Sirius XM (NASDAQ:SIRI) Shares Down 6.9%

Sirius XM Holdings Inc. (NASDAQ:SIRI)’s share price traded down 6.9% during mid-day trading on Thursday . The company traded as low as $26.32 and last traded at $26.37. 1,022,748 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 2,632,263 shares. The stock had previously closed at $28.31.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. StockNews.com initiated coverage on shares of Sirius XM in a research report on Monday, August 19th. They issued a “hold” rating for the company. Citigroup downgraded Sirius XM from a “neutral” rating to a “sell” rating and set a $2.80 price target for the company. in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft dropped their price target on Sirius XM from $3.75 to $3.00 and set a “hold” rating for the company in a research note on Tuesday, August 6th. Guggenheim lowered their target price on Sirius XM from $3.30 to $2.90 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Finally, Evercore ISI raised Sirius XM from an “underperform” rating to an “in-line” rating and lowered their target price for the stock from $4.25 to $3.25 in a research note on Monday, June 24th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Sirius XM has a consensus rating of “Hold” and an average target price of $3.80.

Sirius XM Price Performance

The company has a fifty day moving average of $5.15 and a 200 day moving average of $3.93. The firm has a market capitalization of $94.28 billion, a P/E ratio of 74.27, a PEG ratio of 0.90 and a beta of 1.08.

Sirius XM (NASDAQ:SIRI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. The firm had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Sirius XM had a negative return on equity of 52.15% and a net margin of 14.56%. On average, sell-side analysts forecast that Sirius XM Holdings Inc. will post 3.14 EPS for the current year.

Sirius XM Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were issued a dividend of $0.0266 per share. This represents a $0.11 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend was Friday, August 9th. Sirius XM’s payout ratio is 321.21%.

Insiders Place Their Bets

In other news, insider Scott Andrew Greenstein sold 1,447,238 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $3.16, for a total transaction of $4,573,272.08. Following the transaction, the insider now directly owns 989,331 shares of the company’s stock, valued at $3,126,285.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Sirius XM

A number of institutional investors have recently modified their holdings of the company. Mather Group LLC. purchased a new stake in Sirius XM in the 2nd quarter valued at $28,000. First PREMIER Bank purchased a new stake in Sirius XM in the 1st quarter valued at $31,000. Walker Asset Management LLC purchased a new stake in Sirius XM in the 2nd quarter valued at $33,000. Plato Investment Management Ltd purchased a new stake in Sirius XM in the 2nd quarter valued at $35,000. Finally, Riverview Capital Advisers LLC purchased a new stake in Sirius XM in the 2nd quarter valued at $35,000. 10.69% of the stock is owned by institutional investors and hedge funds.

Sirius XM Company Profile

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.