Westpac Banking Corp increased its position in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) by 1.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 327,541 shares of the company’s stock after purchasing an additional 3,657 shares during the period. Westpac Banking Corp’s holdings in Sirius XM were worth $2,142,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Red Door Wealth Management LLC acquired a new position in shares of Sirius XM during the second quarter worth $27,000. SRS Capital Advisors Inc. acquired a new position in shares of Sirius XM during the second quarter worth $47,000. O Shaughnessy Asset Management LLC grew its stake in shares of Sirius XM by 102.7% during the first quarter. O Shaughnessy Asset Management LLC now owns 8,215 shares of the company’s stock worth $50,000 after purchasing an additional 4,163 shares in the last quarter. Selective Wealth Management Inc. grew its stake in shares of Sirius XM by 331.5% during the second quarter. Selective Wealth Management Inc. now owns 9,502 shares of the company’s stock worth $62,000 after purchasing an additional 7,300 shares in the last quarter. Finally, RMR Wealth Builders acquired a new position in shares of Sirius XM during the first quarter worth $65,000. Hedge funds and other institutional investors own 13.46% of the company’s stock.
In related news, insider Scott Andrew Greenstein sold 214,948 shares of the stock in a transaction dated Wednesday, July 28th. The shares were sold at an average price of $6.62, for a total transaction of $1,422,955.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.93% of the company’s stock.
Sirius XM (NASDAQ:SIRI) last announced its earnings results on Tuesday, July 27th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.03. Sirius XM had a net margin of 2.93% and a negative return on equity of 62.88%. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Sirius XM Holdings Inc. will post 0.3 earnings per share for the current fiscal year.
Sirius XM declared that its board has initiated a stock repurchase program on Monday, July 19th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to purchase up to 7.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, August 30th. Investors of record on Friday, August 6th were issued a dividend of $0.0146 per share. The ex-dividend date of this dividend was Thursday, August 5th. This represents a $0.06 annualized dividend and a yield of 0.98%. Sirius XM’s dividend payout ratio is currently 24.00%.
Several equities analysts have issued reports on the stock. Citigroup upped their price objective on shares of Sirius XM from $6.75 to $7.65 and gave the company a “buy” rating in a research note on Thursday, July 29th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Sirius XM from $7.75 to $8.00 and gave the company a “buy” rating in a research note on Wednesday, July 28th. Morgan Stanley upped their price objective on shares of Sirius XM from $7.50 to $8.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 28th. Barrington Research restated a “buy” rating and issued a $8.00 price objective on shares of Sirius XM in a research note on Thursday, July 29th. Finally, Pivotal Research upped their price objective on shares of Sirius XM from $7.75 to $8.25 and gave the company a “buy” rating in a research note on Thursday, July 29th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Sirius XM currently has an average rating of “Buy” and an average target price of $7.59.
Sirius XM Profile
Sirius XM Holdings, Inc is a radio company. The company offers music, sports, entertainment, comedy, talk, news, traffic and weather channels, as well as infotainment services. Its brand channels include SiriusXM Traffic, SiriusXM Travel Link, NavTraffic, NavWeather, SiriusXM Aviation, and SiriusXM Marine.
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