Southpoint Capital Advisors Ups Interest in Nexstar Broadcasting Group, Inc. (NXST)

Rob Butts and Josh Clark, the managers of Southpoint Capital Advisors, are fond of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) and have increased their holding of the stock by approximately 375,000 shares, taking it to 1.55 million shares which account for 5.07% of the total number of shares outstanding.


Nexstar Broadcasting Group, Inc. (NASDAQ:NXST)


A television broadcasting and digital media company, Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) has a market cap of $1.22 billion and pays an annual dividend of $0.51, which carries a yield of 1.3%. So far in 2014, the stock has been in a downtrend and has fallen 28% to a current price of $39.84  per share. The company posted revenues of $138 million and earnings per share of $0.34 for the three months ending December 31, 2013. Market participants expect $132 million in revenues and earnings of $0.26 per share for the first quarter of 2014.


Among other hedge funds, Wayne Cooperman is also betting big on Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) and has increased his fund’s stake by 667% during the Q4 of 2013. In its latest 13F filing, Cobalt Capital Management reported ownership of approximately 521,400 shares valued at $29 million. Alexander Mitchell, the manager of Scopus Asset Management, has increased his fund’s stake by 2% to approximately 742,100 shares reportedly worth $41.3 million.


During the fourth quarter of 2013, Butts and Clark have reduced the top 3 equity position of their fund: E TRADE Financial Corporation(NASDAQ:ETFC) to 8.2 million shares valued at $161 million, Methanex Corporation (USA)(NASDAQ:MEOH) to 2.52 million shares worth approximately $149 shares and Express Scripts Holding Company(NASDAQ:ESRX) to 2 million shares valued at $140 million. Northstar Realty Finance Corp. (NYSE:NRF) is a notable addition to Southpoint’s portfolio, with the fund acquiring 5.82 million shares reportedly worth $78.2 million.


Disclosure: none.


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