Nexstar Media Group, Inc. (NASDAQ:NXST) Director Charles Thomas McMillen has recently engaged in transactions involving the company's common stock, according to the latest SEC filings. On June 13, 2024, McMillen sold 1,475 shares of Nexstar Media at an average price of $154.99 per share, totaling over $228,610. On the same day, McMillen also acquired 2,500 shares at $52.54 each, amounting to a total of $131,350.
These transactions reflect a significant trading activity by McMillen, who serves on the board of directors of Nexstar Media Group, a company well-known in the television broadcasting industry. Following the sale, McMillen's ownership in the company stands at 8,975 shares of common stock.
It's noteworthy that the shares sold by McMillen were priced substantially higher than the shares he acquired, which investors might find interesting when considering the stock's current market performance and potential future value.
In addition to the transactions in common stock, the SEC filing also revealed McMillen's dealings with derivative securities. Specifically, the director exercised options on 2,500 shares of common stock. These options were part of a grant from July 1, 2014, which became exercisable in increments annually and were fully vested by July 1, 2018.
Investors and market watchers often keep a close eye on insider trading activities, as they can provide insights into the executives' perspectives on the company's stock value and future prospects. The reported transactions are a part of the public record and offer a transparent view of insider trading within Nexstar Media Group.
In other recent news, Nexstar Broadcasting Group has been the subject of several noteworthy developments. Deutsche Bank (ETR:DBKGn) recently updated its financial model for Nexstar, resulting in a slight decrease in the company's price target from $210.00 to $207.00, while maintaining a Buy rating on the stock. This adjustment reflects changes in Nexstar's first-quarter performance and recent statements from the company's management.
Nexstar's first-quarter results were in line with revenue expectations and surpassed adjusted EBITDA forecasts by 3.3%. Record-setting net revenue of $1.28 billion was reported, backed by a high distribution revenue of $761 million. The company's adjusted EBITDA stood at $542 million, with a strong 42.2% margin. Despite a slight decline in advertising revenue in Q1, Nexstar anticipates improvements in the second quarter, particularly in national advertising.
Political advertising has seen a significant increase, with a $31 million rise compared to the same period last year. Nexstar is also optimistic about its growth drivers, including the CW network, which is expected to boost operating profit by over $100 million for the year. These are some of the recent developments with Nexstar Broadcasting Group.
InvestingPro Insights
Recent insider trading activities at Nexstar Media Group (NASDAQ:NXST) have highlighted the movements of the company's stock by board members. In light of these developments, it's beneficial to consider additional financial metrics and insights that could influence investor perception. According to InvestingPro data, Nexstar Media Group currently boasts a market capitalization of approximately $5.03 billion. The company has a Price/Earnings (P/E) ratio of 12.91, which has slightly adjusted to 12.28 over the last twelve months as of Q1 2024, indicating a potentially undervalued stock relative to earnings.
The company has also demonstrated commendable financial discipline and growth, with a gross profit margin of 57.0% over the last twelve months as of Q1 2024. Furthermore, Nexstar Media Group has shown a commitment to rewarding shareholders, as evidenced by a robust dividend yield of 4.42% and a significant dividend growth of 25.19% over the same period.
InvestingPro Tips reveal that Nexstar's management has been assertive in its share buyback strategy, which often signals confidence in the company's value and future. Additionally, the company has not only maintained its dividend payments for 12 consecutive years but has also raised its dividend for 11 consecutive years, underlining its reliability as an income-generating investment.
For investors seeking a deeper analysis, there are 7 additional InvestingPro Tips available, which can be explored further at https://www.investing.com/pro/NXST. These tips provide a more nuanced understanding of Nexstar's financial health and strategic direction. Interested readers can also benefit from an exclusive offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to InvestingPro, where they can access a wealth of financial data and expert analysis to guide their investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.