Private Management Group Inc. Sells 118,100 Shares of Sirius XM Holdings Inc. $SIRI

Key Points

• Private Management Group reduced its Sirius XM stake by 8.7% in the second quarter, selling 118,100 shares and retaining 1.23 million shares valued at approximately $36.5 million. Institutional investors collectively own 10.69% of the company.
• Analyst sentiment remains mixed, with four Buy, five Hold and three Sell ratings; the consensus rating is Hold with an average price target of $30.92.
• Sirius XM reported quarterly revenue of $2.16 billion, slightly ahead of estimates, but earnings per share of $0.70 missed expectations. The company also pays a quarterly dividend of $0.27 per share, representing a 3.8% annualized yield.

Private Management Group Inc. decreased its stake in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) by 8.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,234,502 shares of the company's stock after selling 118,100 shares during the period. Private Management Group Inc. owned 0.37% of Sirius XM worth $36,467,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of SIRI. Jones Financial Companies Lllp bought a new position in Sirius XM in the 2nd quarter valued at about $25,000. Aberdeen Wealth Management LLC acquired a new stake in Sirius XM during the second quarter worth approximately $26,000. Sunbelt Securities Inc. boosted its holdings in shares of Sirius XM by 158.5% during the first quarter. Sunbelt Securities Inc. now owns 1,295 shares of the company's stock worth $30,000 after acquiring an additional 794 shares during the period. Root Financial Partners LLC boosted its holdings in shares of Sirius XM by 612.8% during the first quarter. Root Financial Partners LLC now owns 1,390 shares of the company's stock worth $32,000 after acquiring an additional 1,195 shares during the period. Finally, Gables Capital Management Inc. acquired a new position in shares of Sirius XM in the second quarter valued at approximately $32,000. Institutional investors and hedge funds own 10.69% of the company's stock.

Analyst Upgrades and Downgrades

SIRI has been the topic of a number of recent research reports. Bank of America reiterated an "underperform" rating on shares of Sirius XM in a research note on Friday, July 31st. Guggenheim reaffirmed a "buy" rating and issued a $35.00 price target (up from $34.00) on shares of Sirius XM in a research note on Friday, July 31st. Barrington Research upped their price objective on shares of Sirius XM from $28.00 to $32.00 and gave the stock an "outperform" rating in a research report on Monday, May 4th. UBS Group set a $30.00 price objective on shares of Sirius XM in a research report on Wednesday, July 29th. Finally, Citigroup reiterated a "sell" rating and set a $25.00 price objective (up from $22.00) on shares of Sirius XM in a research note on Friday, July 31st. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $30.92.

Key Sirius XM News

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

• Positive Sentiment: SiriusXM is adding former LSU football coach Brian Kelly to a weekly show with Danny Kanell and Roy Philpott. The move expands the company’s sports programming and could help attract college-football listeners and advertising revenue. Brian Kelly joins SiriusXM for weekly show
• Neutral Sentiment: Director Anjali Sud reportedly acquired 60 Sirius XM shares through a dividend-related restricted stock unit credit. Because the shares were received through an equity compensation process rather than a large open-market purchase, the transaction offers limited insight into management’s valuation view. Anjali Sud share acquisition
• Negative Sentiment: SiriusXM is reportedly dropping Howard Stern’s Channel 101 after layoffs affecting roughly a dozen staffers. The decision may reduce programming costs, but it also highlights disruption around one of the company’s highest-profile personalities and could weigh on subscriber engagement, content visibility and investor confidence. Howard Stern’s SiriusXM 101 channel dropped
• Negative Sentiment: Reports that Stern’s channel was removed following broader layoffs add to concerns about SiriusXM’s content strategy and its relationship with marquee talent. The impact could be partly offset if the replacement programming improves listening, but that benefit remains unproven. Howard Stern channel replacement announced

Sirius XM Price Performance

Sirius XM stock opened at $28.54 on Friday. The stock's 50 day moving average is $29.65 and its 200 day moving average is $26.49. Sirius XM Holdings Inc. has a one year low of $19.76 and a one year high of $32.66. The firm has a market cap of $9.62 billion, a P/E ratio of 11.42, a P/E/G ratio of 0.62 and a beta of 0.95. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.46 and a quick 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 for the quarter, missing the consensus estimate of $0.78 by ($0.08). The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. Sirius XM had a return on equity of 9.37% and a net margin of 10.23%.The business's revenue was up 1.0% on a year-over-year basis. During the same period last year, the business posted $0.57 earnings per share. As a group, research analysts expect that Sirius XM Holdings Inc. will post 3.01 EPS for the current year.

Sirius XM Announces Dividend

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

Insider Activity at Sirius XM

In related news, Director Jonelle Procope sold 16,672 shares of the company'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 transaction of $499,659.84. Following the sale, the director directly owned 18,354 shares in the company, valued at approximately $550,069.38. This represents a 47.60% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.27% of the company's 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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