Carillon Tower Advisers Inc. purchased a new position in Sirius XM Holdings Inc. (NASDAQ:SIRI) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 9,970,625 shares of the company’s stock, valued at approximately $53,443,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sheaff Brock Investment Advisors LLC increased its position in Sirius XM by 1.6% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 836,844 shares of the company’s stock valued at $4,485,000 after buying an additional 12,934 shares in the last quarter. ARP Americas LP acquired a new position in Sirius XM during the 4th quarter valued at about $1,247,000. American International Group Inc. increased its position in Sirius XM by 12.8% during the 4th quarter. American International Group Inc. now owns 293,945 shares of the company’s stock valued at $1,576,000 after buying an additional 33,348 shares in the last quarter. Valmark Advisers Inc. increased its position in Sirius XM by 102.3% during the 4th quarter. Valmark Advisers Inc. now owns 20,230 shares of the company’s stock valued at $108,000 after buying an additional 10,230 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in Sirius XM by 20.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 43,824,751 shares of the company’s stock valued at $234,901,000 after buying an additional 7,449,602 shares in the last quarter. 20.35% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Patrick L. Donnelly sold 1,374,479 shares of the company’s stock in a transaction dated Tuesday, December 5th. The stock was sold at an average price of $5.70, for a total value of $7,834,530.30. Following the sale, the executive vice president now owns 227,430 shares in the company, valued at $1,296,351. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James E. Meyer sold 172,704 shares of the company’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $5.68, for a total value of $980,958.72. Following the completion of the sale, the chief executive officer now owns 3,377,085 shares in the company, valued at approximately $19,181,842.80. The disclosure for this sale can be found here. Insiders sold 2,586,530 shares of company stock worth $15,157,263 over the last three months. Corporate insiders own 1.06% of the company’s stock.
Sirius XM announced that its Board of Directors has approved a share repurchase program on Tuesday, January 23rd that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Wednesday, February 7th will be issued a $0.011 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date is Tuesday, February 6th. Sirius XM’s dividend payout ratio is presently 30.77%.
Several research analysts recently issued reports on SIRI shares. Deutsche Bank raised Sirius XM from a “hold” rating to a “buy” rating and upped their target price for the company from $5.25 to $6.50 in a research report on Friday, January 19th. BidaskClub raised Sirius XM from a “strong sell” rating to a “sell” rating in a research report on Friday, January 26th. Zacks Investment Research raised Sirius XM from a “hold” rating to a “buy” rating and set a $6.00 target price on the stock in a research report on Thursday, November 2nd. Barclays upped their target price on Sirius XM from $4.50 to $5.00 and gave the company an “equal weight” rating in a research report on Thursday, February 1st. Finally, JPMorgan Chase & Co. lowered Sirius XM from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $5.36 to $5.00 in a research report on Tuesday, January 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $6.12.
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Sirius XM Company Profile
Sirius XM Radio Inc broadcasts its music, sports, entertainment, comedy, talk, news, traffic and weather channels in the United States on a subscription fee basis through its two satellite radio systems. Subscribers can also receive certain of its music and other channels over the Internet, including through applications for mobile devices.
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