Lazard Asset Management LLC Trims Stock Position in Sirius XM Holdings Inc. (NASDAQ:SIRI)

Lazard Asset Management LLC cut its stake in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) by 97.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,000 shares of the company’s stock after selling 937,512 shares during the quarter. Lazard Asset Management LLC’s holdings in Sirius XM were worth $130,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently made changes to their positions in SIRI. FMR LLC lifted its position in Sirius XM by 112.4% during the first quarter. FMR LLC now owns 710,989 shares of the company’s stock valued at $4,031,000 after purchasing an additional 376,287 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Sirius XM by 601.2% in the 1st quarter. Russell Investments Group Ltd. now owns 615,502 shares of the company’s stock worth $3,746,000 after acquiring an additional 527,728 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Sirius XM by 17.5% in the 1st quarter. Rockefeller Capital Management L.P. now owns 24,593 shares of the company’s stock worth $149,000 after acquiring an additional 3,671 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Sirius XM by 22.1% in the 1st quarter. Teacher Retirement System of Texas now owns 122,314 shares of the company’s stock worth $745,000 after acquiring an additional 22,115 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Sirius XM by 7.3% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,274,823 shares of the company’s stock worth $7,921,000 after acquiring an additional 86,845 shares during the last quarter. Institutional investors and hedge funds own 13.46% of the company’s stock.

NASDAQ:SIRI opened at $6.00 on Thursday. The firm’s 50-day moving average price is $6.15 and its 200-day moving average price is $6.27. The company has a market capitalization of $24.30 billion, a PE ratio of 120.00, a P/E/G ratio of 1.66 and a beta of 1.06. Sirius XM Holdings Inc. has a 1-year low of $5.66 and a 1-year high of $8.14.

Sirius XM (NASDAQ:SIRI) last announced its quarterly earnings results on Tuesday, July 27th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.03. The company had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.06 billion. Sirius XM had a net margin of 2.93% and a negative return on equity of 62.88%. Sirius XM’s revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.05 EPS. As a group, analysts expect that Sirius XM Holdings Inc. will post 0.3 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, August 30th. Investors of record on Friday, August 6th were paid a $0.0146 dividend. This represents a $0.06 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date was Thursday, August 5th. Sirius XM’s payout ratio is 24.00%.

Sirius XM declared that its board has initiated a stock buyback plan on Monday, July 19th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

A number of brokerages have recently weighed in on SIRI. Barclays upgraded shares of Sirius XM from an “underweight” rating to an “equal weight” rating and set a $6.00 price objective for the company in a report on Tuesday, September 28th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Sirius XM from $7.75 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, July 28th. Morgan Stanley lifted their target price on shares of Sirius XM from $7.50 to $8.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 28th. Pivotal Research boosted their price objective on shares of Sirius XM from $7.75 to $8.25 and gave the company a “buy” rating in a research report on Thursday, July 29th. Finally, Citigroup boosted their price objective on shares of Sirius XM from $6.75 to $7.65 and gave the company a “buy” rating in a research report on Thursday, July 29th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Sirius XM presently has a consensus rating of “Buy” and a consensus target price of $7.35.

In other Sirius XM news, insider Scott Andrew Greenstein sold 214,948 shares of the company’s stock in a transaction dated Wednesday, July 28th. The shares were sold at an average price of $6.62, for a total transaction of $1,422,955.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.93% of the company’s stock.

Sirius XM Company Profile

Sirius XM Holdings, Inc is a radio company. The company offers music, sports, entertainment, comedy, talk, news, traffic and weather channels, as well as infotainment services. Its brand channels include SiriusXM Traffic, SiriusXM Travel Link, NavTraffic, NavWeather, SiriusXM Aviation, and SiriusXM Marine.

Read More: What is a Reverse Stock Split?

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Institutional Ownership by Quarter for Sirius XM (NASDAQ:SIRI)

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