Sirius XM (NASDAQ:SIRI) Rating Increased to Buy at ValuEngine

ValuEngine upgraded shares of Sirius XM (NASDAQ:SIRI) from a hold rating to a buy rating in a research report sent to investors on Wednesday, ValuEngine reports.

SIRI has been the subject of several other reports. Wells Fargo & Co started coverage on Sirius XM in a report on Monday, September 23rd. They issued an outperform rating and a $8.00 target price for the company. Barrington Research reaffirmed a buy rating and set a $8.00 price objective on shares of Sirius XM in a research note on Thursday, October 31st. Morgan Stanley set a $7.50 price objective on Sirius XM and gave the company a hold rating in a research note on Friday, November 1st. Zacks Investment Research raised Sirius XM from a sell rating to a hold rating and set a $7.25 price objective for the company in a research note on Monday, November 4th. Finally, Benchmark started coverage on Sirius XM in a research note on Wednesday, October 9th. They set a hold rating and a $8.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $7.45.

SIRI traded up $0.05 on Wednesday, hitting $6.85. 15,187,700 shares of the company were exchanged, compared to its average volume of 24,124,141. Sirius XM has a twelve month low of $5.23 and a twelve month high of $6.88. The company has a current ratio of 0.29, a quick ratio of 0.28 and a debt-to-equity ratio of 46.63. The company has a market cap of $30.21 billion, a price-to-earnings ratio of 26.35, a price-to-earnings-growth ratio of 2.65 and a beta of 1.03. The firm has a 50-day moving average price of $6.43 and a two-hundred day moving average price of $6.02.

Sirius XM (NASDAQ:SIRI) last posted its earnings results on Thursday, October 31st. The company reported $0.05 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.01). Sirius XM had a net margin of 12.76% and a negative return on equity of 129.67%. The firm had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.98 billion. During the same period in the previous year, the firm posted $0.07 earnings per share. The firm’s revenue for the quarter was up 37.1% on a year-over-year basis. Equities analysts expect that Sirius XM will post 0.21 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 8th will be paid a dividend of $0.0133 per share. The ex-dividend date is Thursday, November 7th. This is an increase from Sirius XM’s previous quarterly dividend of $0.01. This represents a $0.05 annualized dividend and a yield of 0.78%. Sirius XM’s dividend payout ratio is currently 19.23%.

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In other Sirius XM news, insider Scott Andrew Greenstein sold 231,992 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $6.77, for a total transaction of $1,570,585.84. Following the transaction, the insider now owns 945,740 shares in the company, valued at approximately $6,402,659.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Zaslav sold 77,747 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $6.78, for a total value of $527,124.66. Following the transaction, the director now owns 145,246 shares in the company, valued at approximately $984,767.88. The disclosure for this sale can be found here. 0.93% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SIRI. Invesco Ltd. grew its holdings in shares of Sirius XM by 20.2% in the 2nd quarter. Invesco Ltd. now owns 48,900,561 shares of the company’s stock worth $272,864,000 after acquiring an additional 8,221,787 shares during the period. Nuveen Asset Management LLC acquired a new stake in shares of Sirius XM in the 2nd quarter worth approximately $39,980,000. Jane Street Group LLC grew its holdings in shares of Sirius XM by 1,408.7% in the 2nd quarter. Jane Street Group LLC now owns 3,364,180 shares of the company’s stock worth $18,772,000 after acquiring an additional 3,141,193 shares during the period. California Public Employees Retirement System grew its holdings in shares of Sirius XM by 12.4% in the 2nd quarter. California Public Employees Retirement System now owns 11,976,029 shares of the company’s stock worth $66,826,000 after acquiring an additional 1,317,584 shares during the period. Finally, OMERS ADMINISTRATION Corp grew its holdings in shares of Sirius XM by 368.2% in the 2nd quarter. OMERS ADMINISTRATION Corp now owns 1,654,200 shares of the company’s stock worth $9,356,000 after acquiring an additional 1,300,900 shares during the period. Institutional investors own 18.83% of the company’s stock.

Sirius XM Company Profile

Sirius XM Holdings Inc provides satellite radio services in the United States. The company broadcasts music, sports, entertainment, comedy, talk, news, traffic, and weather channels, including various music genres ranging from rock, pop and hip-hop, country, dance, jazz, Latin, and classical; live play-by-play sports from principal leagues and colleges; multitude of talk and entertainment channels for various audiences; national, international, and financial news; and limited run channels.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Sirius XM (NASDAQ:SIRI)

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