Sirius XM (NASDAQ:SIRI) Stock Gets Price Target Trim from JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Sirius XM’s price target from $34 to $32 while maintaining a “neutral” rating, implying approximately 4.18% upside from the prior close.
• Analyst sentiment remains mixed: nine analysts rate the stock a Buy, seven Hold, and three Sell, resulting in a consensus “Hold” rating and average target price of $32.92.
• Sirius XM shares traded at $30.71, near their 52-week high, after the company reported quarterly EPS of $0.78—slightly above estimates—while revenue of $2.15 billion declined 0.4% year over year.

Sirius XM (NASDAQ:SIRI - Get Free Report) had its target price lowered by equities researchers at JPMorgan Chase & Co. from $34.00 to $32.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 4.18% from the company's previous close.

Several other analysts have also weighed in on SIRI. Citigroup restated a "sell" rating and set a $25.00 price target (up from $22.00) on shares of Sirius XM in a report on Friday, July 31st. Wolfe Research assumed coverage on Sirius XM in a research note on Wednesday, September 2nd. They set an "outperform" rating on the stock. William Blair raised Sirius XM to a "market perform" rating in a research report on Wednesday, September 2nd. Wells Fargo & Company increased their price objective on Sirius XM from $31.00 to $33.00 and gave the company an "equal weight" rating in a report on Friday. Finally, Benchmark reaffirmed a "buy" rating on shares of Sirius XM in a report on Wednesday, July 29th. Nine analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $32.92.

Sirius XM Stock Performance

Sirius XM stock traded up $1.15 during midday trading on Tuesday, hitting $30.71. The stock had a trading volume of 3,113,324 shares, compared to its average volume of 4,792,390. The firm's fifty day moving average is $27.54 and its two-hundred day moving average is $26.21. The company has a market capitalization of $10.35 billion, a PE ratio of 12.60, a P/E/G ratio of 0.50 and a beta of 0.98. Sirius XM has a 52-week low of $19.76 and a 52-week high of $32.66. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 0.79.

Sirius XM (NASDAQ:SIRI - Get Free Report) last issued its earnings results on Thursday, October 29th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.01. The company had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.16 billion. Sirius XM had a return on equity of 9.37% and a net margin of 10.23%. The firm's quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the company earned $0.84 EPS. On average, research analysts forecast that Sirius XM will post 3.00 EPS for the current year.

Insider Buying and Selling at Sirius XM

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

Institutional Investors Weigh In On Sirius XM

A number of hedge funds have recently bought and sold shares of SIRI. Fifth Third Bancorp purchased a new position in Sirius XM in the first quarter valued at approximately $1,243,000. Aspen Grove Capital LLC purchased a new position in Sirius XM in the 1st quarter valued at $2,277,000. Bank of New York Mellon Corp lifted its position in Sirius XM by 7.8% in the first quarter. Bank of New York Mellon Corp now owns 2,177,761 shares of the company's stock valued at $50,263,000 after purchasing an additional 157,860 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Sirius XM by 262.1% in the first quarter. Dimensional Fund Advisors LP now owns 6,301,181 shares of the company's stock valued at $145,426,000 after acquiring an additional 4,560,821 shares during the period. Finally, First Trust Advisors LP increased its holdings in Sirius XM by 154.6% in the first quarter. First Trust Advisors LP now owns 952,013 shares of the company's stock valued at $21,972,000 after buying an additional 578,103 shares in the last quarter. Institutional investors and hedge funds own 10.69% of the company's stock.

About Sirius XM

Sirius XM Holdings Inc is a media and entertainment company that provides subscription-based audio programming through its SiriusXM service. The company delivers a broad range of commercial-free music, live sports, news, talk and entertainment programming, including exclusive channels, original shows and coverage of major events.

SiriusXM content is distributed primarily through satellite radio and internet streaming. Subscribers can access the service in vehicles, through the SiriusXM mobile app and website, and on supported connected devices.

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