Nexstar Media Group Inc (NASDAQ:NXST) Sees Significant Growth in Short Interest

Nexstar Media Group Inc (NASDAQ:NXST) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 2,954,200 shares, a growth of 18.3% from the July 31st total of 2,498,100 shares. Based on an average daily volume of 558,800 shares, the short-interest ratio is currently 5.3 days. Approximately 6.6% of the shares of the company are sold short.

Several equities analysts have issued reports on the company. Evercore ISI reiterated a “buy” rating and set a $116.00 target price on shares of Nexstar Media Group in a research report on Thursday, August 8th. Barrington Research restated a “buy” rating and issued a $135.00 price target on shares of Nexstar Media Group in a report on Wednesday, August 7th. Zacks Investment Research cut Nexstar Media Group from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. Stephens set a $150.00 price target on Nexstar Media Group and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, ValuEngine cut Nexstar Media Group from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $127.71.

Shares of NXST traded down $3.53 on Friday, reaching $102.17. The stock had a trading volume of 339,866 shares, compared to its average volume of 523,938. The firm has a market capitalization of $5.00 billion, a PE ratio of 11.96, a PEG ratio of 1.72 and a beta of 1.51. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.88. The firm has a 50-day moving average of $98.07 and a 200 day moving average of $104.32. Nexstar Media Group has a twelve month low of $70.09 and a twelve month high of $119.93.

Nexstar Media Group (NASDAQ:NXST) last released its quarterly earnings results on Wednesday, August 7th. The company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. The business had revenue of $649.01 million for the quarter, compared to analysts’ expectations of $653.00 million. Nexstar Media Group had a return on equity of 21.05% and a net margin of 13.61%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.86 EPS. On average, sell-side analysts anticipate that Nexstar Media Group will post 6.3 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend was Thursday, August 8th. Nexstar Media Group’s dividend payout ratio is currently 21.08%.

In other Nexstar Media Group news, Director Dennis Miller sold 625 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $102.17, for a total transaction of $63,856.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 6.40% of the company’s stock.

A number of hedge funds have recently bought and sold shares of NXST. JPMorgan Chase & Co. lifted its stake in Nexstar Media Group by 42.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,795,619 shares of the company’s stock valued at $179,848,000 after buying an additional 531,841 shares in the last quarter. Baupost Group LLC MA lifted its stake in Nexstar Media Group by 39.8% in the 2nd quarter. Baupost Group LLC MA now owns 1,397,755 shares of the company’s stock valued at $141,173,000 after buying an additional 397,755 shares in the last quarter. Vanguard Group Inc. lifted its stake in Nexstar Media Group by 4.2% in the 2nd quarter. Vanguard Group Inc. now owns 4,127,355 shares of the company’s stock valued at $416,862,000 after buying an additional 166,961 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in Nexstar Media Group in the 2nd quarter valued at approximately $14,025,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Nexstar Media Group by 56.6% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 369,856 shares of the company’s stock valued at $37,355,000 after buying an additional 133,739 shares in the last quarter. 99.62% of the stock is currently owned by hedge funds and other institutional investors.

About Nexstar Media Group

Nexstar Media Group, Inc operates as a television broadcasting and digital media company in the United States. The company focuses on the acquisition, development, and operation of television stations and interactive community Websites in small and medium-sized markets. It offers free over-the-air programming to television viewing audiences.

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