Sirius XM (NASDAQ:SIRI) Shares Down 6.6% After Earnings Miss

Sirius XM Holdings Inc. (NASDAQ:SIRI) shares dropped 6.6% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $20.16 and last traded at $20.01. Approximately 4,225,933 shares were traded during trading, a decline of 15% from the average daily volume of 4,983,491 shares. The stock had previously closed at $21.42.

The company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.11). The business had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $2.09 billion. Sirius XM had a positive return on equity of 13.44% and a negative net margin of 24.03%. Sirius XM’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter last year, the company earned $0.07 EPS.

Sirius XM Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Friday, May 9th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 5.28%. The ex-dividend date of this dividend is Friday, May 9th. Sirius XM’s dividend payout ratio is currently -16.85%.

Analysts Set New Price Targets

SIRI has been the subject of a number of research reports. Guggenheim dropped their target price on shares of Sirius XM from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Barrington Research restated an “outperform” rating and set a $28.00 price objective on shares of Sirius XM in a research report on Friday. Seaport Res Ptn raised Sirius XM from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 8th. Morgan Stanley reduced their price objective on Sirius XM from $23.00 to $21.00 and set an “underweight” rating on the stock in a research note on Thursday, January 23rd. Finally, Rosenblatt Securities reduced their price target on shares of Sirius XM from $24.00 to $22.00 and set a “neutral” rating on the stock in a research report on Friday. Six equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $26.65.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Opal Wealth Advisors LLC purchased a new position in Sirius XM during the 1st quarter valued at $25,000. Union Bancaire Privee UBP SA purchased a new stake in shares of Sirius XM during the fourth quarter valued at $26,000. Putney Financial Group LLC bought a new position in shares of Sirius XM in the fourth quarter worth about $27,000. First Command Advisory Services Inc. purchased a new position in Sirius XM in the 4th quarter worth about $30,000. Finally, Geneos Wealth Management Inc. lifted its holdings in Sirius XM by 574.9% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,343 shares of the company’s stock valued at $31,000 after buying an additional 1,144 shares in the last quarter. Institutional investors own 10.69% of the company’s stock.

Sirius XM Stock Performance

The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $6.93 billion, a PE ratio of -3.19, a PEG ratio of 0.79 and a beta of 0.98. The firm’s 50-day simple moving average is $22.00 and its 200-day simple moving average is $23.86.

About Sirius XM

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.