Sirius XM (NASDAQ:SIRI) Hits New 52-Week High – What’s Next?

Sirius XM Holdings Inc. (NASDAQ:SIRI) shares hit a new 52-week high on Monday . The company traded as high as $31.48 and last traded at $31.4190, with a volume of 1248365 shares trading hands. The stock had previously closed at $29.80.

Analyst Ratings Changes

SIRI has been the subject of a number of research analyst reports. Evercore set a $28.00 price objective on shares of Sirius XM in a research report on Friday, May 1st. Rosenblatt Securities dropped their price objective on Sirius XM from $46.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Citigroup reiterated a “sell” rating and issued a $22.00 price objective (up from $19.00) on shares of Sirius XM in a report on Monday, May 4th. JPMorgan Chase & Co. raised their target price on Sirius XM from $24.00 to $26.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Finally, Morgan Stanley boosted their price target on shares of Sirius XM from $24.00 to $28.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 21st. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Sirius XM presently has a consensus rating of “Hold” and a consensus price target of $29.09.

Sirius XM Stock Performance

The firm has a market capitalization of $10.59 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 0.64 and a beta of 0.95. The firm has a 50 day moving average price of $28.98 and a 200-day moving average price of $25.01. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.44 and a quick ratio of 0.44.

Sirius XM (NASDAQ:SIRI) last released its earnings results on Thursday, April 30th. The company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.70 by $0.02. The firm had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Sirius XM had a return on equity of 9.19% and a net margin of 9.86%.Sirius XM’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.59 EPS. As a group, sell-side analysts expect that Sirius XM Holdings Inc. will post 3.1 earnings per share for the current fiscal year.

Sirius XM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Monday, August 10th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Monday, August 10th. Sirius XM’s dividend payout ratio is presently 45.57%.

Insider Buying and Selling at Sirius XM

In related news, insider Scott Andrew Greenstein sold 20,744 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $29.83, for a total value of $618,793.52. Following the sale, the insider owned 20,163 shares of the company’s stock, valued at $601,462.29. This trade represents a 50.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.27% of the company’s stock.

Institutional Investors Weigh In On Sirius XM

A number of hedge funds and other institutional investors have recently modified their holdings of SIRI. Fifth Third Bancorp acquired a new stake in shares of Sirius XM during the 1st quarter worth about $1,243,000. Aspen Grove Capital LLC purchased a new position in Sirius XM in the first quarter valued at approximately $2,277,000. Brighton Jones LLC purchased a new position in Sirius XM in the fourth quarter valued at approximately $622,000. JPMorgan Chase & Co. raised its holdings in Sirius XM by 52.8% during the third quarter. JPMorgan Chase & Co. now owns 339,511 shares of the company’s stock worth $7,902,000 after purchasing an additional 117,250 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Sirius XM by 262.1% during the first quarter. Dimensional Fund Advisors LP now owns 6,301,181 shares of the company’s stock worth $145,426,000 after purchasing an additional 4,560,821 shares in the last quarter. 10.69% of the stock is currently owned by institutional investors and hedge funds.

Sirius XM Company Profile

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.