Sirius XM Holdings Inc. $SIRI Shares Acquired by BlackRock Inc.

Key Points

• BlackRock increased its Sirius XM stake by 82.9% in the second quarter, acquiring nearly 8 million additional shares and holding 17.6 million shares valued at approximately $520 million, or 5.22% of the company.
• Other institutional investors also increased their positions, including Dimensional Fund Advisors, which boosted its holdings by 262.1%. Institutional investors and hedge funds collectively own 10.69% of Sirius XM.
• Sirius XM reported quarterly revenue of $2.16 billion, slightly above estimates, but earnings per share of $0.70 missed expectations. The company announced a quarterly dividend of $0.27 per share, representing a 3.8% yield, while analysts’ consensus rating remained “Hold.”

BlackRock Inc. grew its holdings in Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) by 82.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,602,229 shares of the company's stock after acquiring an additional 7,977,045 shares during the period. BlackRock Inc. owned about 5.22% of Sirius XM worth $519,970,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp purchased a new stake in Sirius XM in the first quarter valued at $1,243,000. Aspen Grove Capital LLC purchased a new position in shares of Sirius XM during the 1st quarter valued at about $2,277,000. Brighton Jones LLC purchased a new position in shares of Sirius XM during the 4th quarter valued at about $622,000. Bank of New York Mellon Corp lifted its holdings in shares of Sirius XM by 7.8% in the 1st quarter. Bank of New York Mellon Corp now owns 2,177,761 shares of the company's stock valued at $50,263,000 after buying an additional 157,860 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Sirius XM by 262.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,301,181 shares of the company's stock valued at $145,426,000 after buying an additional 4,560,821 shares during the period. Institutional investors and hedge funds own 10.69% of the company's stock.

Insider Activity at Sirius XM

In other news, Director Jonelle Procope sold 16,672 shares of the 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 transaction, the director owned 18,354 shares in the company, valued at $550,069.38. This trade represents a 47.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Scott Andrew Greenstein sold 20,744 shares of Sirius XM stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $29.83, for a total transaction of $618,793.52. Following the completion of the sale, the insider directly owned 20,163 shares in the company, valued at $601,462.29. This represents a 50.71% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 3.27% of the company's stock.

Sirius XM Price Performance

NASDAQ:SIRI opened at $28.45 on Tuesday. The company has a quick ratio of 0.46, a current ratio of 0.46 and a debt-to-equity ratio of 0.79. Sirius XM Holdings Inc. has a 52 week low of $19.76 and a 52 week high of $32.66. The stock's 50-day moving average price is $29.60 and its 200-day moving average price is $26.33. The stock has a market capitalization of $9.59 billion, a PE ratio of 11.38, a price-to-earnings-growth ratio of 0.62 and a beta of 0.95.

Sirius XM (NASDAQ:SIRI - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.70 earnings per share for the quarter, missing analysts' consensus estimates of $0.78 by ($0.08). The business had revenue of $2.16 billion during the quarter, compared to analyst estimates 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 for the quarter was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.57 EPS. As a group, equities analysts expect that Sirius XM Holdings Inc. will post 3.01 EPS for the current fiscal year.

Sirius XM Dividend Announcement

The firm also recently announced 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 of this dividend is Monday, August 10th. Sirius XM's dividend payout ratio is presently 43.20%.

Analyst Ratings Changes

Several analysts recently commented on SIRI shares. UBS Group set a $30.00 target price on Sirius XM in a report on Wednesday, July 29th. Barrington Research boosted their price target on Sirius XM from $28.00 to $32.00 and gave the company an "outperform" rating in a report on Monday, May 4th. Rosenblatt Securities restated a "buy" rating and issued a $45.00 price objective on shares of Sirius XM in a research report on Tuesday, July 28th. JPMorgan Chase & Co. raised their price objective on shares of Sirius XM from $26.00 to $34.00 and gave the stock a "neutral" rating in a research note on Friday, July 31st. Finally, Weiss Ratings raised shares of Sirius XM from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 9th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company 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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