Rosenblatt Securities Lowers Sirius XM (NASDAQ:SIRI) Price Target to $3.40

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

SIRI has been the subject of a number of other reports. Guggenheim initiated coverage on shares of Sirius XM in a research note on Thursday, March 14th. They set a neutral rating and a $4.00 price objective for the company. Citigroup raised shares of Sirius XM from a sell rating to a neutral rating and decreased their price objective for the stock from $4.10 to $3.30 in a research note on Wednesday, April 24th. Wells Fargo & Company cut their target price on shares of Sirius XM from $4.50 to $3.00 and set an underweight rating on the stock in a research note on Monday, April 1st. The Goldman Sachs Group raised Sirius XM from a sell rating to a neutral rating and decreased their target price for the stock from $3.50 to $3.25 in a research report on Wednesday. Finally, StockNews.com initiated coverage on Sirius XM in a research report on Monday. They set a hold rating on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $4.42.

Sirius XM Stock Performance

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

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, topping analysts’ consensus estimates of $0.06 by $0.01. Sirius XM had a negative return on equity of 47.17% and a net margin of 14.38%. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the previous year, the firm earned $0.06 earnings per share. Sirius XM’s revenue for the quarter was up .8% compared to the same quarter last year. On average, research analysts forecast that Sirius XM will post 0.29 earnings per share for the current year.

Sirius XM Announces Dividend

The company also recently announced 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 of this dividend is Thursday, May 9th. Sirius XM’s payout ratio is currently 33.33%.

Insider Transactions at Sirius XM

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SIRI. Berkshire Hathaway Inc boosted its position in Sirius XM by 315.6% during the fourth quarter. Berkshire Hathaway Inc now owns 40,243,058 shares of the company’s stock worth $220,130,000 after purchasing an additional 30,559,834 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Sirius XM by 482.9% during the 3rd quarter. AQR Capital Management LLC now owns 14,641,104 shares of the company’s stock worth $66,178,000 after buying an additional 12,129,166 shares during the period. New York State Common Retirement Fund grew its stake in Sirius XM by 169.6% in the 3rd quarter. New York State Common Retirement Fund now owns 10,303,486 shares of the company’s stock valued at $46,572,000 after buying an additional 6,482,109 shares during the last quarter. Cadian Capital Management LP bought a new position in Sirius XM in the 3rd quarter worth $8,929,000. Finally, Northern Trust Corp lifted its position in Sirius XM by 18.7% during the 3rd quarter. Northern Trust Corp now owns 11,256,094 shares of the company’s stock worth $50,878,000 after acquiring an additional 1,776,700 shares during the last quarter. 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.