Sirius XM (NASDAQ:SIRI) Sees Strong Trading Volume on Insider Buying Activity

Sirius XM Holdings Inc. (NASDAQ:SIRI) shares saw strong trading volume on Monday following insider buying activity. 2,475,123 shares traded hands during trading, a decline of 25% from the previous session’s volume of 3,300,432 shares.The stock last traded at $27.34 and had previously closed at $27.61.

Specifically, major shareholder Berkshire Hathaway Inc acquired 175,569 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The stock was purchased at an average price of $27.43 per share, with a total value of $4,815,857.67. Following the completion of the acquisition, the insider now owns 110,276,790 shares of the company’s stock, valued at $3,024,892,349.70. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Berkshire Hathaway Inc bought 342,133 shares of the stock in a transaction on Wednesday, October 16th. The shares were bought at an average cost of $26.99 per share, with a total value of $9,234,169.67. Following the purchase, the insider now owns 109,061,221 shares of the company’s stock, valued at $2,943,562,354.79. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SIRI. Rosenblatt Securities lifted their price target on shares of Sirius XM from $3.40 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Evercore ISI raised Sirius XM from an “underperform” rating to an “in-line” rating and reduced their price objective for the company from $42.50 to $32.50 in a research note on Monday, June 24th. Citigroup lifted their target price on shares of Sirius XM from $2.80 to $21.00 and gave the company a “sell” rating in a report on Thursday, September 26th. Benchmark restated a “buy” rating and set a $43.00 target price on shares of Sirius XM in a research report on Tuesday, October 15th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $23.00 price objective on shares of Sirius XM in a research note on Tuesday, September 24th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $31.25.

Sirius XM Stock Down 1.6 %

The stock’s 50 day moving average is $27.22 and its 200 day moving average is $29.72. The firm has a market cap of $104.55 billion, a price-to-earnings ratio of 82.36, a price-to-earnings-growth ratio of 0.73 and a beta of 1.07.

Sirius XM (NASDAQ:SIRI) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.80 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.80. The firm 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%. Analysts anticipate that Sirius XM Holdings Inc. will post 3.25 earnings per share for the current fiscal year.

Sirius XM Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were given a $0.266 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 3.91%. This is an increase from Sirius XM’s previous quarterly dividend of $0.03. Sirius XM’s dividend payout ratio (DPR) is currently 321.21%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SIRI. Mather Group LLC. acquired a new position in shares of Sirius XM during the second quarter valued at $28,000. Walker Asset Management LLC acquired a new position in Sirius XM in the 2nd quarter worth $33,000. Plato Investment Management Ltd bought a new position in shares of Sirius XM during the second quarter worth about $35,000. Riverview Capital Advisers LLC bought a new position in Sirius XM in the second quarter valued at approximately $35,000. Finally, Strategic Financial Concepts LLC bought a new position in shares of Sirius XM during the 2nd quarter worth approximately $36,000. Institutional investors and hedge funds own 10.69% of the company’s stock.

Sirius XM Company Profile

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.