Short Interest in Sirius XM Holdings Inc. (SIRI) Drops By 6.7%

Sirius XM Holdings Inc. (NASDAQ:SIRI) was the recipient of a significant decline in short interest in January. As of January 31st, there was short interest totalling 216,104,802 shares, a decline of 6.7% from the January 12th total of 231,510,150 shares. Based on an average trading volume of 24,402,571 shares, the days-to-cover ratio is currently 8.9 days. Approximately 15.2% of the company’s stock are short sold.

Shares of Sirius XM (NASDAQ:SIRI) traded down $0.03 on Friday, hitting $5.82. The company had a trading volume of 33,649,456 shares, compared to its average volume of 25,342,264. The company has a debt-to-equity ratio of -4.42, a current ratio of 0.17 and a quick ratio of 0.16. Sirius XM has a 52-week low of $4.69 and a 52-week high of $6.28. The stock has a market capitalization of $26,951.19, a PE ratio of 44.00, a price-to-earnings-growth ratio of 1.67 and a beta of 1.17.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 28th. Shareholders of record on Wednesday, February 7th will be issued a $0.011 dividend. This represents a $0.04 annualized dividend and a yield of 0.76%. The ex-dividend date is Tuesday, February 6th. Sirius XM’s payout ratio is currently 30.77%.

Sirius XM announced that its Board of Directors has initiated a stock buyback plan on Tuesday, January 23rd that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

In other Sirius XM news, CEO James E. Meyer sold 172,704 shares of Sirius XM stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $5.68, for a total value of $980,958.72. Following the transaction, the chief executive officer now owns 3,377,085 shares in the company, valued at $19,181,842.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Patrick L. Donnelly sold 1,374,479 shares of Sirius XM stock in a transaction dated Tuesday, December 5th. The shares were sold at an average price of $5.70, for a total value of $7,834,530.30. Following the completion of the transaction, the executive vice president now owns 227,430 shares in the company, valued at approximately $1,296,351. The disclosure for this sale can be found here. Insiders sold 2,586,530 shares of company stock valued at $15,157,263 over the last 90 days. 1.06% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of SIRI. PNC Financial Services Group Inc. grew its holdings in Sirius XM by 1.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 113,475 shares of the company’s stock valued at $621,000 after buying an additional 1,828 shares in the last quarter. Stifel Financial Corp grew its holdings in Sirius XM by 6.0% in the 2nd quarter. Stifel Financial Corp now owns 98,209 shares of the company’s stock valued at $538,000 after buying an additional 5,563 shares in the last quarter. HighTower Advisors LLC grew its holdings in Sirius XM by 9.8% in the 2nd quarter. HighTower Advisors LLC now owns 164,078 shares of the company’s stock valued at $897,000 after buying an additional 14,626 shares in the last quarter. Royal Bank of Canada grew its holdings in Sirius XM by 34.9% in the 2nd quarter. Royal Bank of Canada now owns 516,025 shares of the company’s stock valued at $2,824,000 after buying an additional 133,434 shares in the last quarter. Finally, Macquarie Group Ltd. grew its holdings in Sirius XM by 476.2% in the 2nd quarter. Macquarie Group Ltd. now owns 18,392 shares of the company’s stock valued at $101,000 after buying an additional 15,200 shares in the last quarter. Institutional investors own 19.69% of the company’s stock.

Several equities analysts have issued reports on the company. Morgan Stanley lifted their target price on Sirius XM from $5.35 to $5.50 and gave the company an “underweight” rating in a research note on Monday. Goldman Sachs Group boosted their price target on Sirius XM from $5.00 to $5.50 and gave the stock a “buy” rating in a research note on Monday. Buckingham Research boosted their price target on Sirius XM from $6.50 to $7.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Barclays upped their target price on Sirius XM from $4.50 to $5.00 and gave the company an “equal weight” rating in a research report on Thursday, February 1st. Finally, Zacks Investment Research lowered Sirius XM from a “buy” rating to a “hold” rating in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Sirius XM currently has a consensus rating of “Buy” and an average price target of $6.12.

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About Sirius XM

Sirius XM Radio Inc broadcasts its music, sports, entertainment, comedy, talk, news, traffic and weather channels in the United States on a subscription fee basis through its two satellite radio systems. Subscribers can also receive certain of its music and other channels over the Internet, including through applications for mobile devices.

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