Amalgamated Bank, a renowned financial institution recognized for its astute investment strategies, recently disclosed its decision to reduce its holdings in Nexstar Media Group, Inc. (NASDAQ:NXST) by 22.0% during the first quarter of this year. This significant decrease in their stake was revealed in the company’s latest Form 13F filing with the esteemed Securities & Exchange Commission.
Prior to this streamlining of its portfolio, Amalgamated Bank possessed a substantial share of 25,929 shares in Nexstar Media Group. However, they decided to sell 7,324 shares during the aforementioned period. Evidently dedicated to maximizing their investments, Amalgamated Bank’s vigilant approach aimed at optimizing their diverse portfolio led them to take this calculated step.
As a result of this divestment maneuver, Amalgamated Bank now owns approximately 0.07% of Nexstar Media Group—admittedly a smaller portion compared to their previous holdings. Nonetheless, their remaining shares are still valued at an impressive $4,477,000 as per their most recent SEC filing.
Nexstar Media Group stands as an influential force within television broadcasting and digital media ventures across the United States. Engaging in strategic acquisitions, innovative development initiatives, and seamless operational execution has solidified its standing as an industry leader. The organization ensures access to free programming for television audiences while continuously exploring new avenues for expansion and growth.
Industry experts and research analysts have been keen on evaluating the performance and potential of Nexstar Media Group lately. One such analysis was undertaken by StockNews.com which issued a research report on Thursday, May 18th—a testament to the company’s status within investment circles. In that report, they assigned a “hold” rating on the stock indicating neutrality in terms of immediate growth prospects.
Further weighing in on Nexstar Media Group’s trajectory is Guggenheim—an esteemed name renowned for its extensive market insights and analytics. Their research report, published on Thursday, June 29th, provides valuable inputs to investors. Within this comprehensive analysis, Guggenheim raised the target price for Nexstar Media Group from $216.00 to a notable $220.00—an increase that underscored the company’s potential for favorable returns.
These endorsements add to the growing chorus of sentiments around Nexstar Media Group. While two equities research analysts have opined that retaining the stock would be prudent at this time, three others have gone so far as to issue buy recommendations—indicating their belief in the company’s future prospects. This positive outlook is notably reflected in Bloomberg’s expert opinion where they have assigned Nexstar Media Group a consensus rating of “Moderate Buy.” Additionally, Bloomberg has also attributed a consensus target price of $219.40—a figure that further amplifies investors’ confidence in the corporation.
As we delve into the intricacies and complexities of investment decisions, Amalgamated Bank’s decision to trim its stake in Nexstar Media Group stands as an intriguing development within the financial sphere. At present, it allows us space for introspection—questioning whether this maneuver reflects an altered perception or strategy from Amalgamated Bank or merely an opportunity to rebalance their portfolio.
Ultimately, only time will tell how these investments unfold as we traverse July 28, 2023—a date that carries with it a sense of anticipation for market developments and investor sentiment alike.
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Nexstar Media Group: Hedge Fund Activity, Insider Transactions, and Stock Analysis
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”NXST” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]July 28, 2023
Nexstar Media Group: An Analysis of Hedge Fund Activity and Recent Stock Movements
In recent months, there has been a significant amount of activity surrounding Nexstar Media Group, a leading television broadcasting and digital media company in the United States. Various hedge funds have modified their holdings of the company, indicating potential shifts in market sentiment and investment strategies.
One noteworthy change came from Brown Brothers Harriman & Co., who acquired a new position in Nexstar Media Group during the first quarter for an estimated value of $26,000. This move suggests that Brown Brothers Harriman & Co. recognizes the potential for growth and value in Nexstar Media Group.
Column Capital Advisors LLC also increased its position in Nexstar Media Group by 55.4% during the fourth quarter. With additional shares valued at approximately $30,000, this indicates confidence in the company’s performance and future prospects.
Denali Advisors LLC followed suit by raising its position in Nexstar Media Group by an impressive 107.0% during the first quarter. By purchasing additional shares worth around $36,000, Denali Advisors LLC demonstrates optimism regarding the company’s ability to generate returns for investors.
Furthermore, Endurance Wealth Management Inc. entered the scene by acquiring a new position in Nexstar Media Group valued at $43,000 during the first quarter. This addition to their portfolio reflects their belief in Nexstar Media Group’s potential as a worthwhile investment opportunity.
Lastly, Quadrant Capital Group LLC significantly increased its position in Nexstar Media Group by 228.9% during the fourth quarter. By purchasing additional shares worth $48,000, Quadrant Capital Group LLC displays strong confidence in the company’s future performance.
Collectively, these hedge funds and other institutional investors now own approximately 97.44% of Nexstar Media Group’s stock – an indication of broad industry interest and support.
However, amidst this activity, there have also been notable insider transactions within the company. Lee Ann Gliha, the chief financial officer, sold 317 shares of Nexstar Media Group stock on June 6th at an average price of $158.82 per share. This transaction amounted to a total value of $50,345.94. Following this sale, Gliha still retains 2,886 shares in the company, valued at approximately $458,354.52.
Similarly, EVP Rachel Morgan sold 937 shares on June 28th at an average price of $163.77 per share for a total transaction value of $153,452.49. After completing this sale, Morgan now holds 2,813 shares in Nexstar Media Group valued at approximately $460,685.01.
These insider transactions indicate that certain executives are taking advantage of favorable market conditions and capitalizing on their positions within the company.
It is important to note that insiders have collectively sold 29,443 shares of Nexstar Media Group stock valued at $4,778,645 in the last quarter alone. Insiders currently own approximately 5.90% of the company’s stock.
Moving beyond hedge fund activity and insider transactions, let us delve into more details about Nexstar Media Group itself.
Nexstar Media Group operates television stations and interactive community websites and digital media services throughout the United States. The company offers free programming to its television viewing audiences as part of its core business model.
On Friday last week (July 28), shares of NASDAQ-listed Nexstar Media Group opened at $180.28 – indicative of a stable market presence for the company amidst recent developments in its stock and investment landscape.
With a market capitalization of approximately $6.46 billion and a debt-to-equity ratio of 2.56 – reflecting mixed obligations between borrowed capital and shareholder equity – Nexstar Media Group demonstrates robust financial standing within its industry.
Moreover, the company boasts a price-to-earnings ratio of 8.53 and a reasonable P/E/G ratio of 1.38, indicating potential undervaluation in comparison to its earnings growth. These figures suggest that Nexstar Media Group may present an attractive investment opportunity relative to its peers.
In terms of recent stock performance, Nexstar Media Group’s 50-day simple moving average is $166.92, while its 200-day simple moving average stands at $174.95. These averages provide insight into the short-term and long-term trends in stock prices, respectively.
Presently, the company’s stock fluctuates between a 52-week low of $148.00 and a 52-week high of $217.76 – representing both support and resistance levels for investors analyzing the stock’s performance.
Regarding earnings and financial results, Nexstar Media Group last reported quarterly earnings data on May 9th. The company exceeded analysts’ consensus estimates, posting an impressive $2.97 EPS for the quarter compared to expectations of $2.13 EPS – surpassing estimates by $0.84 per share.
Additionally, Nexstar Media Group reported revenue of $1.26 billion for the same period – slightly higher than analyst estimates of $
