Sirius XM Holdings Inc. $SIRI Stake Reduced by Readystate Asset Management LP

Readystate Asset Management LP trimmed its stake in Sirius XM Holdings Inc. (NASDAQ:SIRI) by 54.7% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 198,950 shares of the company’s stock after selling 240,344 shares during the quarter. Readystate Asset Management LP’s holdings in Sirius XM were worth $5,877,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. increased its position in Sirius XM by 82.9% in the 2nd quarter. BlackRock Inc. now owns 17,602,229 shares of the company’s stock valued at $519,970,000 after acquiring an additional 7,977,045 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Sirius XM by 262.1% during the first quarter. Dimensional Fund Advisors LP now owns 6,301,181 shares of the company’s stock valued at $145,426,000 after purchasing an additional 4,560,821 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Sirius XM by 165.2% in the second quarter. AQR Capital Management LLC now owns 5,191,440 shares of the company’s stock valued at $117,327,000 after acquiring an additional 3,233,922 shares in the last quarter. Norges Bank bought a new stake in shares of Sirius XM in the 4th quarter worth $57,124,000. Finally, Hsbc Holdings PLC raised its position in Sirius XM by 858.4% in the fourth quarter. Hsbc Holdings PLC now owns 2,076,539 shares of the company’s stock worth $41,726,000 after acquiring an additional 1,859,872 shares in the last quarter. Institutional investors and hedge funds own 10.69% of the company’s stock.

Key Headlines Impacting Sirius XM

Here are the key news stories impacting Sirius XM this week:

• Positive Sentiment: Deutsche Bank upgraded Sirius XM to Buy from Hold and raised its price target to $45 from $31. The firm sees significant upside from SiriusXM’s transition toward digital audio and believes the market is underestimating the company’s growth potential. The upgrade previously drove a strong one-day rally and remains the primary bullish catalyst for SIRI. Deutsche Bank sees significant upside from digital audio
• Positive Sentiment: Valuation-focused coverage continues to argue that Sirius XM remains inexpensive. Discounted cash-flow analysis and earnings-based multiples reportedly indicate that the stock trades below estimated intrinsic value, despite a roughly 45% year-to-date advance. This supports the case for additional upside if operating performance improves. Sirius XM stock still looks cheap on cash flow and earnings
• Neutral Sentiment: SiriusXM is expanding sports programming. New York Giants defensive tackle Shelby Harris will host “The Players’ Point” on SiriusXM NFL Radio, adding talent and content to the company’s sports offering. The announcement is strategically supportive but is unlikely to materially change near-term financial results. Shelby Harris to host The Players’ Point
• Negative Sentiment: Howard Stern’s reduced schedule and reported studio shake-up introduce programming uncertainty. Reports that Stern will host only one show per week, with his New York studios potentially being used by other SiriusXM talent, could raise concerns about retaining a major audience draw and managing content costs. Howard Stern’s reduced SiriusXM role
• Negative Sentiment: Investors may be consolidating gains after the recent upgrade-driven surge. Although Deutsche Bank’s $45 target is highly bullish, the stock’s substantial year-to-date gain makes the shares more vulnerable to profit-taking and concerns that the optimistic outlook is already partly reflected in the price. Sirius XM gets a Deutsche Bank upgrade

Sirius XM Price Performance

NASDAQ SIRI opened at $28.99 on Monday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.46 and a quick ratio of 0.46. The firm has a market capitalization of $9.77 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 0.52 and a beta of 0.95. The company has a 50 day simple moving average of $29.74 and a 200-day simple moving average of $26.79. Sirius XM Holdings Inc. has a 52-week low of $19.76 and a 52-week high of $32.66.

Sirius XM (NASDAQ:SIRI) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.08). The company had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.14 billion. Sirius XM had a net margin of 10.23% and a return on equity of 9.37%. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. Equities research analysts predict that Sirius XM Holdings Inc. will post 3 earnings per share for the current fiscal year.

Sirius XM Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Monday, August 10th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.7%. Sirius XM’s dividend payout ratio (DPR) is 43.20%.

Insider Activity at Sirius XM

In other news, Director Jonelle Procope sold 16,672 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $29.97, for a total transaction of $499,659.84. Following the transaction, the director directly owned 18,354 shares in the company, valued at $550,069.38. The trade was a 47.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.27% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SIRI has been the subject of several recent analyst reports. Wells Fargo & Company upgraded shares of Sirius XM from an “underweight” rating to an “overweight” rating in a report on Wednesday. TD Cowen cut shares of Sirius XM to a “hold” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised shares of Sirius XM from a “hold” rating to a “buy” rating and boosted their target price for the company from $31.00 to $45.00 in a research note on Wednesday. Guggenheim restated a “buy” rating and issued a $35.00 target price (up from $34.00) on shares of Sirius XM in a report on Friday, July 31st. Finally, Benchmark reaffirmed a “buy” rating on shares of Sirius XM in a research report on Wednesday, July 29th. Nine equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Sirius XM has a consensus rating of “Hold” and a consensus price target of $32.00.

Sirius XM Company Profile

Sirius XM Holdings Inc is a leading audio entertainment company specializing in subscription-based satellite and streaming radio services. Formed in 2008 through the merger of Sirius Satellite Radio and XM Satellite Radio, the company delivers a broad range of programming across music, sports, news, talk and comedy channels. Sirius XM’s offerings include exclusive live sports play-by-play, artist-curated music channels, news coverage from major networks and original talk and entertainment series.

Headquartered in New York City, Sirius XM serves listeners throughout the United States and Canada, reaching tens of millions of subscribers.