Sirius XM (NASDAQ:SIRI) Shares Gap Up After Insider Buying Activity

Shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) gapped up prior to trading on Monday after an insider bought additional shares in the company. The stock had previously closed at $24.93, but opened at $26.25. Sirius XM shares last traded at $26.75, with a volume of 2,841,777 shares traded.

Specifically, major shareholder Berkshire Hathaway Inc acquired 1,259,259 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was acquired at an average cost of $24.95 per share, for a total transaction of $31,418,512.05. Following the completion of the acquisition, the insider now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc acquired 869,800 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The shares were purchased at an average price of $23.55 per share, with a total value of $20,483,790.00. Following the completion of the acquisition, the insider now owns 106,024,829 shares of the company’s stock, valued at $2,496,884,722.95. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here.

Analyst Ratings Changes

Several equities analysts have weighed in on SIRI shares. StockNews.com started coverage on Sirius XM in a report on Saturday. They set a “hold” rating on the stock. Evercore ISI upgraded Sirius XM from an “underperform” rating to an “in-line” rating and cut their target price for the company from $42.50 to $32.50 in a report on Monday, June 24th. Citigroup raised their target price on Sirius XM from $2.80 to $21.00 and gave the company a “sell” rating in a report on Thursday, September 26th. The Goldman Sachs Group lowered their price target on Sirius XM from $32.50 to $26.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 17th. Finally, Morgan Stanley reissued an “underweight” rating and set a $23.00 target price on shares of Sirius XM in a research report on Tuesday, September 24th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Sirius XM has an average rating of “Hold” and an average price target of $31.25.

Sirius XM Stock Performance

The firm’s 50-day moving average is $27.59 and its two-hundred day moving average is $30.07. The stock has a market cap of $103.47 billion, a P/E ratio of 81.52, a PEG ratio of 0.73 and a beta of 1.07.

Sirius XM (NASDAQ:SIRI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.80 earnings per share for the quarter, hitting the consensus estimate of $0.80. Sirius XM had a net margin of 14.56% and a negative return on equity of 52.15%. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. As a group, research analysts forecast that Sirius XM Holdings Inc. will post 3.25 EPS for the current year.

Sirius XM Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were issued a $0.266 dividend. This is a positive change from Sirius XM’s previous quarterly dividend of $0.03. The ex-dividend date was Friday, August 9th. This represents a $1.06 annualized dividend and a dividend yield of 3.96%. Sirius XM’s payout ratio is 321.21%.

Hedge Funds Weigh In On Sirius XM

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SIRI. Mather Group LLC. acquired a new position in Sirius XM in the 2nd quarter worth $28,000. First PREMIER Bank bought a new stake in shares of Sirius XM in the 1st quarter valued at about $31,000. Walker Asset Management LLC bought a new position in Sirius XM in the 2nd quarter valued at about $33,000. Plato Investment Management Ltd bought a new position in Sirius XM in the 2nd quarter valued at about $35,000. Finally, Riverview Capital Advisers LLC acquired a new position in shares of Sirius XM during the 2nd quarter worth approximately $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.