Sirius XM (NASDAQ:SIRI) Given New $6.50 Price Target at Benchmark

Sirius XM (NASDAQ:SIRI) had its price objective lowered by Benchmark from $7.00 to $6.50 in a research note issued to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also issued reports on SIRI. Citigroup boosted their price target on shares of Sirius XM from $3.60 to $4.10 and gave the company a sell rating in a report on Friday, January 12th. Wells Fargo & Company reiterated an underweight rating and issued a $4.50 price objective (down previously from $5.00) on shares of Sirius XM in a research note on Tuesday, January 23rd. StockNews.com began coverage on shares of Sirius XM in a research note on Wednesday, March 20th. They issued a hold rating on the stock. Finally, Guggenheim began coverage on shares of Sirius XM in a research note on Thursday, March 14th. They issued a neutral rating and a $4.00 price objective on the stock. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Sirius XM currently has an average rating of Hold and an average price target of $4.84.

Sirius XM Price Performance

SIRI stock opened at $3.90 on Wednesday. Sirius XM has a 12 month low of $3.32 and a 12 month high of $7.95. The firm has a 50 day simple moving average of $4.67 and a 200 day simple moving average of $4.74. The firm has a market cap of $14.99 billion, a PE ratio of 12.19, a P/E/G ratio of 1.32 and a beta of 1.05.

Sirius XM (NASDAQ:SIRI) last released its quarterly earnings results on Thursday, February 1st. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. Sirius XM had a net margin of 14.05% and a negative return on equity of 42.54%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.30 billion. As a group, sell-side analysts expect that Sirius XM will post 0.29 earnings per share for the current year.

Sirius XM Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 9th were paid a dividend of $0.0266 per share. The ex-dividend date was Thursday, February 8th. This represents a $0.11 annualized dividend and a dividend yield of 2.73%. Sirius XM’s dividend payout ratio (DPR) is 34.38%.

Insider Transactions at Sirius XM

In other Sirius XM news, Director James E. Meyer sold 800,000 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $4.92, for a total value of $3,936,000.00. Following the completion of the sale, the director now directly owns 1,091,472 shares of the company’s stock, valued at approximately $5,370,042.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Sirius XM news, Director James E. Meyer sold 800,000 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $4.92, for a total value of $3,936,000.00. Following the completion of the sale, the director now directly owns 1,091,472 shares of the company’s stock, valued at approximately $5,370,042.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Joseph A. Inzerillo sold 107,611 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $4.90, for a total transaction of $527,293.90. Following the completion of the sale, the insider now directly owns 746,816 shares of the company’s stock, valued at $3,659,398.40. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sirius XM

Hedge funds have recently made changes to their positions in the business. Truvestments Capital LLC acquired a new position in shares of Sirius XM in the 3rd quarter valued at $27,000. BKM Wealth Management LLC acquired a new position in shares of Sirius XM in the 4th quarter valued at $27,000. Hibernia Wealth Partners LLC acquired a new position in shares of Sirius XM in the 3rd quarter valued at $30,000. FNY Investment Advisers LLC acquired a new position in shares of Sirius XM in the 3rd quarter valued at $34,000. Finally, Comerica Bank acquired a new position in shares of Sirius XM in the 3rd quarter valued at $35,000. Institutional investors and hedge funds own 10.69% of the company’s stock.

About Sirius XM

Sirius XM Holdings Inc operates as an audio entertainment company in North America. It operates in two segments, Sirius XM, and Pandora and Off-platform. The company's Sirius XM segment provides music, sports, entertainment, comedy, talk, news, traffic and weather channels, and other content, as well as podcast and infotainment services on subscription fee basis; and live, curated, and exclusive and on demand programming services through satellite radio systems and streamed through applications for mobile and home devices, and other consumer electronic equipment.