Aspen Grove Capital LLC Takes $2.28 Million Position in Sirius XM Holdings Inc. $SIRI

Aspen Grove Capital LLC acquired a new position in Sirius XM Holdings Inc. (NASDAQ:SIRI) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 98,648 shares of the company’s stock, valued at approximately $2,277,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Rossby Financial LCC boosted its holdings in shares of Sirius XM by 57.7% during the 4th quarter. Rossby Financial LCC now owns 1,621 shares of the company’s stock valued at $32,000 after acquiring an additional 593 shares during the last quarter. Root Financial Partners LLC lifted its holdings in shares of Sirius XM by 612.8% during the 1st quarter. Root Financial Partners LLC now owns 1,390 shares of the company’s stock valued at $32,000 after buying an additional 1,195 shares during the period. Jessup Wealth Management Inc purchased a new stake in Sirius XM during the fourth quarter valued at $40,000. Caitong International Asset Management Co. Ltd bought a new position in Sirius XM in the fourth quarter valued at about $40,000. Finally, Geneos Wealth Management Inc. grew its position in Sirius XM by 36.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,836 shares of the company’s stock valued at $41,000 after buying an additional 493 shares during the period. 10.69% of the stock is owned by institutional investors.

Insider Activity

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

Sirius XM Stock Up 0.1%

Shares of SIRI opened at $29.87 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.44 and a quick ratio of 0.44. The stock has a market capitalization of $10.05 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 0.64 and a beta of 0.95. Sirius XM Holdings Inc. has a 1 year low of $19.76 and a 1 year high of $31.42. The business’s 50 day simple moving average is $28.90 and its 200-day simple moving average is $24.95.

Sirius XM (NASDAQ:SIRI) last announced its quarterly 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. The company had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Sirius XM had a net margin of 9.86% and a return on equity of 9.19%. Sirius XM’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.59 earnings per share. As a group, equities analysts expect that Sirius XM Holdings Inc. will post 3.1 earnings per share for the current fiscal year.

Sirius XM Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders 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 dividend payout ratio is currently 45.57%.

Key Stories Impacting Sirius XM

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

• Positive Sentiment: SiriusXM is partnering with WWE to launch “WWE Radio,” replacing its Pro Wrestling Nation 24/7 channel and giving the platform a higher-profile sports-entertainment offering ahead of SummerSlam. WWE partnering with SiriusXM to launch ‘WWE Radio’
• Positive Sentiment: The company is expanding its sports and talk radio inventory by adding stations such as Audacy sports/news/talk content, WEEI, WFAN, and 92.3 The Fan, which could broaden audience reach and strengthen the value of its subscription bundle. Audacy Sports, News and Talk Stations Will Be Heard on SiriusXM
• Positive Sentiment: SiriusXM declared a quarterly cash dividend of $0.27 per share, reinforcing the company’s shareholder-return profile and offering investors a 3.6% annualized yield. SiriusXM Declares Quarterly Cash Dividend
• Positive Sentiment: Analysts are heading into next week’s earnings report with expectations for earnings growth and the possibility of a beat, which may be supporting sentiment around the stock. Sirius XM (SIRI) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Neutral Sentiment: Coverage noting Morgan Stanley’s bullish view on SiriusXM adds to the constructive outlook, but it is more of a sentiment signal than a confirmed business catalyst. Morgan Stanley Forecasts Strong Price Appreciation for Sirius XM (NASDAQ:SIRI) Stock

Analyst Ratings Changes

Several equities research analysts have recently commented on SIRI shares. Guggenheim restated a “buy” rating on shares of Sirius XM in a research note on Wednesday, June 17th. Evercore set a $28.00 price objective on shares of Sirius XM in a research report on Friday, May 1st. Rosenblatt Securities lowered their target price on shares of Sirius XM from $46.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, May 19th. JPMorgan Chase & Co. upped their target price on shares of Sirius XM from $24.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Finally, Weiss Ratings raised shares of Sirius XM from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 9th. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $28.00.

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.