Lord Abbett & CO. LLC Cuts Stock Holdings in Nexstar Media Group, Inc. (NASDAQ:NXST)

Lord Abbett & CO. LLC trimmed its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST) by 8.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 78,488 shares of the company’s stock after selling 7,442 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.25% of Nexstar Media Group worth $12,978,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NXST. Brooklyn Investment Group acquired a new stake in Nexstar Media Group in the 3rd quarter valued at about $25,000. Whittier Trust Co. acquired a new stake in shares of Nexstar Media Group in the 2nd quarter worth $27,000. True Wealth Design LLC purchased a new position in shares of Nexstar Media Group during the 3rd quarter worth $30,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Nexstar Media Group during the 3rd quarter valued at about $33,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Nexstar Media Group by 3,700.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 266 shares of the company’s stock valued at $44,000 after purchasing an additional 259 shares during the period. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Insider Activity at Nexstar Media Group

In related news, insider Gary Weitman sold 7,261 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $164.80, for a total transaction of $1,196,612.80. Following the transaction, the insider now owns 5,216 shares of the company’s stock, valued at $859,596.80. This trade represents a 58.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Andrew Alford sold 3,175 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $167.82, for a total value of $532,828.50. Following the sale, the insider now directly owns 9,173 shares of the company’s stock, valued at approximately $1,539,412.86. This represents a 25.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,798 shares of company stock valued at $7,656,704 over the last ninety days. Insiders own 6.30% of the company’s stock.

Nexstar Media Group Stock Down 0.2 %

NXST stock opened at $164.60 on Monday. Nexstar Media Group, Inc. has a fifty-two week low of $147.25 and a fifty-two week high of $191.86. The company’s 50 day moving average price is $170.11 and its 200 day moving average price is $167.47. 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 firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of 9.52, a PEG ratio of 0.20 and a beta of 1.45.

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

Nexstar Media Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a dividend of $1.69 per share. The ex-dividend date was Friday, November 15th. This represents a $6.76 annualized dividend and a yield of 4.11%. Nexstar Media Group’s dividend payout ratio is currently 39.10%.

Analyst Ratings Changes

Several research firms have recently commented on NXST. Guggenheim reduced their price target on shares of Nexstar Media Group from $200.00 to $198.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. Barrington Research reissued an “outperform” rating and set a $200.00 price objective on shares of Nexstar Media Group in a research report on Thursday, November 7th. Loop Capital downgraded shares of Nexstar Media Group from a “buy” rating to a “hold” rating and reduced their price target for the company from $200.00 to $190.00 in a research note on Friday, November 8th. Benchmark reissued a “buy” rating and issued a $215.00 target price on shares of Nexstar Media Group in a research report on Friday, November 8th. Finally, StockNews.com raised Nexstar Media Group from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Nexstar Media Group currently has an average rating of “Moderate Buy” and an average target price of $204.29.

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.