Sirius XM (NASDAQ:SIRI) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Sirius XM (NASDAQ:SIRI) announced its earnings results on Tuesday. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.01, Briefing.com reports. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.13 billion. Sirius XM had a negative return on equity of 42.54% and a net margin of 14.05%. Sirius XM’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period last year, the company earned $0.06 EPS. Sirius XM updated its FY 2024 guidance to EPS.

Sirius XM Stock Up 2.4 %

Sirius XM stock opened at $3.01 on Wednesday. Sirius XM has a 52 week low of $2.92 and a 52 week high of $7.95. The company’s 50 day moving average price is $3.78 and its two-hundred day moving average price is $4.58. The stock has a market cap of $11.58 billion, a P/E ratio of 9.19, a P/E/G ratio of 1.08 and a beta of 1.04.

Sirius XM Announces Dividend

The business 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. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $0.11 dividend on an annualized basis and a yield of 3.53%. 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 that occurred on Friday, February 9th. The shares were sold at an average price of $4.92, for a total transaction of $3,936,000.00. Following the transaction, the director now owns 1,091,472 shares of the company’s stock, valued at approximately $5,370,042.24. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director James E. Meyer sold 800,000 shares of Sirius XM stock in a transaction that occurred on 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 sale, the director now owns 1,091,472 shares of the company’s stock, valued at approximately $5,370,042.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph A. Inzerillo sold 107,611 shares of Sirius XM stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $4.90, for a total transaction of $527,293.90. Following the completion of the sale, the insider now directly owns 746,816 shares in the company, valued at approximately $3,659,398.40. The disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SIRI shares. StockNews.com started coverage on Sirius XM in a report on Monday. They set a “hold” rating for the company. Seaport Res Ptn upgraded Sirius XM from a “neutral” rating to a “buy” rating in a report on Monday. Guggenheim started coverage on Sirius XM in a report on Thursday, March 14th. They set a “neutral” rating and a $4.00 price target for the company. Barrington Research reiterated an “outperform” rating and set a $5.75 price target on shares of Sirius XM in a report on Tuesday. Finally, Benchmark reduced their target price on Sirius XM from $7.00 to $6.50 and set a “buy” rating for the company in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $4.46.

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.