Sirius XM’s (SIRI) Neutral Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reiterated their neutral rating on shares of Sirius XM (NASDAQ:SIRI) in a research report released on Tuesday morning, Benzinga reports. The brokerage currently has a $28.00 target price on the stock.

A number of other equities analysts also recently issued reports on SIRI. The Goldman Sachs Group decreased their price target on shares of Sirius XM from $32.50 to $26.00 and set a “neutral” rating for the company in a research note on Tuesday, September 17th. Morgan Stanley restated an “underweight” rating and issued a $23.00 price objective on shares of Sirius XM in a report on Tuesday, September 24th. Guggenheim upgraded shares of Sirius XM from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Wednesday, September 18th. Bank of America restated an “underperform” rating and issued a $23.00 price objective on shares of Sirius XM in a report on Thursday, October 24th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Sirius XM in a report on Wednesday, October 9th. They issued an “underweight” rating and a $20.00 price objective on the stock. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Sirius XM currently has a consensus rating of “Hold” and an average target price of $29.69.

Sirius XM Price Performance

SIRI stock opened at $27.65 on Tuesday. Sirius XM has a 1 year low of $22.18 and a 1 year high of $57.80. The company has a market cap of $10.65 billion, a P/E ratio of 8.38, a PEG ratio of 1.36 and a beta of 1.07. The firm has a 50-day moving average of $26.52 and a 200 day moving average of $29.38.

Sirius XM (NASDAQ:SIRI) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.80 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.80. Sirius XM had a net margin of 14.56% and a negative return on equity of 52.15%. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. On average, equities research analysts expect that Sirius XM will post 3.04 earnings per share for the current fiscal year.

Sirius XM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Tuesday, November 5th will be issued a $0.27 dividend. The ex-dividend date is Tuesday, November 5th. This represents a $1.08 annualized dividend and a yield of 3.91%. This is a boost from Sirius XM’s previous quarterly dividend of $0.27. Sirius XM’s dividend payout ratio (DPR) is currently 32.12%.

Insider Buying and Selling

In related news, insider Scott Andrew Greenstein sold 144,723 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 98,933 shares in the company, valued at approximately $3,126,282.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Sirius XM news, major shareholder Berkshire Hathaway Inc purchased 869,800 shares of the firm’s stock in a transaction on Wednesday, October 9th. The shares were acquired at an average cost of $23.55 per share, for a total transaction of $20,483,790.00. Following the completion of the transaction, the insider now owns 106,024,829 shares of the company’s stock, valued at approximately $2,496,884,722.95. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $4,573,246.80. Following the completion of the transaction, the insider now owns 98,933 shares in the company, valued at $3,126,282.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 2,646,761 shares of company stock worth $65,952,329. 0.79% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Coston McIsaac & Partners raised its position in Sirius XM by 113.5% in the third quarter. Coston McIsaac & Partners now owns 1,174 shares of the company’s stock worth $27,000 after acquiring an additional 624 shares during the period. TCTC Holdings LLC bought a new stake in shares of Sirius XM during the 3rd quarter valued at $29,000. Princeton Global Asset Management LLC raised its position in shares of Sirius XM by 2,683.7% during the 3rd quarter. Princeton Global Asset Management LLC now owns 1,364 shares of the company’s stock valued at $32,000 after purchasing an additional 1,315 shares during the period. Trium Capital LLP bought a new stake in shares of Sirius XM during the 3rd quarter valued at $50,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of Sirius XM during the 3rd quarter valued at $51,000. 10.69% of the stock is currently 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.