Sirius XM (NASDAQ:SIRI) Reaches New 52-Week High – Still a Buy?

Shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $30.11 and last traded at $29.63, with a volume of 7525285 shares trading hands. The stock had previously closed at $28.89.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SIRI. Rosenblatt Securities cut their price target 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. Barrington Research boosted their price target on Sirius XM from $28.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Weiss Ratings upgraded Sirius XM from a “sell (d+)” rating to a “hold (c)” rating in a research note on Friday, May 1st. Evercore set a $28.00 price target on Sirius XM in a research note on Friday, May 1st. Finally, Guggenheim reiterated a “buy” rating and issued a $34.00 price target (up from $29.00) on shares of Sirius XM in a research note on Friday, April 24th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Sirius XM presently has an average rating of “Hold” and an average price target of $27.45.

Sirius XM Stock Up 0.7%

The firm has a 50 day simple moving average of $25.46 and a two-hundred day simple moving average of $22.70. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $10.05 billion, a P/E ratio of 12.60, a PEG ratio of 0.64 and a beta of 0.94.

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

Sirius XM Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 27th. Shareholders of record on Monday, May 11th were paid a dividend of $0.27 per share. The ex-dividend date was Monday, May 11th. This represents a $1.08 annualized dividend and a yield of 3.6%. Sirius XM’s dividend payout ratio is presently 45.57%.

Insiders Place Their Bets

In other news, insider Scott Andrew Greenstein sold 20,744 shares of the company’s 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 transaction, the insider directly owned 20,163 shares in the company, valued at approximately $601,462.29. This represents a 50.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.27% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SIRI. Sunbelt Securities Inc. increased its holdings in shares of Sirius XM by 158.5% during the first quarter. Sunbelt Securities Inc. now owns 1,295 shares of the company’s stock worth $30,000 after buying an additional 794 shares in the last quarter. Root Financial Partners LLC increased its holdings in shares of Sirius XM by 612.8% during the first quarter. Root Financial Partners LLC now owns 1,390 shares of the company’s stock worth $32,000 after buying an additional 1,195 shares in the last quarter. Rossby Financial LCC increased its holdings in shares of Sirius XM by 57.7% during the fourth quarter. Rossby Financial LCC now owns 1,621 shares of the company’s stock worth $32,000 after buying an additional 593 shares in the last quarter. Western Wealth Management LLC acquired a new position in shares of Sirius XM during the first quarter worth $33,000. Finally, Altshuler Shaham Ltd increased its holdings in shares of Sirius XM by 36.7% during the first quarter. Altshuler Shaham Ltd now owns 1,553 shares of the company’s stock worth $36,000 after buying an additional 417 shares in the last quarter. 10.69% of the stock is currently owned by institutional investors and hedge funds.

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.