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.
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.
Recommended reading:
Adage Capital and Maverick Capital are Bullish on Castlight Health Inc (CSLT)
Kerr Neilson, Platinum Asset Management Disclose New Position In Qunar Cayman Islands Ltd (QUNR)
MHR Fund Management Ups Its Stake In Navistar International Corp (NAV)