Bank of New York Mellon Corp Trims Stock Holdings in Nexstar Media Group, Inc. $NXST

Bank of New York Mellon Corp decreased its stake in Nexstar Media Group, Inc. (NASDAQ:NXST) by 8.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 348,245 shares of the company’s stock after selling 31,060 shares during the quarter. Bank of New York Mellon Corp’s holdings in Nexstar Media Group were worth $70,711,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Collar Capital Management LLC lifted its holdings in Nexstar Media Group by 4.3% in the 4th quarter. Collar Capital Management LLC now owns 2,639 shares of the company’s stock worth $536,000 after purchasing an additional 110 shares in the last quarter. Norges Bank purchased a new position in Nexstar Media Group in the 4th quarter worth approximately $41,474,000. Severin Investments LLC lifted its holdings in Nexstar Media Group by 104.0% in the 4th quarter. Severin Investments LLC now owns 2,495 shares of the company’s stock worth $507,000 after purchasing an additional 1,272 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Nexstar Media Group by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 773,443 shares of the company’s stock worth $157,114,000 after purchasing an additional 13,084 shares in the last quarter. Finally, King Luther Capital Management Corp lifted its holdings in Nexstar Media Group by 2.7% in the 4th quarter. King Luther Capital Management Corp now owns 29,513 shares of the company’s stock worth $5,993,000 after purchasing an additional 775 shares in the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Nexstar Media Group Price Performance

NASDAQ:NXST opened at $179.57 on Wednesday. The firm has a market capitalization of $5.48 billion, a price-to-earnings ratio of 38.53, a PEG ratio of 0.45 and a beta of 0.91. Nexstar Media Group, Inc. has a 1 year low of $164.00 and a 1 year high of $254.30. The business has a 50 day simple moving average of $191.60 and a 200-day simple moving average of $207.55. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76.

Nexstar Media Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were paid a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, May 15th. Nexstar Media Group’s dividend payout ratio (DPR) is currently 159.66%.

Analyst Ratings Changes

A number of brokerages recently commented on NXST. Benchmark dropped their price target on Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating for the company in a research note on Monday, April 6th. Deutsche Bank Aktiengesellschaft dropped their price target on Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating for the company in a research note on Monday, May 11th. Wall Street Zen raised Nexstar Media Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Zacks Research raised Nexstar Media Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Finally, Wells Fargo & Company dropped their price target on Nexstar Media Group from $290.00 to $253.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Nexstar Media Group currently has an average rating of “Buy” and a consensus target price of $259.67.

Insider Activity

In related news, insider Gary Weitman sold 319 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $182.42, for a total transaction of $58,191.98. Following the completion of the sale, the insider directly owned 6,012 shares of the company’s stock, valued at approximately $1,096,709.04. This trade represents a 5.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Charles Thomas Mcmillen sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $180.00, for a total value of $180,000.00. Following the sale, the director directly owned 5,658 shares of the company’s stock, valued at $1,018,440. This represents a 15.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 13,798 shares of company stock worth $2,608,489 in the last three months. Corporate insiders own 6.70% of the company’s stock.

Nexstar Media Group Profile

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.