Sirius XM (NASDAQ:SIRI) Upgraded at Citigroup

Citigroup upgraded shares of Sirius XM (NASDAQ:SIRI) from a sell rating to a neutral rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. Citigroup currently has $3.30 price objective on the stock, down from their prior price objective of $4.10.

Several other equities analysts have also recently weighed in on SIRI. Guggenheim began coverage on Sirius XM in a research report on Thursday, March 14th. They issued a neutral rating and a $4.00 price target for the company. Benchmark reduced their price target on Sirius XM from $7.00 to $6.50 and set a buy rating for the company in a research report on Wednesday, March 27th. StockNews.com began coverage on Sirius XM in a research report on Sunday, April 21st. They issued a hold rating for the company. Finally, Wells Fargo & Company reduced their price target on Sirius XM from $4.50 to $3.00 and set an underweight rating for the company in a research report on Monday, April 1st. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $4.67.

Sirius XM Price Performance

NASDAQ:SIRI opened at $3.02 on Wednesday. The business has a fifty day simple moving average of $3.85 and a two-hundred day simple moving average of $4.60. Sirius XM has a 1 year low of $2.97 and a 1 year high of $7.95. The company has a market capitalization of $11.62 billion, a P/E ratio of 9.44, a P/E/G ratio of 1.07 and a beta of 1.04.

Sirius XM (NASDAQ:SIRI) last released its earnings results on Thursday, February 1st. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. Sirius XM had a negative return on equity of 42.54% and a net margin of 14.05%. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.30 billion. As a group, analysts anticipate that Sirius XM will post 0.29 earnings per share for the current year.

Sirius XM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.0266 per share. This represents a $0.11 annualized dividend and a yield of 3.52%. The ex-dividend date is Thursday, May 9th. Sirius XM’s dividend payout ratio (DPR) is currently 34.38%.

Insiders Place Their Bets

In other Sirius XM news, Director James E. Meyer sold 800,000 shares of Sirius XM stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $4.92, for a total transaction of $3,936,000.00. Following the completion of the sale, the director now owns 1,091,472 shares of the company’s stock, valued at $5,370,042.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Joseph A. Inzerillo sold 107,611 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $4.90, for a total value of $527,293.90. Following the completion of the sale, the insider now owns 746,816 shares of the company’s stock, valued at approximately $3,659,398.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director James E. Meyer sold 800,000 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $4.92, for a total value of $3,936,000.00. Following the completion of the sale, the director now directly owns 1,091,472 shares of the company’s stock, valued at approximately $5,370,042.24. The disclosure for this sale can be found here. Corporate insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Sirius XM

A number of hedge funds and other institutional investors have recently modified their holdings of SIRI. AE Wealth Management LLC lifted its stake in shares of Sirius XM by 9.2% in the 3rd quarter. AE Wealth Management LLC now owns 93,104 shares of the company’s stock valued at $421,000 after acquiring an additional 7,837 shares during the last quarter. HB Wealth Management LLC increased its holdings in Sirius XM by 27.3% during the 3rd quarter. HB Wealth Management LLC now owns 14,740 shares of the company’s stock valued at $67,000 after purchasing an additional 3,163 shares during the period. Exchange Traded Concepts LLC purchased a new position in Sirius XM during the 3rd quarter valued at about $282,000. Handelsbanken Fonder AB increased its holdings in Sirius XM by 16.0% during the 3rd quarter. Handelsbanken Fonder AB now owns 144,166 shares of the company’s stock valued at $652,000 after purchasing an additional 19,832 shares during the period. Finally, Clarius Group LLC purchased a new position in Sirius XM during the 3rd quarter valued at about $52,000. Institutional investors own 10.69% of the company’s stock.

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.