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.

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)

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!