Cherry Creek Investment Advisors Inc. Makes New Investment in Sirius XM Holdings Inc. (NASDAQ:SIRI)

Cherry Creek Investment Advisors Inc. purchased a new position in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 10,575 shares of the company’s stock, valued at approximately $69,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Red Door Wealth Management LLC acquired a new position in Sirius XM during the second quarter worth approximately $27,000. Berman Capital Advisors LLC increased its position in Sirius XM by 767.3% during the second quarter. Berman Capital Advisors LLC now owns 5,178 shares of the company’s stock worth $32,000 after buying an additional 4,581 shares during the period. SRS Capital Advisors Inc. acquired a new position in Sirius XM during the second quarter worth approximately $47,000. O Shaughnessy Asset Management LLC increased its position in Sirius XM by 102.7% during the first quarter. O Shaughnessy Asset Management LLC now owns 8,215 shares of the company’s stock worth $50,000 after buying an additional 4,163 shares during the period. Finally, Selective Wealth Management Inc. increased its position in Sirius XM by 331.5% during the second quarter. Selective Wealth Management Inc. now owns 9,502 shares of the company’s stock worth $62,000 after buying an additional 7,300 shares during the period. 13.46% of the stock is currently owned by institutional investors.

SIRI stock traded up $0.07 on Thursday, reaching $6.07. 129,722 shares of the company’s stock were exchanged, compared to its average volume of 21,997,732. The stock has a fifty day moving average of $6.15 and a 200-day moving average of $6.27. Sirius XM Holdings Inc. has a twelve month low of $5.66 and a twelve month high of $8.14. The firm has a market cap of $24.59 billion, a PE ratio of 120.00, a P/E/G ratio of 1.66 and a beta of 1.06.

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

The company also recently announced a quarterly dividend, which was paid on Monday, August 30th. Shareholders 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 dividend on an annualized basis and a yield of 0.96%. Sirius XM’s payout ratio is 24.00%.

Sirius XM announced that its board has approved a share buyback program on Monday, July 19th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Several research firms have commented on SIRI. Morgan Stanley lifted their price target on Sirius XM from $7.50 to $8.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 28th. Pivotal Research boosted their target price on Sirius XM from $7.75 to $8.25 and gave the company a “buy” rating in a report on Thursday, July 29th. JPMorgan Chase & Co. lowered Sirius XM from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $8.00 to $7.00 in a report on Friday, October 8th. Citigroup boosted their target price on Sirius XM from $6.75 to $7.65 and gave the company a “buy” rating in a report on Thursday, July 29th. Finally, Barclays raised Sirius XM from an “underweight” rating to an “equal weight” rating and set a $6.00 target price on the stock in a report on Tuesday, September 28th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Sirius XM currently has an average rating of “Buy” and a consensus target price of $7.35.

In other Sirius XM news, insider Scott Andrew Greenstein sold 214,948 shares of the business’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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.93% of the stock is currently owned by insiders.

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.

See Also: Intrinsic Value

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

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