Sirius XM (NASDAQ:SIRI) Receives “Underperform” Rating from Bank of America

Sirius XM (NASDAQ:SIRI)‘s stock had its “underperform” rating restated by Bank of America in a report released on Thursday, Marketbeat.com reports. They presently have a $23.00 price objective on the stock. Bank of America‘s price target would indicate a potential downside of 12.88% from the company’s previous close.

A number of other analysts have also recently commented on the stock. JPMorgan Chase & Co. assumed coverage on shares of Sirius XM in a research note on Wednesday, October 9th. They issued an “underweight” rating and a $20.00 price target for the company. Barrington Research reiterated an “outperform” rating and issued a $47.50 target price on shares of Sirius XM in a research note on Monday, July 15th. Benchmark reissued a “buy” rating and set a $43.00 price target on shares of Sirius XM in a research report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft cut their price objective on Sirius XM from $37.50 to $30.00 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Finally, Citigroup boosted their target price on Sirius XM from $2.80 to $21.00 and gave the stock a “sell” rating in a report on Thursday, September 26th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Sirius XM currently has an average rating of “Hold” and a consensus price target of $30.62.

Sirius XM Price Performance

Sirius XM stock opened at $26.40 on Thursday. The company has a market cap of $101.55 billion, a price-to-earnings ratio of 80.00, a P/E/G ratio of 0.73 and a beta of 1.07. The firm has a 50-day moving average of $27.05 and a 200-day moving average of $29.63. Sirius XM has a one year low of $22.18 and a one year high of $57.80.

Sirius XM (NASDAQ:SIRI) last posted its quarterly 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 firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. As a group, sell-side analysts expect that Sirius XM will post 3.25 earnings per share for the current year.

Insiders Place Their Bets

In other Sirius XM news, insider Scott Andrew Greenstein sold 144,723 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $31.60, for a total transaction of $4,573,246.80. Following the transaction, the insider now owns 98,933 shares in the company, valued at $3,126,282.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, major shareholder Berkshire Hathaway Inc acquired 1,259,259 shares of the stock in a transaction on Friday, October 11th. The shares were purchased at an average price of $24.95 per share, for a total transaction of $31,418,512.05. Following the purchase, the insider now directly owns 108,719,088 shares in the company, valued at approximately $2,712,541,245.60. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Scott Andrew Greenstein sold 144,723 shares of Sirius XM stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $31.60, for a total value of $4,573,246.80. Following the completion of the transaction, the insider now directly owns 98,933 shares of the company’s stock, valued at $3,126,282.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders acquired 2,646,761 shares of company stock worth $65,952,329 in the last quarter. 0.79% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp acquired a new stake in Sirius XM during the first quarter worth about $2,036,000. Mitsubishi UFJ Trust & Banking Corp increased its stake in Sirius XM by 9.9% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,124,339 shares of the company’s stock valued at $4,325,000 after acquiring an additional 101,713 shares during the last quarter. Bessemer Group Inc. raised its position in Sirius XM by 1,205.4% during the first quarter. Bessemer Group Inc. now owns 452,570 shares of the company’s stock valued at $1,756,000 after purchasing an additional 417,900 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Sirius XM by 1.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 579,793 shares of the company’s stock worth $2,250,000 after purchasing an additional 6,231 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Sirius XM by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 54,682,133 shares of the company’s stock valued at $299,111,000 after purchasing an additional 363,551 shares in the last quarter. Institutional investors own 10.69% of the company’s stock.

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.