Sirius XM (NASDAQ:SIRI) Posts Earnings Results, Hits Expectations

Sirius XM (NASDAQ:SIRI) posted its quarterly earnings data on Thursday. The company reported $0.08 EPS for the quarter, meeting analysts’ consensus estimates of $0.08, reports. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Sirius XM had a negative return on equity of 52.15% and a net margin of 14.56%. Sirius XM updated its FY 2024 guidance to EPS.

Sirius XM Stock Performance

NASDAQ SIRI opened at $3.12 on Friday. Sirius XM has a fifty-two week low of $2.45 and a fifty-two week high of $5.78. The firm has a market capitalization of $12.00 billion, a P/E ratio of 9.45, a price-to-earnings-growth ratio of 1.06 and a beta of 1.08. The stock’s fifty day moving average is $3.12 and its two-hundred day moving average is $3.70.

Sirius XM Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 26th. Shareholders of record on Friday, August 9th will be paid a dividend of $0.0266 per share. This represents a $0.11 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Friday, August 9th. Sirius XM’s dividend payout ratio (DPR) is currently 33.33%.

Analyst Ratings Changes

A number of research firms have recently commented on SIRI. Rosenblatt Securities cut their price objective on Sirius XM from $4.50 to $3.40 and set a “neutral” rating for the company in a research report on Wednesday, May 1st. Barrington Research reiterated an “outperform” rating and set a $4.75 price target on shares of Sirius XM in a research report on Monday, July 15th. Guggenheim dropped their price target on Sirius XM from $3.30 to $2.90 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Evercore ISI upgraded Sirius XM from an “underperform” rating to an “in-line” rating and dropped their price target for the stock from $4.25 to $3.25 in a research report on Monday, June 24th. Finally, Wells Fargo & Company dropped their price target on Sirius XM from $3.00 to $2.50 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $3.88.

Insider Activity at Sirius XM

In related news, Director Kristina Salen sold 12,518 shares of Sirius XM stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $2.60, for a total transaction of $32,546.80. Following the completion of the transaction, the director now directly owns 169,309 shares of the company’s stock, valued at $440,203.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Sirius XM

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Pacer Advisors Inc. raised its holdings in shares of Sirius XM by 8.7% in the fourth quarter. Pacer Advisors Inc. now owns 172,322 shares of the company’s stock worth $943,000 after acquiring an additional 13,797 shares during the last quarter. Drive Wealth Management LLC grew its position in Sirius XM by 24.2% during the fourth quarter. Drive Wealth Management LLC now owns 19,210 shares of the company’s stock valued at $105,000 after acquiring an additional 3,739 shares during the period. TIAA Trust National Association grew its position in Sirius XM by 92.9% during the fourth quarter. TIAA Trust National Association now owns 39,783 shares of the company’s stock valued at $218,000 after acquiring an additional 19,161 shares during the period. Ballentine Partners LLC purchased a new stake in Sirius XM during the fourth quarter valued at about $59,000. Finally, International Assets Investment Management LLC grew its position in Sirius XM by 449.7% during the fourth quarter. International Assets Investment Management LLC now owns 13,320 shares of the company’s stock valued at $73,000 after acquiring an additional 10,897 shares during the period. 10.69% of the stock is owned by institutional investors and hedge funds.

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.