Sirius XM (NASDAQ:SIRI) PT Raised to $28.00

Sirius XM (NASDAQ:SIRI) had its price target raised by Rosenblatt Securities from $3.40 to $28.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities analysts also recently commented on the company. Barrington Research restated an outperform rating and issued a $47.50 price objective on shares of Sirius XM in a report on Monday, July 15th. StockNews.com began coverage on Sirius XM in a report on Monday, August 19th. They issued a hold rating on the stock. Guggenheim dropped their price objective on Sirius XM from $33.00 to $29.00 and set a neutral rating on the stock in a report on Thursday, June 27th. Evercore ISI upgraded Sirius XM from an underperform rating to an in-line rating and dropped their price objective for the stock from $42.50 to $32.50 in a report on Monday, June 24th. Finally, Citigroup downgraded Sirius XM from a neutral rating to a sell rating and set a $28.00 price objective on the stock. in a report on Thursday, July 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Sirius XM presently has an average rating of Hold and an average target price of $37.41.

Sirius XM Price Performance

Shares of SIRI opened at $23.64 on Monday. The company has a market capitalization of $90.93 billion, a price-to-earnings ratio of 71.64, a P/E/G ratio of 0.90 and a beta of 1.08. Sirius XM has a fifty-two week low of $22.73 and a fifty-two week high of $57.80. The business’s 50-day moving average is $32.28 and its 200-day moving average is $32.38.

Sirius XM (NASDAQ:SIRI) last issued its earnings results on Thursday, August 1st. The company reported $0.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.80. Sirius XM had a negative return on equity of 52.15% and a net margin of 14.56%. The company had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.20 billion. Equities research analysts expect that Sirius XM will post 3.14 earnings per share for the current fiscal year.

Sirius XM Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were given a $0.266 dividend. This represents a $1.06 annualized dividend and a dividend yield of 4.50%. This is a boost from Sirius XM’s previous quarterly dividend of $0.03. The ex-dividend date was Friday, August 9th. Sirius XM’s dividend payout ratio is currently 321.21%.

Insider Activity

In other news, insider Scott Andrew Greenstein sold 144,723 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $31.60, for a total value of $4,573,246.80. Following the completion of the sale, the insider now directly owns 98,933 shares of the company’s stock, valued at $3,126,282.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.79% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sirius XM

Several hedge funds have recently modified their holdings of SIRI. Natixis Advisors L.P. bought a new stake in shares of Sirius XM in the fourth quarter valued at approximately $271,000. Private Advisor Group LLC boosted its stake in Sirius XM by 10.3% during the fourth quarter. Private Advisor Group LLC now owns 91,433 shares of the company’s stock worth $500,000 after buying an additional 8,530 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Sirius XM by 4.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,957,960 shares of the company’s stock worth $27,120,000 after buying an additional 218,211 shares in the last quarter. Jump Financial LLC boosted its stake in Sirius XM by 25.2% during the fourth quarter. Jump Financial LLC now owns 42,385 shares of the company’s stock worth $232,000 after buying an additional 8,541 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Sirius XM by 3.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,782,618 shares of the company’s stock worth $20,693,000 after buying an additional 143,185 shares in the last quarter. 10.69% of the stock is owned by institutional investors.

About Sirius XM

Sirius XM Holdings Inc operates as an audio entertainment company in North America. It operates in two segments, Sirius XM, and Pandora and Off-platform. The company's Sirius XM segment provides music, sports, entertainment, comedy, talk, news, traffic and weather channels, and other content, as well as podcast and infotainment services on subscription fee basis; and live, curated, and exclusive and on demand programming services through satellite radio systems and streamed through applications for mobile and home devices, and other consumer electronic equipment.