Sirius XM (SIRI) Downgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Sirius XM (NASDAQ:SIRI) from a neutral rating to an underweight rating in a report issued on Tuesday morning, Marketbeat.com reports. The brokerage currently has $5.00 target price on the stock, down from their prior target price of $5.36.

Several other research analysts have also recently commented on the company. Bank of America set a $7.00 price target on Sirius XM and gave the company a buy rating in a research report on Thursday, October 12th. Royal Bank of Canada initiated coverage on Sirius XM in a research report on Friday, September 15th. They set a sector perform rating and a $6.00 price target for the company. Pivotal Research reissued a buy rating and set a $6.80 price target (up from $6.25) on shares of Sirius XM in a research report on Wednesday, October 25th. Piper Jaffray Companies set a $7.00 price target on Sirius XM and gave the company a buy rating in a research report on Wednesday, October 11th. Finally, Gabelli increased their price target on Sirius XM from $4.75 to $6.10 and gave the company a buy rating in a research report on Thursday, October 26th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $5.94.

Shares of Sirius XM (NASDAQ SIRI) traded up $0.10 during midday trading on Tuesday, reaching $5.31. The company had a trading volume of 27,001,699 shares, compared to its average volume of 28,844,732. Sirius XM has a 1 year low of $4.52 and a 1 year high of $5.89. The company has a quick ratio of 0.18, a current ratio of 0.19 and a debt-to-equity ratio of -6.41. The firm has a market capitalization of $24,400.00, a PE ratio of 29.50, a PEG ratio of 1.54 and a beta of 1.12.

Sirius XM (NASDAQ:SIRI) last issued its quarterly earnings results on Wednesday, October 25th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.04 by $0.02. Sirius XM had a negative return on equity of 93.51% and a net margin of 16.71%. The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the prior year, the firm posted $0.04 earnings per share. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. sell-side analysts forecast that Sirius XM will post 0.19 earnings per share for the current fiscal year.

In other news, EVP Patrick L. Donnelly sold 1,374,479 shares of the firm’s stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $5.70, for a total value of $7,834,530.30. Following the completion of the sale, the executive vice president now directly owns 227,430 shares of the company’s stock, valued at $1,296,351. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO James E. Meyer sold 172,704 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $5.68, for a total value of $980,958.72. Following the completion of the sale, the chief executive officer now directly owns 3,377,085 shares of the company’s stock, valued at $19,181,842.80. The disclosure for this sale can be found here. Company insiders own 1.06% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Macquarie Group Ltd. increased its stake in shares of Sirius XM by 476.2% during the second quarter. Macquarie Group Ltd. now owns 18,392 shares of the company’s stock worth $101,000 after purchasing an additional 15,200 shares during the period. Colony Group LLC bought a new position in shares of Sirius XM during the second quarter worth approximately $102,000. Toronto Dominion Bank increased its stake in shares of Sirius XM by 9.7% during the second quarter. Toronto Dominion Bank now owns 20,278 shares of the company’s stock worth $111,000 after purchasing an additional 1,799 shares during the period. Kalos Management Inc. bought a new position in shares of Sirius XM during the third quarter worth approximately $114,000. Finally, AE Wealth Management LLC increased its stake in shares of Sirius XM by 72.7% during the third quarter. AE Wealth Management LLC now owns 23,579 shares of the company’s stock worth $130,000 after purchasing an additional 9,924 shares during the period. 19.57% of the stock is owned by institutional investors.

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Sirius XM Company Profile

Sirius XM Radio Inc broadcasts its music, sports, entertainment, comedy, talk, news, traffic and weather channels in the United States on a subscription fee basis through its two satellite radio systems. Subscribers can also receive certain of its music and other channels over the Internet, including through applications for mobile devices.

Analyst Recommendations for Sirius XM (NASDAQ:SIRI)

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