Los Angeles Capital Management LLC Sells 4,400,273 Shares of Sirius XM Holdings Inc. (NASDAQ:SIRI)

Los Angeles Capital Management LLC lowered its stake in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) by 99.4% during the second quarter, HoldingsChannel reports. The firm owned 26,025 shares of the company’s stock after selling 4,400,273 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Sirius XM were worth $170,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the company. Wealthpoint LLC raised its stake in shares of Sirius XM by 16.1% during the 2nd quarter. Wealthpoint LLC now owns 12,660 shares of the company’s stock worth $83,000 after purchasing an additional 1,758 shares in the last quarter. Sigma Planning Corp increased its holdings in shares of Sirius XM by 10.2% during the 1st quarter. Sigma Planning Corp now owns 20,213 shares of the company’s stock worth $123,000 after acquiring an additional 1,871 shares during the last quarter. Edmond DE Rothschild Holding S.A. increased its holdings in shares of Sirius XM by 4.7% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 44,084 shares of the company’s stock worth $268,000 after acquiring an additional 1,997 shares during the last quarter. Coe Capital Management LLC increased its holdings in shares of Sirius XM by 8.7% during the 1st quarter. Coe Capital Management LLC now owns 25,000 shares of the company’s stock worth $152,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Steel Peak Wealth Management LLC increased its holdings in shares of Sirius XM by 16.6% during the 1st quarter. Steel Peak Wealth Management LLC now owns 18,294 shares of the company’s stock worth $111,000 after acquiring an additional 2,600 shares during the last quarter. Institutional investors own 13.46% of the company’s stock.

NASDAQ:SIRI opened at $6.03 on Wednesday. The stock has a fifty day moving average price of $6.32 and a 200-day moving average price of $6.27. The company has a market cap of $24.42 billion, a price-to-earnings ratio of 120.60, a PEG ratio of 1.66 and a beta of 1.06. Sirius XM Holdings Inc. has a fifty-two week low of $4.95 and a fifty-two week high of $8.14.

Sirius XM (NASDAQ:SIRI) last released its earnings results on Tuesday, July 27th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.06 billion. Sirius XM had a negative return on equity of 62.88% and a net margin of 2.93%. The company’s revenue was up 15.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.05 EPS. On average, analysts expect that Sirius XM Holdings Inc. will post 0.3 EPS for the current fiscal year.

Sirius XM announced that its Board of Directors has authorized a stock repurchase program on Monday, July 19th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 30th. Investors of record on Friday, August 6th were given a dividend of $0.0146 per share. The ex-dividend date of this dividend was Thursday, August 5th. This represents a $0.06 annualized dividend and a dividend yield of 0.97%. Sirius XM’s dividend payout ratio is currently 24.00%.

In related news, insider Scott Andrew Greenstein sold 214,948 shares of the company’s stock in a transaction on Wednesday, July 28th. The stock was sold at an average price of $6.62, for a total transaction of $1,422,955.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.93% of the stock is owned by corporate insiders.

SIRI has been the topic of a number of recent analyst reports. Pivotal Research boosted their target price on Sirius XM from $7.75 to $8.25 and gave the stock a “buy” rating in a report on Thursday, July 29th. Morgan Stanley boosted their target price on Sirius XM from $7.50 to $8.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 28th. JPMorgan Chase & Co. upped their price objective on Sirius XM from $7.50 to $8.00 and gave the company an “overweight” rating in a report on Wednesday, July 28th. Barrington Research reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Sirius XM in a report on Thursday, July 29th. Finally, Citigroup upped their price objective on Sirius XM from $6.75 to $7.65 and gave the company a “buy” rating in a report on Thursday, July 29th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Sirius XM currently has an average rating of “Buy” and an average target price of $7.59.

Sirius XM Company Profile

Sirius XM Holdings, Inc is a radio company. The company offers music, sports, entertainment, comedy, talk, news, traffic and weather channels, as well as infotainment services. Its brand channels include SiriusXM Traffic, SiriusXM Travel Link, NavTraffic, NavWeather, SiriusXM Aviation, and SiriusXM Marine.

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Institutional Ownership by Quarter for Sirius XM (NASDAQ:SIRI)

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