Barrington Research Reiterates “Buy” Rating for Sirius XM (SIRI)
Sirius XM (NASDAQ:SIRI)‘s stock had its “buy” rating reaffirmed by investment analysts at Barrington Research in a research note issued to investors on Monday. They presently have a $8.00 price target on the stock. Barrington Research’s price objective suggests a potential upside of 25.59% from the stock’s previous close.
The analysts wrote, “We had moved to OUTPERFORM on 1 due to the significant potential we expected in the blend of subscription products combined with monetization of the ad-based service. The all-stock acquisition price terms initially indicated a $10.14 per share value for P based on the trailing 30-day average for SIRI, close to our price target of $11 and 50% above our upgrade price. However, the announced price was also only 13.8% above the 30-day VWAP, indicating a belief that a significant share of the price arbitrage between the equities had occurred in recent trading. We are maintaining our top investment rating on SIRI, though news of the deal has pressured its shares lower. Since P should trade in relationship with SIRI, we maintain our investment rating on P as well.””
Several other research analysts have also issued reports on the stock. Macquarie reaffirmed a “buy” rating and issued a $7.75 target price on shares of Sirius XM in a research note on Thursday. BidaskClub lowered shares of Sirius XM from a “buy” rating to a “hold” rating in a research note on Thursday. Morgan Stanley raised their target price on shares of Sirius XM from $6.00 to $6.20 and gave the company an “underweight” rating in a research note on Monday, August 6th. Zacks Investment Research lowered shares of Sirius XM from a “buy” rating to a “hold” rating in a research note on Monday, July 30th. Finally, Credit Suisse Group began coverage on shares of Sirius XM in a research note on Tuesday, July 10th. They issued an “outperform” rating and a $8.50 target price on the stock. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $6.78.
Sirius XM (NASDAQ:SIRI) last issued its earnings results on Wednesday, July 25th. The company reported $0.06 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.06. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. Sirius XM had a net margin of 14.68% and a negative return on equity of 78.24%. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.04 EPS. equities research analysts anticipate that Sirius XM will post 0.25 earnings per share for the current fiscal year.
In related news, EVP Stephen Cook sold 415,502 shares of the stock in a transaction that occurred on Thursday, July 26th. The shares were sold at an average price of $7.20, for a total value of $2,991,614.40. Following the sale, the executive vice president now directly owns 1,988,300 shares in the company, valued at approximately $14,315,760. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.76% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. raised its holdings in Sirius XM by 2.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 719,843 shares of the company’s stock worth $4,873,000 after buying an additional 14,805 shares during the period. OMERS ADMINISTRATION Corp acquired a new stake in Sirius XM during the 2nd quarter worth approximately $7,454,000. NumerixS Investment Technologies Inc raised its holdings in Sirius XM by 246.1% during the 2nd quarter. NumerixS Investment Technologies Inc now owns 249,200 shares of the company’s stock worth $1,700,000 after buying an additional 177,200 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in Sirius XM by 2.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 4,348,307 shares of the company’s stock worth $29,439,000 after buying an additional 101,050 shares during the period. Finally, FMR LLC raised its holdings in Sirius XM by 8.8% during the 2nd quarter. FMR LLC now owns 52,096,871 shares of the company’s stock worth $352,695,000 after buying an additional 4,200,422 shares during the period. Hedge funds and other institutional investors own 18.50% of the company’s stock.
About Sirius XM
Sirius XM Holdings Inc provides satellite radio services in the United States. The company broadcasts music plus sports, entertainment, comedy, talk, news, traffic, and weather programs, including various music genres ranging from rock, pop and hip-hop to country, dance, jazz, Latin, and classical; live play-by-play sports from principal leagues and colleges; multitude of talk and entertainment channels for various audiences; national, international, and financial news; and limited run channels.
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