2,701,258 Shares in Sirius XM Holdings Inc. $SIRI Acquired by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp. acquired 2.7 million Sirius XM shares worth approximately $106.8 million, giving it a 0.8% stake and making Sirius XM one of its 22 largest portfolio holdings.
• Sirius XM reported quarterly revenue of $2.16 billion, slightly above estimates, but earnings per share of $0.70 missed the $0.78 consensus. The company’s revenue increased 1% year over year.
• The company declared a quarterly dividend of $0.27 per share, equivalent to an annualized $1.08 payout and a 3.8% yield. Analysts maintain an overall “Hold” rating, with an average price target of $30.92.

Alberta Investment Management Corp acquired a new stake in Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,701,258 shares of the company's stock, valued at approximately $106,781,000. Sirius XM comprises 0.6% of Alberta Investment Management Corp's investment portfolio, making the stock its 22nd largest position. Alberta Investment Management Corp owned about 0.80% of Sirius XM as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sunbelt Securities Inc. raised its stake in Sirius XM by 158.5% in the 1st quarter. Sunbelt Securities Inc. now owns 1,295 shares of the company's stock valued at $30,000 after acquiring an additional 794 shares during the period. Root Financial Partners LLC grew its stake in Sirius XM by 612.8% in the 1st quarter. Root Financial Partners LLC now owns 1,390 shares of the company's stock valued at $32,000 after buying an additional 1,195 shares in the last quarter. Rossby Financial LCC raised its holdings in Sirius XM by 57.7% during the 4th quarter. Rossby Financial LCC now owns 1,621 shares of the company's stock valued at $32,000 after acquiring an additional 593 shares during the period. Western Wealth Management LLC bought a new stake in Sirius XM during the 1st quarter valued at $33,000. Finally, Altshuler Shaham Ltd lifted its position in shares of Sirius XM by 36.7% during the first quarter. Altshuler Shaham Ltd now owns 1,553 shares of the company's stock worth $36,000 after acquiring an additional 417 shares in the last quarter. 10.69% of the stock is owned by institutional investors.

Sirius XM Stock Performance

Sirius XM stock opened at $28.46 on Monday. The stock has a market cap of $9.59 billion, a P/E ratio of 11.38, a PEG ratio of 0.62 and a beta of 0.95. Sirius XM Holdings Inc. has a fifty-two week low of $19.76 and a fifty-two week high of $32.66. The firm's fifty day moving average price is $29.47 and its 200-day moving average price is $25.98. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.46 and a current ratio of 0.46.

Sirius XM (NASDAQ:SIRI - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.08). The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Sirius XM had a net margin of 10.23% and a return on equity of 9.37%. Sirius XM's quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 EPS. Equities research analysts forecast that Sirius XM Holdings Inc. will post 3.01 earnings per share for the current fiscal year.

Sirius XM Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Monday, August 10th will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.08 annualized dividend and a dividend yield of 3.8%. Sirius XM's payout ratio is presently 43.20%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SIRI. JPMorgan Chase & Co. raised their price target on Sirius XM from $26.00 to $34.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. Rosenblatt Securities reiterated a "buy" rating and set a $45.00 price objective on shares of Sirius XM in a research note on Tuesday, July 28th. Barrington Research increased their price objective on Sirius XM from $28.00 to $32.00 and gave the stock an "outperform" rating in a report on Monday, May 4th. Citigroup restated a "sell" rating and issued a $25.00 target price (up from $22.00) on shares of Sirius XM in a research note on Friday, July 31st. Finally, Weiss Ratings raised Sirius XM from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 9th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Sirius XM currently has an average rating of "Hold" and an average target price of $30.92.

Insider Activity

In related news, insider Scott Andrew Greenstein sold 20,744 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $29.83, for a total value of $618,793.52. Following the transaction, the insider directly owned 20,163 shares in the company, valued at approximately $601,462.29. This represents a 50.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonelle Procope sold 16,672 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $29.97, for a total transaction of $499,659.84. Following the completion of the transaction, the director owned 18,354 shares in the company, valued at approximately $550,069.38. This trade represents a 47.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.27% of the stock is currently owned by insiders.

Sirius XM 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.

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