Connor Clark & Lunn Investment Management Ltd. Buys Shares of 4,567,458 Sirius XM Holdings Inc. $SIRI

Connor Clark & Lunn Investment Management Ltd. bought a new position in Sirius XM Holdings Inc. (NASDAQ:SIRI) in the 2nd quarter, Holdings Channel.com reports. The fund bought 4,567,458 shares of the company’s stock, valued at approximately $180,538,000.

Several other hedge funds also recently modified their holdings of SIRI. Clear Harbor Asset Management LLC bought a new position in shares of Sirius XM during the 2nd quarter valued at $956,000. Bank of Nova Scotia acquired a new position in Sirius XM during the second quarter worth $387,690,000. Elevation Point Wealth Partners LLC acquired a new position in Sirius XM during the second quarter worth $1,557,000. Commerce Bank bought a new position in Sirius XM during the second quarter valued at about $716,000. Finally, GQG Partners LLC bought a new position in Sirius XM during the second quarter valued at about $10,868,000. Institutional investors and hedge funds own 10.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SIRI shares. UBS Group set a $30.00 price objective on Sirius XM in a research note on Wednesday, July 29th. JPMorgan Chase & Co. increased their price target on Sirius XM from $26.00 to $34.00 and gave the company a “neutral” rating in a report on Friday, July 31st. Barrington Research lifted their price target on shares of Sirius XM from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. Citigroup restated a “sell” rating and issued a $25.00 price objective (up from $22.00) on shares of Sirius XM in a research note on Friday, July 31st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 price objective on shares of Sirius XM in a report on Tuesday, July 28th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $30.92.

Sirius XM Price Performance

NASDAQ SIRI opened at $28.69 on Monday. Sirius XM Holdings Inc. has a twelve month low of $19.76 and a twelve month high of $32.66. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.46 and a current ratio of 0.46. The stock has a market capitalization of $9.67 billion, a PE ratio of 11.48, a P/E/G ratio of 0.62 and a beta of 0.95. The stock has a 50-day simple moving average of $29.58 and a 200 day simple moving average of $26.28.

Sirius XM (NASDAQ:SIRI) last announced its earnings results on Thursday, July 30th. The company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.08). The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Sirius XM had a net margin of 10.23% and a return on equity of 9.37%. Sirius XM’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.57 EPS. Research analysts anticipate that Sirius XM Holdings Inc. will post 3.01 EPS for the current year.

Sirius XM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Monday, August 10th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, August 10th. Sirius XM’s dividend payout ratio is currently 43.20%.

Insider Activity at Sirius XM

In other news, Director Jonelle Procope sold 16,672 shares of the firm’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $29.97, for a total value of $499,659.84. Following the sale, the director owned 18,354 shares in the company, valued at approximately $550,069.38. This trade represents a 47.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Scott Andrew Greenstein sold 20,744 shares of the business’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $29.83, for a total transaction of $618,793.52. Following the transaction, the insider directly owned 20,163 shares in the company, valued at $601,462.29. This trade represents a 50.71% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.27% of the stock is currently owned by corporate insiders.

Sirius XM Company 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.