Friday, February 16th will be given a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 2.05%. This is a positive change from Nexstar Media Group’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, February 15th. Nexstar Media Group’s dividend payout ratio (DPR) is presently 45.11%.

In other news, Director Lisbeth Mcnabb sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 27th. The stock was sold at an average price of $79.61, for a total transaction of $398,050.00. Following the sale, the director now owns 5,000 shares in the company, valued at approximately $398,050. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Gary Michael Vaughn sold 400 shares of the business’s stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $71.32, for a total value of $28,528.00. Following the transaction, the insider now directly owns 7,140 shares in the company, valued at $509,224.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 40,610 shares of company stock valued at $3,129,294. Corporate insiders own 8.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of NXST. Rovida Advisors Inc. grew its holdings in Nexstar Media Group by 940.8% in the 3rd quarter. Rovida Advisors Inc. now owns 506,743 shares of the company’s stock valued at $31,570,000 after buying an additional 458,055 shares in the last quarter. Deprince Race & Zollo Inc. bought a new stake in shares of Nexstar Media Group during the 3rd quarter valued at $22,069,000. Vaughan Nelson Investment Management L.P. lifted its position in shares of Nexstar Media Group by 24.7% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,538,285 shares of the company’s stock valued at $95,834,000 after acquiring an additional 304,610 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Nexstar Media Group by 1,196.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 328,593 shares of the company’s stock valued at $20,471,000 after acquiring an additional 303,248 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in shares of Nexstar Media Group by 234.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 394,850 shares of the company’s stock valued at $24,600,000 after acquiring an additional 276,679 shares during the period.

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About Nexstar Media Group

Nexstar Media Group, Inc, formerly Nexstar Broadcasting Group, Inc, is a television broadcasting and digital media company. The Company is focused on the acquisition, development and operation of television stations and interactive community Websites, and digital media services in medium-sized markets in the United States.

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