Bank of New York Mellon Corp Purchases 157,860 Shares of Sirius XM Holdings Inc. $SIRI

Bank of New York Mellon Corp raised its position in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) by 7.8% in the first quarter, HoldingsChannel reports. The firm owned 2,177,761 shares of the company’s stock after buying an additional 157,860 shares during the quarter. Bank of New York Mellon Corp’s holdings in Sirius XM were worth $50,263,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in SIRI. Root Financial Partners LLC boosted its stake 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 worth $32,000 after acquiring an additional 1,195 shares during the last quarter. Rossby Financial LCC lifted its position in Sirius XM by 57.7% during the fourth quarter. Rossby Financial LCC now owns 1,621 shares of the company’s stock valued at $32,000 after purchasing an additional 593 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Sirius XM during the fourth quarter valued at $40,000. Jessup Wealth Management Inc purchased a new stake in Sirius XM in the fourth quarter worth about $40,000. Finally, Geneos Wealth Management Inc. lifted its position in shares of Sirius XM by 36.7% during the 1st 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 in the last quarter. Institutional investors own 10.69% of the company’s stock.

Key Stories Impacting Sirius XM

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

• Positive Sentiment: Sirius XM announced a new 24/7 WWE radio channel, replacing its current pro wrestling programming and expanding its sports/entertainment lineup ahead of SummerSlam. WWE partnering with SiriusXM to launch ‘WWE Radio’
• Positive Sentiment: The WWE partnership could help Sirius XM attract and retain subscribers by adding a popular, year-round fan channel and strengthening its exclusive content strategy. SiriusXM to launch 24/7 WWE Radio station
• Positive Sentiment: Analysts are noting that Sirius XM enters its upcoming earnings report with the potential for an earnings beat, which can support sentiment if management confirms improving fundamentals. Sirius XM (SIRI) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Positive Sentiment: Management also announced a quarterly dividend of $0.27 per share, reinforcing Sirius XM’s appeal to income-focused investors.
• Neutral Sentiment: Additional coverage highlighted Sirius XM’s move to pick up two Pittsburgh radio stations, but the immediate stock impact is less clear than the WWE announcement. SiriusXM picking up 2 Pittsburgh radio stations
• Neutral Sentiment: Morgan Stanley also reportedly sees strong price appreciation potential for SIRI, adding to the bullish analyst backdrop. Morgan Stanley Forecasts Strong Price Appreciation for Sirius XM (NASDAQ:SIRI) Stock

Insider Activity

In other Sirius XM news, insider Scott Andrew Greenstein sold 20,744 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $29.83, for a total value of $618,793.52. Following the completion of the sale, the insider directly owned 20,163 shares in the company, valued at approximately $601,462.29. This represents a 50.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have 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 target price on shares of Sirius XM in a report on Friday, May 1st. Weiss Ratings raised Sirius XM from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 9th. Rosenblatt Securities cut their target price on Sirius XM from $46.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Finally, Citigroup reaffirmed a “sell” rating and set a $22.00 price objective (up from $19.00) on shares of Sirius XM in a report on Monday, May 4th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $28.00.

Sirius XM Price Performance

NASDAQ:SIRI opened at $29.80 on Friday. The firm has a market capitalization of $10.03 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 0.64 and a beta of 0.95. 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 business has a 50 day simple moving average of $28.98 and a 200-day simple moving average of $24.98. Sirius XM Holdings Inc. has a 1 year low of $19.76 and a 1 year high of $31.42.

Sirius XM (NASDAQ:SIRI) last released its earnings results on Thursday, April 30th. The company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.02. The firm had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.07 billion. Sirius XM had a return on equity of 9.19% and a net margin of 9.86%.The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.59 EPS. Equities analysts forecast that Sirius XM Holdings Inc. will post 3.1 EPS for the current year.

Sirius XM Announces Dividend

The business 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. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.6%. Sirius XM’s dividend payout ratio (DPR) is 45.57%.

Sirius XM 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.