Lee Ann Gliha Sells 742 Shares of Nexstar Media Group (NASDAQ:NXST) Stock

Key Points

• Lee Ann Gliha, Nexstar Media Group’s EVP, sold 742 shares at $187.32 each for about $138,991. The filing says the sale was made to cover tax withholding tied to vesting equity awards, and she still owns 17,988 shares.
• NXST shares fell to $185.12 in mid-day trading, below both the 50-day moving average ($200.38) and 200-day moving average ($207.99). The stock has a market cap of $5.65 billion and a 4.0% dividend yield based on its recently announced quarterly payout.
• Analysts remain mostly positive on Nexstar, with a consensus rating of “Buy” and an average target price of $259.67. Several firms recently upgraded or reaffirmed bullish views, even as multiple insiders disclosed sales that could weigh on sentiment.

Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report) EVP Lee Ann Gliha sold 742 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $187.32, for a total value of $138,991.44. Following the completion of the transaction, the executive vice president directly owned 17,988 shares in the company, valued at approximately $3,369,512.16. This represents a 3.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nexstar Media Group Price Performance

NXST stock traded down $2.91 during mid-day trading on Wednesday, hitting $185.12. 324,271 shares of the stock were exchanged, compared to its average volume of 384,860. The business has a fifty day moving average price of $200.38 and a 200 day moving average price of $207.99. Nexstar Media Group, Inc. has a 12 month low of $164.00 and a 12 month high of $254.30. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76. The stock has a market capitalization of $5.65 billion, a price-to-earnings ratio of 39.73, a PEG ratio of 0.48 and a beta of 0.97.

Nexstar Media Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be paid a $1.86 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a $7.44 annualized dividend and a yield of 4.0%. Nexstar Media Group's dividend payout ratio is currently 159.66%.

Hedge Funds Weigh In On Nexstar Media Group

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on NXST shares. Guggenheim lifted their target price on shares of Nexstar Media Group from $250.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Zacks Research upgraded shares of Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. Citigroup upgraded Nexstar Media Group from a "neutral" rating to a "buy" rating and reduced their target price for the stock from $252.00 to $220.00 in a report on Friday, April 10th. Wells Fargo & Company decreased their price objective on Nexstar Media Group from $290.00 to $253.00 and set an "overweight" rating for the company in a report on Friday, May 8th. Finally, Wall Street Zen raised Nexstar Media Group from a "hold" rating to a "buy" rating in a research report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $259.67.

Trending Headlines about Nexstar Media Group

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

About Nexstar Media Group

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.

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