Simcoe Capital Management LLC Reduces Position in Nexstar Broadcasting Group, Inc. (NXST)

Simcoe Capital Management LLC cut its stake in shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) by 18.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 361,185 shares of the company’s stock after selling 82,595 shares during the quarter. Nexstar Broadcasting Group accounts for about 8.9% of Simcoe Capital Management LLC’s investment portfolio, making the stock its 7th largest holding. Simcoe Capital Management LLC owned approximately 0.79% of Nexstar Broadcasting Group worth $22,502,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Thompson Siegel & Walmsley LLC purchased a new stake in Nexstar Broadcasting Group in the 2nd quarter worth approximately $125,000. Bronfman E.L. Rothschild L.P. purchased a new stake in Nexstar Broadcasting Group in the 2nd quarter worth approximately $145,000. Victory Capital Management Inc. purchased a new stake in Nexstar Broadcasting Group in the 3rd quarter worth approximately $172,000. SG Americas Securities LLC lifted its holdings in Nexstar Broadcasting Group by 29.8% in the 2nd quarter. SG Americas Securities LLC now owns 3,418 shares of the company’s stock worth $204,000 after buying an additional 785 shares during the period. Finally, Teacher Retirement System of Texas lifted its holdings in Nexstar Broadcasting Group by 2.8% in the 2nd quarter. Teacher Retirement System of Texas now owns 3,584 shares of the company’s stock worth $214,000 after buying an additional 99 shares during the period.

Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) opened at $71.20 on Thursday. Nexstar Broadcasting Group, Inc. has a 52-week low of $55.95 and a 52-week high of $73.90. The company has a debt-to-equity ratio of 3.58, a quick ratio of 1.35 and a current ratio of 1.35. The firm has a market capitalization of $3,196.46, a P/E ratio of 18.41, a P/E/G ratio of 1.58 and a beta of 2.21.

Nexstar Broadcasting Group (NASDAQ:NXST) last posted its quarterly earnings data on Monday, November 6th. The company reported $0.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.09. Nexstar Broadcasting Group had a return on equity of 16.20% and a net margin of 5.60%. The company had revenue of $611.87 million during the quarter, compared to analyst estimates of $609.44 million. During the same quarter last year, the company earned $0.78 EPS. The firm’s revenue for the quarter was up 122.0% on a year-over-year basis. equities analysts forecast that Nexstar Broadcasting Group, Inc. will post 3.45 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 17th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date was Thursday, November 16th. Nexstar Broadcasting Group’s dividend payout ratio (DPR) is presently 45.11%.

In related news, insider Julie Pruett sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $60.01, for a total transaction of $180,030.00. Following the completion of the transaction, the insider now owns 11,985 shares of the company’s stock, valued at approximately $719,219.85. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Gary Michael Vaughn sold 5,050 shares of the firm’s stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $61.35, for a total value of $309,817.50. Following the transaction, the insider now directly owns 10,000 shares of the company’s stock, valued at approximately $613,500. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,275,517 shares of company stock valued at $78,330,876. 7.80% of the stock is owned by corporate insiders.

NXST has been the subject of several research analyst reports. Deutsche Bank started coverage on Nexstar Broadcasting Group in a report on Friday, October 20th. They issued a “buy” rating and a $80.00 price objective for the company. Zacks Investment Research lowered Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research report on Tuesday, October 24th. ValuEngine lowered Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. B. Riley increased their target price on Nexstar Broadcasting Group from $79.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday, November 7th. Finally, Jefferies Group reissued a “buy” rating and issued a $80.00 target price on shares of Nexstar Broadcasting Group in a research report on Thursday, September 21st. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $82.00.

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About Nexstar Broadcasting 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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Institutional Ownership by Quarter for Nexstar Broadcasting Group (NASDAQ:NXST)

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