Gabelli Funds LLC Trims Holdings in Sirius XM Holdings Inc. $SIRI

Key Points

• Gabelli Funds reduced its Sirius XM stake by 15.4% in the first quarter, selling 82,124 shares and retaining 452,758 shares valued at approximately $10.45 million. Institutional investors and hedge funds collectively own 10.69% of the company.
• Sirius XM reported quarterly EPS of $0.72, exceeding estimates by $0.02, while revenue rose 1.1% year over year to $2.09 billion. The company also declared a quarterly dividend of $0.27 per share, equivalent to a 3.6% yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $28.00; targets range from $22.00 at Citigroup to $32.00 at Barrington Research.

Gabelli Funds LLC trimmed its position in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) by 15.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 452,758 shares of the company's stock after selling 82,124 shares during the period. Gabelli Funds LLC owned approximately 0.13% of Sirius XM worth $10,450,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in SIRI. Root Financial Partners LLC lifted its holdings in Sirius XM by 612.8% during the 1st quarter. Root Financial Partners LLC now owns 1,390 shares of the company's stock worth $32,000 after buying an additional 1,195 shares in the last quarter. Rossby Financial LCC boosted its position in Sirius XM by 57.7% in the 4th quarter. Rossby Financial LCC now owns 1,621 shares of the company's stock valued at $32,000 after buying an additional 593 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of Sirius XM by 36.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,836 shares of the company's stock worth $41,000 after acquiring an additional 493 shares in the last quarter. Jessup Wealth Management Inc purchased a new stake in shares of Sirius XM during the fourth quarter worth $40,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Sirius XM during the fourth quarter worth $40,000. 10.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Sirius XM

In other Sirius XM news, insider Scott Andrew Greenstein sold 20,744 shares of the company's stock in a transaction 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 completion of the transaction, the insider owned 20,163 shares in the company, valued at $601,462.29. This represents a 50.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.27% of the stock is owned by corporate insiders.

Sirius XM Price Performance

Shares of NASDAQ:SIRI opened at $29.80 on Monday. The company has a market capitalization of $10.03 billion, a PE ratio of 12.57, a P/E/G ratio of 0.64 and a beta of 0.95. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.83. Sirius XM Holdings Inc. has a twelve month low of $19.76 and a twelve month high of $31.42. The firm has a 50 day simple moving average of $28.98 and a 200-day simple moving average of $25.01.

Sirius XM (NASDAQ:SIRI - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.02. The business had revenue of $2.09 billion during the quarter, compared to analysts' expectations of $2.07 billion. Sirius XM had a net margin of 9.86% and a return on equity of 9.19%. The company's revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.59 EPS. On average, equities analysts predict that Sirius XM Holdings Inc. will post 3.1 EPS for the current fiscal year.

Sirius XM Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Monday, August 10th will be given a $0.27 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a yield of 3.6%. Sirius XM's payout ratio is 45.57%.

Analyst Ratings Changes

Several equities research analysts have weighed in on SIRI shares. Barrington Research upped their price target on Sirius XM from $28.00 to $32.00 and gave the stock an "outperform" rating in a report on Monday, May 4th. Citigroup reiterated a "sell" rating and issued a $22.00 price objective (up from $19.00) on shares of Sirius XM in a research note on Monday, May 4th. Guggenheim reissued a "buy" rating on shares of Sirius XM in a research report on Wednesday, June 17th. JPMorgan Chase & Co. upped their target price on shares of Sirius XM from $24.00 to $26.00 and gave the stock a "neutral" rating in a research note on Friday, May 1st. Finally, Morgan Stanley raised their target price on shares of Sirius XM from $24.00 to $28.00 and gave the company an "underweight" rating in a report on Tuesday, July 21st. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $28.00.

Key Sirius XM News

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

• Positive Sentiment: Sirius XM announced a new 24/7 WWE radio channel, replacing its current pro wrestling programming and expanding its sports/entertainment lineup ahead of SummerSlam. WWE partnering with SiriusXM to launch ‘WWE Radio’
• Positive Sentiment: The WWE partnership could help Sirius XM attract and retain subscribers by adding a popular, year-round fan channel and strengthening its exclusive content strategy. SiriusXM to launch 24/7 WWE Radio station
• Positive Sentiment: Analysts are noting that Sirius XM enters its upcoming earnings report with the potential for an earnings beat, which can support sentiment if management confirms improving fundamentals. Sirius XM (SIRI) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
• Positive Sentiment: Management also announced a quarterly dividend of $0.27 per share, reinforcing Sirius XM’s appeal to income-focused investors.
• Neutral Sentiment: Additional coverage highlighted Sirius XM’s move to pick up two Pittsburgh radio stations, but the immediate stock impact is less clear than the WWE announcement. SiriusXM picking up 2 Pittsburgh radio stations
• Neutral Sentiment: Morgan Stanley also reportedly sees strong price appreciation potential for SIRI, adding to the bullish analyst backdrop. Morgan Stanley Forecasts Strong Price Appreciation for Sirius XM NASDAQ: SIRI Stock

About Sirius XM

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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