Sirius XM (NASDAQ:SIRI) Raised to “Buy” at Guggenheim

Guggenheim upgraded shares of Sirius XM (NASDAQ:SIRI) from a neutral rating to a buy rating in a research note released on Wednesday morning, MarketBeat.com reports. They currently have $30.00 price target on the stock.

Several other research analysts have also recently issued reports on SIRI. Barrington Research reissued an outperform rating and issued a $47.50 price target on shares of Sirius XM in a research note on Monday, July 15th. Evercore ISI upgraded shares of Sirius XM from an underperform rating to an in-line rating and decreased their target price for the company from $42.50 to $32.50 in a research report on Monday, June 24th. The Goldman Sachs Group reduced their price target on shares of Sirius XM from $32.50 to $26.00 and set a neutral rating for the company in a research note on Tuesday. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Sirius XM from $37.50 to $30.00 and set a hold rating on the stock in a research note on Tuesday, August 6th. Finally, Citigroup downgraded Sirius XM from a neutral rating to a sell rating and set a $28.00 target price for the company. in a research report on Thursday, July 25th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Sirius XM presently has a consensus rating of Hold and a consensus price target of $36.91.

Sirius XM Stock Up 3.9 %

SIRI stock opened at $24.95 on Wednesday. Sirius XM has a fifty-two week low of $22.73 and a fifty-two week high of $57.80. The stock has a market cap of $95.97 billion, a PE ratio of 75.61, a price-to-earnings-growth ratio of 0.90 and a beta of 1.08. The firm’s 50-day simple moving average is $31.34 and its 200 day simple moving average is $32.01.

Sirius XM (NASDAQ:SIRI) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.80. Sirius XM had a negative return on equity of 52.15% and a net margin of 14.56%. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Equities analysts forecast that Sirius XM will post 3.14 EPS for the current fiscal year.

Sirius XM Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were issued a $0.266 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 4.26%. This is a boost from Sirius XM’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend was Friday, August 9th. Sirius XM’s payout ratio is presently 321.21%.

Insider Activity

In related news, insider Scott Andrew Greenstein sold 144,723 shares of Sirius XM stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $31.60, for a total value of $4,573,246.80. Following the transaction, the insider now owns 98,933 shares of the company’s stock, valued at approximately $3,126,282.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.79% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sirius XM

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mather Group LLC. purchased a new stake in shares of Sirius XM in the second quarter valued at $28,000. First PREMIER Bank acquired a new position in Sirius XM during the first quarter valued at $31,000. Walker Asset Management LLC purchased a new stake in Sirius XM in the 2nd quarter worth about $33,000. Plato Investment Management Ltd acquired a new stake in Sirius XM during the 2nd quarter worth about $35,000. Finally, Riverview Capital Advisers LLC purchased a new position in Sirius XM during the 2nd quarter valued at about $35,000. Institutional investors and hedge funds own 10.69% of the company’s stock.

About Sirius XM

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.