Nexstar Media Group, Inc. (NASDAQ:NXST) director Dennis J. FitzSimons has sold a total of 2,000 shares of the company's common stock, according to the latest SEC filings. The transactions, which took place on March 27, 2024, resulted in a total sale value of approximately $341,644.
The shares were sold in two separate transactions, each involving 1,000 shares. The first batch of shares was sold at a price of $170.8197 per share, while the second batch was sold at a slightly higher price of $170.8252 per share. These sales have adjusted FitzSimons' direct ownership in the company to 12,027 shares following the transactions.
Investors often monitor insider sales as they can provide valuable insights into an executive's perspective on the company's current valuation and future prospects. However, it is important to note that insider sales can occur for various reasons and may not necessarily reflect a negative outlook.
Nexstar Media Group, based in Irving, Texas, operates as a television broadcasting company under the industry classification of Television Broadcasting Stations. The company's shares are publicly traded on the NASDAQ stock exchange under the ticker symbol NXST.
For those looking to keep a close eye on insider transactions, the recent sales by a company director might be of interest. As always, it is recommended that investors consider a wide range of factors when assessing the implications of insider trading activity.
InvestingPro Insights
Amidst the recent insider sales by Nexstar Media Group, Inc. (NASDAQ:NXST) director Dennis J. FitzSimons, investors may find it beneficial to consider the company's broader financial health and performance metrics. According to InvestingPro, Nexstar Media Group showcases a blend of stability and growth potential. With a market capitalization of $5.75 billion and a Price/Earnings (P/E) ratio of 17.43, the company's valuation is grounded in its consistent profitability, as evidenced by its Adjusted P/E ratio for the last twelve months as of Q4 2023, which stands at a more attractive 14.77.
One notable InvestingPro Tip is that management has been aggressively buying back shares, which can be a sign of confidence in the company's future performance and often leads to increased shareholder value. Additionally, Nexstar has a history of rewarding its shareholders, having raised its dividend for 11 consecutive years and maintaining dividend payments for 12 consecutive years, which aligns with its high shareholder yield noted as another InvestingPro Tip.
Investors interested in Nexstar's dividend prospects will find the dividend yield as of the latest data to be 3.93%, coupled with an impressive dividend growth of 87.78% over the last twelve months as of Q4 2023. The company's commitment to returning value to shareholders is further reinforced by the fact that analysts predict Nexstar will be profitable this year, a continuation of its profitable streak over the last twelve months.
For those considering an investment in Nexstar Media Group, or seeking to deepen their analysis, there are additional InvestingPro Tips available, which provide a more comprehensive view of the company's financial health, stock performance, and market position. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, where you can find a total of 10 tips for NXST to aid in your investment decisions.
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