Sirius XM (NASDAQ:SIRI) Price Target Cut to $3.40 by Analysts at Rosenblatt Securities

Sirius XM (NASDAQ:SIRI) had its target price reduced by Rosenblatt Securities from $4.50 to $3.40 in a report published on Wednesday, Benzinga reports. Rosenblatt Securities currently has a neutral rating on the stock.

SIRI has been the topic of a number of other reports. StockNews.com began coverage on shares of Sirius XM in a report on Monday. They issued a hold rating on the stock. The Goldman Sachs Group upgraded shares of Sirius XM from a sell rating to a neutral rating and dropped their price objective for the company from $3.50 to $3.25 in a research note on Wednesday. Benchmark decreased their target price 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. Wells Fargo & Company lowered their price target on Sirius XM from $4.50 to $3.00 and set an underweight rating on the stock in a report on Monday, April 1st. Finally, Pivotal Research raised Sirius XM from a hold rating to a buy rating and reduced their price objective for the company from $5.05 to $4.90 in a research note on Wednesday, April 24th. Two 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 data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $4.42.

Sirius XM Price Performance

NASDAQ SIRI opened at $3.05 on Wednesday. The company has a fifty day moving average of $3.75 and a two-hundred day moving average of $4.57. Sirius XM has a 1 year low of $2.92 and a 1 year high of $7.95. The company has a market capitalization of $11.73 billion, a PE ratio of 9.24, a P/E/G ratio of 1.00 and a beta of 1.10.

Sirius XM (NASDAQ:SIRI) last announced its earnings results on Tuesday, April 30th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Sirius XM had a negative return on equity of 47.17% and a net margin of 14.38%. The business’s revenue was up .8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.06 EPS. On average, research analysts expect that Sirius XM will post 0.29 earnings per share for the current year.

Sirius XM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Friday, May 10th will be given a $0.0266 dividend. This represents a $0.11 annualized dividend and a yield of 3.49%. The ex-dividend date is Thursday, May 9th. Sirius XM’s payout ratio is 33.33%.

Insider Buying and Selling at Sirius XM

In related news, insider Joseph A. Inzerillo sold 107,611 shares of the business’s stock in a transaction dated 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 owns 746,816 shares of the company’s stock, valued at $3,659,398.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Joseph A. Inzerillo sold 107,611 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $4.90, for a total value of $527,293.90. Following the completion of the transaction, the insider now directly owns 746,816 shares of the company’s stock, valued at approximately $3,659,398.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James E. Meyer sold 800,000 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $4.92, for a total value of $3,936,000.00. Following the sale, the director now owns 1,091,472 shares in the company, valued at $5,370,042.24. The disclosure for this sale can be found here. 0.79% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sirius XM

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BKM Wealth Management LLC acquired a new stake in shares of Sirius XM in the fourth quarter valued at approximately $27,000. Truvestments Capital LLC acquired a new stake in Sirius XM during the 3rd quarter valued at $27,000. First United Bank & Trust purchased a new position in Sirius XM during the fourth quarter worth $37,000. TFO Wealth Partners LLC raised its holdings in shares of Sirius XM by 140,560.0% in the fourth quarter. TFO Wealth Partners LLC now owns 7,033 shares of the company’s stock worth $38,000 after acquiring an additional 7,028 shares during the last quarter. Finally, American National Bank purchased a new stake in shares of Sirius XM in the fourth quarter valued at $41,000. Institutional investors and hedge funds own 10.69% of the company’s stock.

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.