The Street – Hedge fund managers are raising their stakes in Sirius XM. Eighteen hedge funds added to current positions or established new ones, including heavyweights like Steven Cohen’s SAC Capital Advisors and Shumway Capital. Ten hedge funds trimmed positions while only three completely sold out.
Institutional ownership accounts for only 33% of Sirius XM’s outstanding shares, with more than 64% in the hands of individual investors, according to data compiled by Capital IQ. That compares to institutional ownership totals of 75% for JPMorgan Chase, 71% for Apple (and 63% for Google. Many stocks that trade below $5, such as Sirius XM, typically don’t see high institutional ownership.
