Insider Selling: Nexstar Media Group (NASDAQ:NXST) EVP Sells 92 Shares of Stock

Nexstar Media Group, Inc. (NASDAQ:NXST) EVP Lindsey Knapp sold 92 shares of Nexstar Media Group stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $187.32, for a total transaction of $17,233.44. Following the transaction, the executive vice president owned 1,160 shares in the company, valued at approximately $217,291.20. The trade was a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nexstar Media Group Stock Down 1.5%

Shares of Nexstar Media Group stock traded down $2.91 during midday trading on Wednesday, hitting $185.12. The company’s stock had a trading volume of 324,271 shares, compared to its average volume of 384,860. The firm has a market capitalization of $5.65 billion, a P/E ratio of 39.73, a PEG ratio of 0.48 and a beta of 0.97. The stock has a 50-day simple moving average of $200.38 and a 200-day simple moving average of $207.99. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 5.53. Nexstar Media Group, Inc. has a 1-year low of $164.00 and a 1-year high of $254.30.

Nexstar Media Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be issued a dividend of $1.86 per share. The ex-dividend date is Friday, May 15th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.0%. Nexstar Media Group’s payout ratio is currently 159.66%.

Analyst Ratings Changes

NXST has been the topic of a number of research analyst reports. Zacks Research upgraded Nexstar Media Group from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Benchmark lowered their price target on Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating on the stock in a report on Monday, April 6th. Wall Street Zen raised shares of Nexstar Media Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating for the company in a research note on Monday, May 11th. Finally, Citigroup raised shares of Nexstar Media Group from a “neutral” rating to a “buy” rating and decreased their target price for the company from $252.00 to $220.00 in a research note on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $259.67.

Institutional Investors Weigh In On Nexstar Media Group

Institutional investors have recently modified their holdings of the stock. Western Wealth Management LLC acquired a new stake in shares of Nexstar Media Group in the 1st quarter valued at $1,229,000. Bank of America Corp DE raised its holdings in Nexstar Media Group by 17.0% in the 1st quarter. Bank of America Corp DE now owns 173,269 shares of the company’s stock worth $31,332,000 after acquiring an additional 25,193 shares during the period. Janus Henderson Group PLC raised its holdings in Nexstar Media Group by 1.8% in the 1st quarter. Janus Henderson Group PLC now owns 643,864 shares of the company’s stock worth $116,427,000 after acquiring an additional 11,477 shares during the period. Strategic Investment Advisors MI bought a new position in Nexstar Media Group in the 1st quarter worth $154,000. Finally, Amundi raised its holdings in Nexstar Media Group by 120.0% in the 1st quarter. Amundi now owns 5,130 shares of the company’s stock worth $928,000 after acquiring an additional 2,798 shares during the period. Institutional investors and hedge funds own 95.30% of the company’s stock.

Key Nexstar Media Group News

Here are the key news stories impacting Nexstar Media Group this week:

• Neutral Sentiment: Multiple Nexstar insiders sold shares at $187.32, but the filings say the transactions were to satisfy tax withholding obligations related to equity vesting. SEC filing for Michael Biard
• Neutral Sentiment: Additional insider sales were disclosed by Lee Ann Gliha, Andrew Alford, Sean Compton, Dana Zimmer, Brett Jenkins, Lindsey Knapp, Dan Lanzano, Rachel Morgan, Blake Russell, and Gary Weitman, adding to the near-term overhang on sentiment. SEC filing for Lee Ann Gliha
• Negative Sentiment: The cluster of insider sales may cause investors to question whether management sees limited near-term upside, even though the trades appear to be routine and not necessarily a negative fundamental signal. SEC filing for Gary Weitman

Nexstar Media Group Company Profile

Nexstar Media Group, Inc is a diversified American media company engaged primarily in the ownership, operation and strategic affiliation of local television stations, digital platforms and cable networks. The company provides a range of broadcast content, including local news, sports coverage, entertainment programming and syndicated shows, reaching audiences in more than 100 television markets across the United States.

Founded in 1996 by entrepreneur Perry Sook and headquartered in Irving, Texas, Nexstar has built its presence through organic growth and a series of high-profile acquisitions.