State Street Corp Acquires 2,444,881 Shares of Sirius XM Holdings Inc. $SIRI

Key Points

• State Street increased its Sirius XM position by 68.9% in the second quarter, acquiring 2.44 million shares and bringing its total holdings to nearly 6 million shares, worth about $177 million. Institutional investors collectively own 10.69% of the company.
• Sirius XM reported quarterly revenue of $2.16 billion, slightly above expectations, but earnings per share of $0.70 missed the $0.78 consensus estimate. The company pays a quarterly dividend of $0.27, equating to a 4.1% yield.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $32.15; shares recently opened at $26.28, below the consensus target.

State Street Corp lifted its holdings in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) by 68.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,992,497 shares of the company's stock after buying an additional 2,444,881 shares during the period. State Street Corp owned approximately 1.78% of Sirius XM worth $177,018,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of SIRI. BlackRock Inc. grew its position in Sirius XM by 82.9% in the 2nd quarter. BlackRock Inc. now owns 17,602,229 shares of the company's stock worth $519,970,000 after purchasing an additional 7,977,045 shares during the period. Dimensional Fund Advisors LP boosted its stake 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 worth $145,426,000 after buying an additional 4,560,821 shares during the last quarter. Norges Bank purchased a new position in shares of Sirius XM in the 4th quarter worth $57,124,000. Hsbc Holdings PLC grew its holdings in shares of Sirius XM by 858.4% in the fourth quarter. Hsbc Holdings PLC now owns 2,076,539 shares of the company's stock worth $41,726,000 after acquiring an additional 1,859,872 shares during the period. Finally, Pacer Advisors Inc. purchased a new stake in Sirius XM during the fourth quarter valued at $34,548,000. Hedge funds and other institutional investors own 10.69% of the company's stock.

Sirius XM Stock Performance

SIRI opened at $26.28 on Thursday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.46 and a current ratio of 0.46. The stock has a market capitalization of $8.86 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 0.48 and a beta of 0.95. The company has a fifty day moving average of $29.19 and a 200 day moving average of $27.41. Sirius XM Holdings Inc. has a fifty-two week low of $19.76 and a fifty-two week high of $32.66.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.08). The business had revenue of $2.16 billion for the quarter, compared to analysts' expectations of $2.14 billion. Sirius XM had a net margin of 10.23% and a return on equity of 9.37%. Sirius XM'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 earned $0.57 EPS. As a group, sell-side analysts forecast that Sirius XM Holdings Inc. will post 3 earnings per share for the current fiscal year.

Sirius XM Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Monday, August 10th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Monday, August 10th. Sirius XM's payout ratio is 43.20%.

Wall Street Analysts Forecast Growth

SIRI has been the subject of a number of recent research reports. William Blair upgraded Sirius XM to a "market perform" rating in a research note on Wednesday, September 2nd. JPMorgan Chase & Co. upped their target price on shares of Sirius XM from $26.00 to $34.00 and gave the company a "neutral" rating in a report on Friday, July 31st. Wells Fargo & Company upgraded shares of Sirius XM from an "underweight" rating to an "overweight" rating in a research report on Wednesday, September 2nd. Weiss Ratings downgraded shares of Sirius XM from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday. Finally, Bank of America reaffirmed an "underperform" rating on shares of Sirius XM in a report on Friday, July 31st. Nine investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $32.15.

Insider Transactions at Sirius XM

In other news, Director Jonelle Procope sold 16,672 shares of Sirius XM 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 completion of the sale, the director owned 18,354 shares of the company's stock, valued at approximately $550,069.38. The trade was a 47.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 3.27% of the stock is currently owned by company insiders.

Sirius XM Company Profile

Sirius XM Holdings Inc provides subscription-based audio entertainment and information services in the United States and Canada. Its SiriusXM service delivers commercial-free music, sports, news, talk and entertainment programming through satellite radio and internet streaming, including its mobile app and connected-vehicle platforms.

The company offers a broad range of exclusive and licensed content, including live sports coverage, original talk and comedy programs, news services, podcasts, and music channels organized by genre and artist.

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