Geode Capital Management LLC Decreases Holdings in Sirius XM Holdings Inc. $SIRI

Key Points

• Geode Capital Management reduced its Sirius XM stake by 4.3% in the fourth quarter, selling 167,067 shares and ending with 3.69 million shares valued at about $73.8 million.
• Several other institutional investors also adjusted positions in Sirius XM, while hedge funds and other institutions now own 10.69% of the stock overall.
• Analysts remain mixed on Sirius XM: the consensus rating is Hold with an average price target of $27.45, even as the company recently beat quarterly earnings and revenue estimates and paid a $0.27 quarterly dividend.

Geode Capital Management LLC trimmed its holdings in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) by 4.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,689,187 shares of the company's stock after selling 167,067 shares during the period. Geode Capital Management LLC owned 1.10% of Sirius XM worth $73,817,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. boosted its position in Sirius XM by 36.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,836 shares of the company's stock worth $41,000 after purchasing an additional 493 shares during the period. Aster Capital Management DIFC Ltd boosted its position in Sirius XM by 134.6% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,659 shares of the company's stock valued at $85,000 after buying an additional 2,099 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in Sirius XM in the 4th quarter valued at about $76,000. North Star Investment Management Corp. boosted its position in Sirius XM by 1,543.7% in the 4th quarter. North Star Investment Management Corp. now owns 5,342 shares of the company's stock valued at $107,000 after buying an additional 5,017 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in Sirius XM by 139.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,363 shares of the company's stock valued at $123,000 after buying an additional 3,126 shares during the last quarter. 10.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SIRI. Barrington Research upped their price objective on shares of Sirius XM from $28.00 to $32.00 and gave the company an "outperform" rating in a research report on Monday, May 4th. Evercore set a $28.00 price objective on shares of Sirius XM in a research report on Friday, May 1st. JPMorgan Chase & Co. upped their price objective on shares of Sirius XM from $24.00 to $26.00 and gave the company a "neutral" rating in a research report on Friday, May 1st. Rosenblatt Securities decreased their price objective on shares of Sirius XM from $46.00 to $45.00 and set a "buy" rating for the company in a research report on Tuesday, May 19th. Finally, Guggenheim reissued a "buy" rating and issued a $34.00 price objective (up from $29.00) on shares of Sirius XM in a research report on Friday, April 24th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $27.45.

Insiders Place Their Bets

In related news, insider Scott Andrew Greenstein sold 20,744 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $29.83, for a total transaction of $618,793.52. Following the sale, 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 Securities & Exchange Commission, which is available through this hyperlink. 3.27% of the stock is currently owned by company insiders.

Sirius XM Price Performance

SIRI opened at $27.44 on Tuesday. The firm has a market cap of $9.24 billion, a price-to-earnings ratio of 11.58, a price-to-earnings-growth ratio of 0.58 and a beta of 0.96. Sirius XM Holdings Inc. has a fifty-two week low of $19.76 and a fifty-two week high of $30.11. The company's 50-day moving average price is $26.26 and its 200 day moving average price is $23.03. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.83.

Sirius XM (NASDAQ:SIRI - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.02. The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.07 billion. Sirius XM had a net margin of 9.86% and a return on equity of 9.19%. Sirius XM's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.59 earnings per share. As a group, sell-side analysts expect that Sirius XM Holdings Inc. will post 3.1 earnings per share for the current year.

Sirius XM Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 27th. Investors of record on Monday, May 11th were paid a dividend of $0.27 per share. The ex-dividend date was Monday, May 11th. This represents a $1.08 annualized dividend and a yield of 3.9%. Sirius XM's dividend payout ratio is 45.57%.

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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