Polar Asset Management Partners Inc. Takes $2.17 Million Position in Sirius XM Holdings Inc. $SIRI

Key Points

• Polar Asset Management purchased 55,000 Sirius XM shares in the second quarter, establishing a position worth approximately $2.17 million. Hedge funds and other institutional investors own 10.69% of the company.
• Sirius XM reported quarterly revenue of $2.16 billion, up 1% year over year and slightly above estimates, but its $0.70 EPS missed consensus expectations of $0.78.
• 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 a consensus “Hold” rating with an average price target of $30.92.

Polar Asset Management Partners Inc. purchased a new stake in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 55,000 shares of the company's stock, valued at approximately $2,173,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC purchased a new stake in Sirius XM during the 4th quarter valued at $622,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Sirius XM by 11.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 925,313 shares of the company's stock worth $20,861,000 after purchasing an additional 92,111 shares during the last quarter. Focus Partners Wealth lifted its holdings in shares of Sirius XM by 5.2% during the first quarter. Focus Partners Wealth now owns 16,273 shares of the company's stock valued at $367,000 after purchasing an additional 800 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Sirius XM by 36.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,836 shares of the company's stock valued at $41,000 after purchasing an additional 493 shares in the last quarter. Finally, Sivia Capital Partners LLC purchased a new stake in shares of Sirius XM during the second quarter valued at $208,000. 10.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

Sirius XM Price Performance

NASDAQ SIRI opened at $28.73 on Wednesday. The company has a 50-day moving average price of $29.62 and a 200-day moving average price of $26.39. Sirius XM Holdings Inc. has a 52 week low of $19.76 and a 52 week high of $32.66. The company has a quick ratio of 0.46, a current ratio of 0.46 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $9.68 billion, a P/E ratio of 11.49, a PEG ratio of 0.62 and a beta of 0.95.

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 analysts' consensus estimates of $0.78 by ($0.08). Sirius XM had a return on equity of 9.37% and a net margin of 10.23%.The business had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.14 billion. During the same period in the previous year, the business posted $0.57 EPS. The business's quarterly revenue was up 1.0% compared to the same quarter last year. Equities research analysts anticipate that Sirius XM Holdings Inc. will post 3.01 earnings per share for the current year.

Sirius XM Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SIRI shares. Guggenheim reiterated a "buy" rating and issued a $35.00 price objective (up from $34.00) on shares of Sirius XM in a report on Friday, July 31st. Citigroup reiterated a "sell" rating and issued a $25.00 price target (up from $22.00) on shares of Sirius XM in a research note on Friday, July 31st. Benchmark restated a "buy" rating on shares of Sirius XM in a research report on Wednesday, July 29th. UBS Group set a $30.00 target price on shares of Sirius XM in a research report on Wednesday, July 29th. Finally, Evercore set a $28.00 price target on Sirius XM in a report on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Sirius XM has an average rating of "Hold" and an average target price of $30.92.

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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