Nucor earnings beat by $0.08, revenue fell short of estimates
Charles Thomas McMillen, a director at Nexstar Media Group, Inc. (NASDAQ:NXST), has sold 1,000 shares of the company’s common stock, according to a recent SEC filing. The shares were sold at a price of $151.7348 each, amounting to a total transaction value of $151,734. The media company, currently valued at $5.4 billion with shares trading at $176.39, shows strong financial health according to InvestingPro metrics, with management actively buying back shares. After this sale, McMillen retains ownership of 5,535 shares in the company.
The transaction, originally dated June 28, 2021, was reported late due to an administrative oversight. This error had previously led to an overstatement of McMillen’s share ownership by 1,000 shares in filings made after the transaction date.
In other recent news, Nexstar Broadcasting Group reported impressive fourth-quarter 2024 earnings, with revenue reaching $1.488 billion and adjusted EBITDA at $628 million, both surpassing expectations. The company notably reduced operating losses at The CW network by $126 million over the year. Benchmark and Guggenheim both responded positively, raising their price targets for Nexstar to $225 and $220, respectively, while maintaining Buy ratings. Meanwhile, Citi analysts maintained a Neutral rating with a price target of $186, acknowledging Nexstar’s strong financial performance but seeing the stock as fairly valued. In another development, Dennis FitzSimons, a long-serving director, announced he would not seek re-election at the upcoming annual stockholders’ meeting, marking a significant change in the boardroom. Additionally, Apollo Global Management (NYSE:APO) is exploring the sale of Cox Media Group, with Nexstar mentioned as a potential buyer, although no comments were made by the company. These recent developments highlight significant shifts in Nexstar’s strategic and financial landscape.
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