First Trust Advisors LP lessened its holdings in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) by 35.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,289,766 shares of the company’s stock after selling 1,262,093 shares during the quarter. First Trust Advisors LP’s holdings in Sirius XM were worth $12,273,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Macquarie Group Ltd. boosted its position in Sirius XM by 476.2% during the second quarter. Macquarie Group Ltd. now owns 18,392 shares of the company’s stock worth $101,000 after purchasing an additional 15,200 shares during the period. Kalos Management Inc. bought a new position in Sirius XM during the third quarter worth about $114,000. Cornerstone Financial Partners LLC bought a new position in Sirius XM during the fourth quarter worth about $113,000. SeaCrest Wealth Management LLC bought a new position in Sirius XM during the fourth quarter worth about $115,000. Finally, AE Wealth Management LLC boosted its position in Sirius XM by 72.7% during the third quarter. AE Wealth Management LLC now owns 23,579 shares of the company’s stock worth $130,000 after purchasing an additional 9,924 shares during the period. Hedge funds and other institutional investors own 20.35% of the company’s stock.
A number of brokerages have weighed in on SIRI. Goldman Sachs Group increased their target price on shares of Sirius XM from $5.00 to $5.50 and gave the stock a “buy” rating in a research report on Monday, February 5th. Morgan Stanley increased their target price on shares of Sirius XM from $5.35 to $5.50 and gave the stock an “underweight” rating in a research report on Monday, February 5th. Buckingham Research increased their target price on shares of Sirius XM from $6.50 to $7.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Barclays increased their price target on shares of Sirius XM from $4.50 to $5.00 and gave the stock an “equal weight” rating in a report on Thursday, February 1st. Finally, Zacks Investment Research downgraded shares of Sirius XM from a “buy” rating to a “hold” rating in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Sirius XM currently has a consensus rating of “Buy” and an average price target of $6.12.
The business also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Wednesday, February 7th were paid a $0.011 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date was Tuesday, February 6th. Sirius XM’s dividend payout ratio is currently 28.57%.
Sirius XM announced that its Board of Directors has authorized a share repurchase plan on Tuesday, January 23rd that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, EVP Patrick L. Donnelly sold 1,374,479 shares of the firm’s stock in a transaction that occurred on Tuesday, December 5th. The shares were 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 directly owns 227,430 shares of the company’s stock, valued at $1,296,351. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Thomas D. Barry sold 175,777 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $6.11, for a total transaction of $1,073,997.47. Following the completion of the sale, the vice president now directly owns 551,815 shares in the company, valued at $3,371,589.65. 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 ninety days. 1.06% of the stock is currently owned by insiders.
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Sirius XM 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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