Wittenberg Investment Management Inc. Trims Stock Position in Sirius XM Holdings Inc. (NASDAQ:SIRI)

Key Points

• Wittenberg Investment Management Inc. reduced its stake in Sirius XM Holdings Inc. by 1.5%, now holding approximately 1,105,390 shares (valued at $24.9 million), making it their second largest holding.
• Director Kristina Salen sold 1,651 shares of Sirius XM stock for around $36,768, decreasing her ownership by 9.64%.
• The company recently announced a quarterly dividend of $0.27 per share, resulting in an annualized yield of 5.2% for shareholders of record on August 8th.

Wittenberg Investment Management Inc. lowered its position in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,105,390 shares of the company's stock after selling 16,696 shares during the period. Sirius XM comprises about 11.2% of Wittenberg Investment Management Inc.'s holdings, making the stock its 2nd largest holding. Wittenberg Investment Management Inc. owned approximately 0.33% of Sirius XM worth $24,921,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Opal Wealth Advisors LLC bought a new position in Sirius XM during the 1st quarter worth approximately $25,000. Putney Financial Group LLC bought a new position in shares of Sirius XM in the fourth quarter worth approximately $27,000. Deseret Mutual Benefit Administrators increased its stake in shares of Sirius XM by 79.3% in the first quarter. Deseret Mutual Benefit Administrators now owns 1,594 shares of the company's stock worth $36,000 after buying an additional 705 shares during the period. Itau Unibanco Holding S.A. raised its holdings in Sirius XM by 255.5% during the 4th quarter. Itau Unibanco Holding S.A. now owns 1,838 shares of the company's stock valued at $42,000 after buying an additional 1,321 shares during the last quarter. Finally, Golden State Wealth Management LLC boosted its position in Sirius XM by 3,263.3% during the 1st quarter. Golden State Wealth Management LLC now owns 2,018 shares of the company's stock valued at $46,000 after buying an additional 1,958 shares during the period. 10.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Kristina Salen sold 1,651 shares of Sirius XM stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $22.27, for a total value of $36,767.77. Following the completion of the sale, the director owned 15,471 shares of the company's stock, valued at $344,539.17. The trade was a 9.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 3.32% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SIRI shares. Guggenheim reaffirmed a "buy" rating and set a $29.00 price objective on shares of Sirius XM in a research note on Thursday, June 26th. Wells Fargo & Company decreased their price objective on shares of Sirius XM from $19.00 to $18.00 and set an "underweight" rating for the company in a report on Friday, August 1st. Barrington Research reiterated an "outperform" rating and set a $28.00 price target on shares of Sirius XM in a research report on Friday, August 1st. Rosenblatt Securities upped their target price on Sirius XM from $22.00 to $23.00 and gave the stock a "neutral" rating in a report on Monday. Finally, Morgan Stanley raised their target price on Sirius XM from $21.00 to $22.00 and gave the company an "underweight" rating in a research note on Wednesday, July 16th. Six investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Sirius XM currently has an average rating of "Hold" and a consensus target price of $26.18.

Sirius XM Stock Performance

Shares of SIRI opened at $20.97 on Thursday. The company has a market cap of $7.06 billion, a price-to-earnings ratio of -3.11, a P/E/G ratio of 0.33 and a beta of 0.92. The business's fifty day simple moving average is $22.74 and its two-hundred day simple moving average is $22.70. Sirius XM Holdings Inc. has a 12 month low of $18.69 and a 12 month high of $36.40. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.89.

Sirius XM (NASDAQ:SIRI - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.22). Sirius XM had a negative net margin of 26.41% and a positive return on equity of 3.73%. The business had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.13 billion. During the same period last year, the business earned $0.80 earnings per share. The company's quarterly revenue was down 1.8% on a year-over-year basis. Research analysts anticipate that Sirius XM Holdings Inc. will post 3.2 earnings per share for the current fiscal year.

Sirius XM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 27th. Shareholders of record on Friday, August 8th will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend is Friday, August 8th. Sirius XM's payout ratio is -16.00%.

Sirius XM Profile

Sirius XM Holdings Inc operates as an audio entertainment company in North America. It operates in two segments, Sirius XM, and Pandora and Off-platform. The company's Sirius XM segment provides music, sports, entertainment, comedy, talk, news, traffic and weather channels, and other content, as well as podcast and infotainment services on subscription fee basis; and live, curated, and exclusive and on demand programming services through satellite radio systems and streamed through applications for mobile and home devices, and other consumer electronic equipment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.