StockNews.com Begins Coverage on Sirius XM (NASDAQ:SIRI)

StockNews.com initiated coverage on shares of Sirius XM (NASDAQ:SIRI) in a research note released on Monday morning. The brokerage issued a hold rating on the stock.

Other analysts have also issued research reports about the stock. Citigroup lowered shares of Sirius XM from a neutral rating to a sell rating and set a $2.80 price objective on the stock. in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Sirius XM from $3.75 to $3.00 and set a hold rating on the stock in a research report on Tuesday, August 6th. Wells Fargo & Company cut their price objective on shares of Sirius XM from $3.00 to $2.50 and set an underweight rating on the stock in a research report on Wednesday, May 1st. Rosenblatt Securities cut their price objective on shares of Sirius XM from $4.50 to $3.40 and set a neutral rating on the stock in a research report on Wednesday, May 1st. Finally, Guggenheim cut their price objective on shares of Sirius XM from $3.30 to $2.90 and set a neutral rating on the stock in a research report on Thursday, June 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $3.80.

Sirius XM Stock Performance

Shares of SIRI opened at $3.14 on Monday. Sirius XM has a twelve month low of $2.45 and a twelve month high of $5.78. The firm’s 50 day moving average price is $3.24 and its two-hundred day moving average price is $3.48. The firm has a market cap of $12.08 billion, a P/E ratio of 9.52, a PEG ratio of 1.06 and a beta of 1.08.

Sirius XM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 26th. Investors of record on Friday, August 9th will be issued a dividend of $0.0266 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $0.11 dividend on an annualized basis and a yield of 3.39%. Sirius XM’s payout ratio is 30.30%.

Insider Buying and Selling

In other Sirius XM news, Director Kristina Salen sold 12,518 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $2.60, for a total value of $32,546.80. Following the transaction, the director now directly owns 169,309 shares in the company, valued at $440,203.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Sirius XM news, Director Kristina Salen sold 12,518 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $2.60, for a total value of $32,546.80. Following the transaction, the director now directly owns 169,309 shares in the company, valued at $440,203.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Scott Andrew Greenstein sold 1,447,238 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $3.16, for a total transaction of $4,573,272.08. Following the completion of the transaction, the insider now owns 989,331 shares in the company, valued at $3,126,285.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,472,274 shares of company stock worth $4,638,616. Insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Sirius XM

Institutional investors and hedge funds have recently modified their holdings of the stock. Berkshire Hathaway Inc grew its stake in shares of Sirius XM by 315.6% in the fourth quarter. Berkshire Hathaway Inc now owns 40,243,058 shares of the company’s stock valued at $220,130,000 after acquiring an additional 30,559,834 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Sirius XM in the second quarter valued at about $12,858,000. Cubist Systematic Strategies LLC acquired a new position in shares of Sirius XM in the second quarter valued at about $5,192,000. SG Americas Securities LLC grew its stake in shares of Sirius XM by 516.5% in the first quarter. SG Americas Securities LLC now owns 1,601,048 shares of the company’s stock valued at $6,212,000 after acquiring an additional 1,341,352 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Sirius XM in the second quarter valued at about $3,616,000. 10.69% of the stock is currently owned by institutional investors and hedge funds.

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.