Gabelli Funds LLC Trims Stock Holdings in Sirius XM Holdings Inc. $SIRI

Gabelli Funds LLC reduced its position in Sirius XM Holdings Inc. (NASDAQ:SIRI) by 15.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 452,758 shares of the company’s stock after selling 82,124 shares during the quarter. Gabelli Funds LLC’s holdings in Sirius XM were worth $10,450,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Aspen Grove Capital LLC acquired a new position in shares of Sirius XM in the 1st quarter valued at $2,277,000. Sei Investments Co. boosted its stake in Sirius XM by 11.8% during the 1st quarter. Sei Investments Co. now owns 311,310 shares of the company’s stock worth $7,185,000 after purchasing an additional 32,818 shares during the period. Lido Advisors LLC acquired a new stake in Sirius XM during the 1st quarter worth $280,000. Cetera Investment Advisers grew its position in Sirius XM by 6.9% during the 1st quarter. Cetera Investment Advisers now owns 57,591 shares of the company’s stock worth $1,329,000 after purchasing an additional 3,742 shares during the last quarter. Finally, First Trust Advisors LP grew its position in Sirius XM by 154.6% during the 1st quarter. First Trust Advisors LP now owns 952,013 shares of the company’s stock worth $21,972,000 after purchasing an additional 578,103 shares during the last quarter. 10.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Guggenheim restated a “buy” rating on shares of Sirius XM in a research note on Wednesday, June 17th. Evercore set a $28.00 target price on shares of Sirius XM in a research note on Friday, May 1st. Rosenblatt Securities lowered their price target on Sirius XM from $46.00 to $45.00 and set a “buy” rating on the stock in a report 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 report on Monday, May 4th. Finally, Citigroup reaffirmed a “sell” rating and set a $22.00 price objective (up from $19.00) on shares of Sirius XM in a research note on Monday, May 4th. Four 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 a consensus price target of $28.00.

Insider Buying and Selling at Sirius XM

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 transaction, the insider directly owned 20,163 shares of the company’s stock, valued at $601,462.29. This represents a 50.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.27% of the stock is currently owned by company insiders.

Trending Headlines about Sirius XM

Here are the key news stories impacting Sirius XM this week:

• Positive Sentiment: Sirius XM announced a new 24/7 WWE radio channel, replacing its current pro wrestling programming and expanding its sports/entertainment lineup ahead of SummerSlam. WWE partnering with SiriusXM to launch ‘WWE Radio’
• Positive Sentiment: The WWE partnership could help Sirius XM attract and retain subscribers by adding a popular, year-round fan channel and strengthening its exclusive content strategy. SiriusXM to launch 24/7 WWE Radio station
• Positive Sentiment: Analysts are noting that Sirius XM enters its upcoming earnings report with the potential for an earnings beat, which can support sentiment if management confirms improving fundamentals. Sirius XM (SIRI) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Positive Sentiment: Management also announced a quarterly dividend of $0.27 per share, reinforcing Sirius XM’s appeal to income-focused investors.
• Neutral Sentiment: Additional coverage highlighted Sirius XM’s move to pick up two Pittsburgh radio stations, but the immediate stock impact is less clear than the WWE announcement. SiriusXM picking up 2 Pittsburgh radio stations
• Neutral Sentiment: Morgan Stanley also reportedly sees strong price appreciation potential for SIRI, adding to the bullish analyst backdrop. Morgan Stanley Forecasts Strong Price Appreciation for Sirius XM (NASDAQ:SIRI) Stock

Sirius XM Price Performance

SIRI opened at $29.80 on Monday. 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 Holdings Inc. has a 12 month low of $19.76 and a 12 month high of $31.42. The stock has a market capitalization of $10.03 billion, a P/E ratio of 12.57, a P/E/G ratio of 0.64 and a beta of 0.95. The business has a 50 day simple moving average of $28.98 and a 200-day simple moving average of $25.01.

Sirius XM (NASDAQ:SIRI) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.07 billion. Sirius XM had a return on equity of 9.19% and a net margin of 9.86%.Sirius XM’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.59 earnings per share. On average, equities analysts anticipate that Sirius XM Holdings Inc. will post 3.1 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 26th. Shareholders of record on Monday, August 10th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, August 10th. Sirius XM’s payout ratio is presently 45.57%.

Sirius XM 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.