Sirius XM Holdings Inc. (SIRI) Lowered to Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) from a hold rating to a sell rating in a research report report published on Friday.
According to Zacks, “Even though shares of Sirius XM have outperformed its industry so far this year, we remain concerned about the company's high operating expenses. Escalated costs are likely to hurt its bottom line in the third quarter. Detailed results should be out on Oct 25. Slowdown in subscription growth is another concern. The company added 1.052 million subscribers in the first half of 2016. The number fell to 0.702 million in the first half of 2017. The company's high debt levels also raise concerns. Excessive competition may also hinder growth. We are, however, impressed by the company's recent decision to hike its quarterly dividend payout.”
A number of other brokerages have also recently commented on SIRI. Piper Jaffray Companies set a $7.00 price objective on Sirius XM Holdings and gave the stock a buy rating in a research note on Thursday, July 27th. BidaskClub cut Sirius XM Holdings from a strong-buy rating to a buy rating in a research note on Friday, July 28th. FBR & Co reaffirmed an outperform rating and set a $6.00 price objective (up from $5.70) on shares of Sirius XM Holdings in a research note on Sunday, July 30th. Pivotal Research reaffirmed a buy rating and set a $6.25 price objective on shares of Sirius XM Holdings in a research note on Sunday, July 30th. Finally, Vetr cut Sirius XM Holdings from a strong-buy rating to a hold rating and set a $6.06 price objective for the company. in a research note on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $5.96.
Shares of Sirius XM Holdings (NASDAQ SIRI) remained flat at $5.71 during midday trading on Friday. 8,675,665 shares of the company’s stock traded hands. The company has a 50 day moving average price of $5.58 and a 200-day moving average price of $5.34. The company has a market cap of $26.34 billion, a price-to-earnings ratio of 33.59 and a beta of 1.07. Sirius XM Holdings has a 1-year low of $4.07 and a 1-year high of $5.89.
Sirius XM Holdings (NASDAQ:SIRI) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. Sirius XM Holdings had a negative return on equity of 99.07% and a net margin of 15.47%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the firm earned $0.04 earnings per share. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, equities research analysts expect that Sirius XM Holdings will post $0.18 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Thursday, November 9th will be issued a dividend of $0.011 per share. The ex-dividend date is Wednesday, November 8th. This is a positive change from Sirius XM Holdings’s previous quarterly dividend of $0.01. This represents a $0.04 annualized dividend and a yield of 0.77%. Sirius XM Holdings’s payout ratio is currently 25.00%.
A number of hedge funds have recently bought and sold shares of SIRI. UBS Asset Management Americas Inc. lifted its holdings in Sirius XM Holdings by 5.8% during the first quarter. UBS Asset Management Americas Inc. now owns 4,771,474 shares of the company’s stock worth $24,573,000 after acquiring an additional 261,045 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Sirius XM Holdings by 0.8% during the first quarter. Ameriprise Financial Inc. now owns 225,013 shares of the company’s stock worth $1,159,000 after acquiring an additional 1,753 shares in the last quarter. Stifel Financial Corp lifted its holdings in Sirius XM Holdings by 2.0% during the first quarter. Stifel Financial Corp now owns 92,646 shares of the company’s stock worth $481,000 after acquiring an additional 1,849 shares in the last quarter. Blair William & Co. IL lifted its holdings in Sirius XM Holdings by 1.5% during the first quarter. Blair William & Co. IL now owns 38,211 shares of the company’s stock worth $195,000 after acquiring an additional 551 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd lifted its holdings in Sirius XM Holdings by 1.7% during the first quarter. Dynamic Technology Lab Private Ltd now owns 28,866 shares of the company’s stock worth $149,000 after acquiring an additional 493 shares in the last quarter. Hedge funds and other institutional investors own 20.31% of the company’s stock.
About Sirius XM Holdings
Sirius XM Radio Inc broadcasts its music, sports, entertainment, comedy, talk, news, traffic and weather channels in the United States on a subscription fee basis through its two satellite radio systems. Subscribers can also receive certain of its music and other channels over the Internet, including through applications for mobile devices.
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