Sirius XM (NASDAQ:SIRI) Shares Down 4.1%

Sirius XM Holdings Inc. (NASDAQ:SIRI)’s stock price was down 4.1% during mid-day trading on Thursday . The company traded as low as $22.62 and last traded at $22.67. Approximately 707,815 shares traded hands during trading, a decline of 77% from the average daily volume of 3,044,493 shares. The stock had previously closed at $23.64.

Analyst Ratings Changes

A number of research analysts recently issued reports on SIRI shares. Morgan Stanley reaffirmed an “underweight” rating and set a $23.00 target price on shares of Sirius XM in a report on Tuesday, September 24th. The Goldman Sachs Group lowered their target price on Sirius XM from $32.50 to $26.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th. Citigroup lifted 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. Guggenheim raised Sirius XM from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Wednesday, September 18th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Sirius XM from $37.50 to $30.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $34.27.

Sirius XM Trading Down 3.0 %

The stock has a market capitalization of $88.16 billion, a price-to-earnings ratio of 69.12, a price-to-earnings-growth ratio of 0.83 and a beta of 1.07. The stock has a 50-day simple moving average of $29.24 and a 200 day simple moving average of $30.98.

Sirius XM (NASDAQ:SIRI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.80 EPS for the quarter, hitting 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 analyst estimates of $2.20 billion. Sell-side analysts expect that Sirius XM Holdings Inc. will post 3.08 earnings per share for the current fiscal 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 dividend of $0.266 per share. This represents a $1.06 annualized dividend and a dividend yield of 4.64%. This is a positive change from Sirius XM’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend was Friday, August 9th. Sirius XM’s payout ratio is currently 321.21%.

Insider Activity

In other news, insider Scott Andrew Greenstein sold 144,723 shares of Sirius XM stock in a transaction dated 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 sale, the insider now directly owns 98,933 shares in the company, valued at approximately $3,126,282.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.79% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sirius XM

Institutional investors have recently made changes to their positions in the company. Treasurer of the State of North Carolina lifted its holdings in Sirius XM by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 299,611 shares of the company’s stock worth $1,639,000 after purchasing an additional 2,853 shares during the last quarter. V Square Quantitative Management LLC lifted its holdings in Sirius XM by 66.6% in the 4th quarter. V Square Quantitative Management LLC now owns 7,990 shares of the company’s stock worth $44,000 after purchasing an additional 3,194 shares during the last quarter. Bard Financial Services Inc. lifted its holdings in Sirius XM by 41.3% in the 2nd quarter. Bard Financial Services Inc. now owns 17,100 shares of the company’s stock worth $48,000 after purchasing an additional 5,000 shares during the last quarter. Pitcairn Co. lifted its holdings in Sirius XM by 33.7% in the 1st quarter. Pitcairn Co. now owns 19,994 shares of the company’s stock worth $78,000 after purchasing an additional 5,043 shares during the last quarter. Finally, Cambridge Advisors Inc. lifted its holdings in Sirius XM by 18.0% in the 2nd quarter. Cambridge Advisors Inc. now owns 34,800 shares of the company’s stock worth $98,000 after purchasing an additional 5,316 shares during the last quarter. 10.69% of the stock is currently owned by institutional investors and hedge funds.

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.