Television broadcasting and digital media company Nexstar Media Group (NXST) has seen a flurry of both buying and selling of company shares by key corporate insiders over the past 25 days.
Corporate insiders are mandated to disclose their trading activity which helps to level the playing field with regards to the timely distribution of material information. Significant insider moves can help investors understand what those in the know are thinking.
Over the last three months, corporate insiders including a host of directors of the company have sold a cumulative $21.85 million worth of Nexstar shares. TipRanks’ insider confidence signal for the stock indicates a Neutral stance based on 31 informative insider transactions by 15 unique insiders. (See Nexstar stock analysis on TipRanks)
Recently, Barrington analyst James Goss reiterated a Buy rating on the stock with a $160 price target.
Commenting on Nexstar’s 4Q results, Goss said, “The solid political trends and the stability in retransmission have supported the company’s debt reduction and return of capital efforts.”
On the back of good cash flow generation, Nexstar has reduced net leverage to 3.60x from 4.11x. Goss also noted, “Nexstar has been opportunistic in allocating its sizable free cash flow, blending share repurchases and dividends.”
Consensus among analysts is that Nexstar is a Strong Buy based on 3 unanimous Buys. The average analyst price target of $160 implies upside potential of 7%. Shares have gained about 131.5% over the past year.
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