Short Interest in Nexstar Media Group, Inc. (NASDAQ:NXST) Declines By 17.8%

Nexstar Media Group, Inc. (NASDAQ:NXST) was the target of a large decline in short interest in February. As of February 27th, there was short interest totaling 1,806,510 shares, a decline of 17.8% from the February 12th total of 2,199,003 shares. Based on an average daily volume of 320,731 shares, the days-to-cover ratio is currently 5.6 days. Approximately 6.4% of the shares of the company are sold short. Approximately 6.4% of the shares of the company are sold short. Based on an average daily volume of 320,731 shares, the days-to-cover ratio is currently 5.6 days.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Barrington Research reaffirmed an “outperform” rating and issued a $290.00 price objective on shares of Nexstar Media Group in a report on Tuesday, March 3rd. Citigroup boosted their price target on Nexstar Media Group from $204.00 to $252.00 and gave the company a “neutral” rating in a research note on Monday, March 2nd. Guggenheim upped their price objective on shares of Nexstar Media Group from $250.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Nexstar Media Group in a research note on Monday, December 29th. Finally, Wells Fargo & Company raised their target price on shares of Nexstar Media Group from $250.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, February 27th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Nexstar Media Group currently has a consensus rating of “Moderate Buy” and an average target price of $278.67.

Nexstar Media Group Price Performance

Shares of NXST traded up $1.30 during midday trading on Tuesday, hitting $237.82. The company’s stock had a trading volume of 214,618 shares, compared to its average volume of 342,314. Nexstar Media Group has a one year low of $141.66 and a one year high of $254.30. The company’s fifty day simple moving average is $226.39 and its two-hundred day simple moving average is $207.83. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 3.05. The stock has a market capitalization of $7.21 billion, a price-to-earnings ratio of 80.89, a price-to-earnings-growth ratio of 0.92 and a beta of 0.79.

Nexstar Media Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were issued a $1.86 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.1%. Nexstar Media Group’s dividend payout ratio is 253.06%.

Institutional Investors Weigh In On Nexstar Media Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Torren Management LLC acquired a new stake in Nexstar Media Group in the fourth quarter valued at approximately $28,000. Measured Wealth Private Client Group LLC bought a new position in shares of Nexstar Media Group in the 3rd quarter valued at $28,000. Root Financial Partners LLC acquired a new stake in shares of Nexstar Media Group during the 3rd quarter valued at $31,000. Allworth Financial LP boosted its holdings in shares of Nexstar Media Group by 617.2% during the 2nd quarter. Allworth Financial LP now owns 208 shares of the company’s stock valued at $36,000 after acquiring an additional 179 shares in the last quarter. Finally, WPG Advisers LLC grew its position in Nexstar Media Group by 65.7% during the 4th quarter. WPG Advisers LLC now owns 179 shares of the company’s stock worth $36,000 after acquiring an additional 71 shares during the last quarter. 95.30% of the stock is owned by institutional investors.

About Nexstar Media Group

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.