Sirius XM (NASDAQ:SIRI) Given “Underweight” Rating at Morgan Stanley

Morgan Stanley reissued their underweight rating on shares of Sirius XM (NASDAQ:SIRI) in a report released on Tuesday morning, Marketbeat.com reports. Morgan Stanley currently has a $23.00 target price on the stock.

SIRI has been the topic of a number of other research reports. Barrington Research restated an outperform rating and issued a $47.50 target price on shares of Sirius XM in a report on Monday, July 15th. StockNews.com initiated coverage on Sirius XM in a report on Wednesday, September 18th. They issued a hold rating on the stock. Guggenheim upgraded Sirius XM from a neutral rating to a buy rating and set a $30.00 price target on the stock in a report on Wednesday, September 18th. Rosenblatt Securities lifted their price target on Sirius XM from $3.40 to $28.00 and gave the stock a neutral rating in a report on Monday, September 16th. Finally, The Goldman Sachs Group dropped their price target on Sirius XM from $32.50 to $26.00 and set a neutral rating on the stock in a report on Tuesday, September 17th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $34.27.

Sirius XM Stock Up 0.1 %

SIRI stock opened at $24.38 on Tuesday. Sirius XM has a twelve month low of $22.73 and a twelve month high of $57.80. The stock’s 50 day moving average is $30.29 and its 200-day moving average is $31.53. The firm has a market capitalization of $93.78 billion, a PE ratio of 73.88, a P/E/G ratio of 0.83 and a beta of 1.08.

Sirius XM (NASDAQ:SIRI) last posted its earnings results on Thursday, August 1st. The company reported $0.80 earnings per share for the quarter, meeting 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 company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.20 billion. On average, equities research analysts anticipate that Sirius XM will post 3.08 earnings per share for the current fiscal year.

Sirius XM Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were paid a $0.266 dividend. The ex-dividend date was Friday, August 9th. This is a positive change from Sirius XM’s previous quarterly dividend of $0.03. This represents a $1.06 annualized dividend and a dividend yield of 4.36%. Sirius XM’s payout ratio is presently 321.21%.

Insider Buying and Selling at Sirius XM

In other Sirius XM news, insider Scott Andrew Greenstein sold 144,723 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $31.60, for a total value of $4,573,246.80. Following the sale, the insider now directly owns 98,933 shares in the company, valued at $3,126,282.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Sirius XM

Several hedge funds have recently made changes to their positions in SIRI. GM Advisory Group LLC grew its position in Sirius XM by 10.0% during the fourth quarter. GM Advisory Group LLC now owns 22,003 shares of the company’s stock worth $120,000 after buying an additional 2,000 shares in the last quarter. D.A. Davidson & CO. grew its position in Sirius XM by 14.8% during the fourth quarter. D.A. Davidson & CO. now owns 16,949 shares of the company’s stock worth $93,000 after buying an additional 2,183 shares in the last quarter. Treasurer of the State of North Carolina grew its position in Sirius XM by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 299,611 shares of the company’s stock worth $1,639,000 after buying an additional 2,853 shares in the last quarter. V Square Quantitative Management LLC grew its position in Sirius XM by 66.6% during the fourth quarter. V Square Quantitative Management LLC now owns 7,990 shares of the company’s stock worth $44,000 after buying an additional 3,194 shares in the last quarter. Finally, Quantum Financial Advisors LLC grew its position in Sirius XM by 36.8% during the first quarter. Quantum Financial Advisors LLC now owns 15,553 shares of the company’s stock worth $60,000 after buying an additional 4,184 shares in the last quarter. 10.69% of the stock is currently owned by hedge funds and other institutional investors.

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.