Sirius XM (NASDAQ:SIRI) Upgraded to Neutral at Citigroup

Citigroup upgraded shares of Sirius XM (NASDAQ:SIRI) from a sell rating to a neutral rating in a research note released on Wednesday, MarketBeat Ratings reports. They currently have $3.30 target price on the stock, down from their previous target price of $4.10.

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

Sirius XM Stock Performance

Shares of NASDAQ SIRI opened at $3.02 on Wednesday. The firm has a market capitalization of $11.62 billion, a price-to-earnings ratio of 9.44, a PEG ratio of 1.07 and a beta of 1.04. The stock has a 50 day moving average price of $3.85 and a 200 day moving average price of $4.60. Sirius XM has a 52-week low of $2.97 and a 52-week high of $7.95.

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

Sirius XM Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 29th. Stockholders of record on Friday, May 10th will be given a dividend of $0.0266 per share. This represents a $0.11 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date is Thursday, May 9th. Sirius XM’s payout ratio is presently 34.38%.

Insider Activity

In other news, insider Joseph A. Inzerillo sold 107,611 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $4.90, for a total transaction of $527,293.90. Following the sale, the insider now directly owns 746,816 shares of the company’s stock, valued at $3,659,398.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Sirius XM news, insider Joseph A. Inzerillo sold 107,611 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $4.90, for a total value of $527,293.90. Following the sale, the insider now directly owns 746,816 shares of the company’s stock, valued at $3,659,398.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James E. Meyer sold 800,000 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 1,091,472 shares in the company, valued at $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

Hedge funds have recently added to or reduced their stakes in the business. Foster Victor Wealth Advisors LLC purchased a new stake in shares of Sirius XM during the 1st quarter worth about $55,000. Prairiewood Capital LLC purchased a new stake in shares of Sirius XM during the 1st quarter worth about $47,000. Quantum Financial Advisors LLC boosted its stake in shares of Sirius XM by 36.8% during the 1st quarter. Quantum Financial Advisors LLC now owns 15,553 shares of the company’s stock worth $60,000 after acquiring an additional 4,184 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of Sirius XM by 21.2% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 369,428 shares of the company’s stock worth $1,433,000 after acquiring an additional 64,600 shares in the last quarter. Finally, Valeo Financial Advisors LLC acquired a new position in shares of Sirius XM during the 1st quarter worth about $63,000. 10.69% of the stock is owned by hedge funds and other institutional investors.

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.