Sirius XM (NASDAQ:SIRI) Sees Unusually-High Trading Volume Following Analyst Upgrade

Sirius XM Holdings Inc. (NASDAQ:SIRI) shares saw unusually-high trading volume on Tuesday after Rosenblatt Securities raised their price target on the stock from $3.40 to $28.00. Rosenblatt Securities currently has a neutral rating on the stock. Approximately 5,199,423 shares were traded during mid-day trading, an increase of 87% from the previous session’s volume of 2,774,832 shares.The stock last traded at $22.92 and had previously closed at $23.64.

Several other brokerages have also recently commented on SIRI. Guggenheim decreased their target price on shares of Sirius XM from $33.00 to $29.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. StockNews.com initiated coverage on shares of Sirius XM in a research report on Monday, August 19th. They set a “hold” rating on the stock. Barrington Research restated an “outperform” rating and issued a $47.50 target price on shares of Sirius XM in a report on Monday, July 15th. Evercore ISI raised Sirius XM from an “underperform” rating to an “in-line” rating and decreased their target price for the stock from $42.50 to $32.50 in a research report on Monday, June 24th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Sirius XM from $37.50 to $30.00 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Sirius XM presently has a consensus rating of “Hold” and an average target price of $36.82.

Insiders Place Their Bets

In other news, insider Scott Andrew Greenstein sold 144,723 shares of Sirius XM stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $31.60, for a total transaction of $4,573,246.80. Following the completion of the sale, the insider now directly owns 98,933 shares in the company, valued at approximately $3,126,282.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Sirius XM

A number of large investors have recently bought and sold shares of the business. Mather Group LLC. bought a new stake in shares of Sirius XM during the 2nd quarter worth about $28,000. First PREMIER Bank acquired a new position in Sirius XM during the first quarter valued at approximately $31,000. Walker Asset Management LLC acquired a new position in Sirius XM during the second quarter valued at approximately $33,000. Plato Investment Management Ltd bought a new position in shares of Sirius XM in the second quarter valued at approximately $35,000. Finally, Riverview Capital Advisers LLC acquired a new stake in shares of Sirius XM in the second quarter worth $35,000. 10.69% of the stock is currently owned by institutional investors.

Sirius XM Trading Down 3.1 %

The company’s fifty day moving average is $32.28 and its 200-day moving average is $32.38. The firm has a market capitalization of $88.13 billion, a P/E ratio of 72.27, a P/E/G ratio of 0.90 and a beta of 1.08.

Sirius XM (NASDAQ:SIRI) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.80 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.80. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Sirius XM had a net margin of 14.56% and a negative return on equity of 52.15%. On average, equities research analysts anticipate that Sirius XM Holdings Inc. will post 3.14 EPS for the current year.

Sirius XM Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were issued a $0.266 dividend. The ex-dividend date was Friday, August 9th. This represents a $1.06 dividend on an annualized basis and a yield of 4.64%. This is a positive change from Sirius XM’s previous quarterly dividend of $0.03. Sirius XM’s dividend payout ratio (DPR) is 321.21%.

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.