Bank of New York Mellon Corp Decreases Holdings in Sirius XM Holdings Inc. (NASDAQ:SIRI)

Bank of New York Mellon Corp decreased its holdings in Sirius XM Holdings Inc. (NASDAQ:SIRI) by 19.7% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 593,260 shares of the company’s stock after selling 145,282 shares during the period. Bank of New York Mellon Corp owned approximately 0.18% of Sirius XM worth $13,375,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in SIRI. Opal Wealth Advisors LLC bought a new stake in Sirius XM in the first quarter valued at approximately $25,000. Putney Financial Group LLC purchased a new position in shares of Sirius XM in the fourth quarter worth $27,000. Deseret Mutual Benefit Administrators raised its holdings in Sirius XM by 79.3% during the 1st quarter. Deseret Mutual Benefit Administrators now owns 1,594 shares of the company’s stock valued at $36,000 after buying an additional 705 shares during the last quarter. Itau Unibanco Holding S.A. boosted its position in Sirius XM by 255.5% during the 4th quarter. Itau Unibanco Holding S.A. now owns 1,838 shares of the company’s stock valued at $42,000 after buying an additional 1,321 shares during the period. Finally, Golden State Wealth Management LLC grew its holdings in Sirius XM by 3,263.3% in the 1st quarter. Golden State Wealth Management LLC now owns 2,018 shares of the company’s stock worth $46,000 after acquiring an additional 1,958 shares during the last quarter. Hedge funds and other institutional investors own 10.69% of the company’s stock.

Insider Activity at Sirius XM

In other news, Director Kristina Salen sold 1,651 shares of Sirius XM stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $22.27, for a total value of $36,767.77. Following the completion of the transaction, the director owned 15,471 shares in the company, valued at approximately $344,539.17. This trade represents a 9.64% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.79% of the company’s stock.

Sirius XM Stock Performance

Shares of NASDAQ:SIRI opened at $23.56 on Monday. The firm has a 50 day moving average of $22.59 and a 200 day moving average of $22.63. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $7.96 billion, a price-to-earnings ratio of -3.61, a price-to-earnings-growth ratio of 0.34 and a beta of 0.92. Sirius XM Holdings Inc. has a 52 week low of $18.69 and a 52 week high of $41.20.

Sirius XM (NASDAQ:SIRI) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.11). The firm had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $2.09 billion. Sirius XM had a negative net margin of 25.00% and a positive return on equity of 6.77%. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.07 earnings per share. On average, sell-side analysts predict that Sirius XM Holdings Inc. will post 3.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SIRI shares. Seaport Res Ptn raised Sirius XM from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 8th. Guggenheim restated a “buy” rating and set a $29.00 target price on shares of Sirius XM in a report on Thursday, June 26th. Morgan Stanley lifted their price target on shares of Sirius XM from $21.00 to $22.00 and gave the company an “underweight” rating in a report on Wednesday, July 16th. Barrington Research reissued an “outperform” rating and set a $28.00 price objective on shares of Sirius XM in a research report on Friday, May 2nd. Finally, Wells Fargo & Company raised their target price on shares of Sirius XM from $16.00 to $19.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 2nd. Six research analysts have rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $26.50.

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.