Rogers Communications (NYSE:RCI) Sets New 1-Year Low – Here’s What Happened

Shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) reached a new 52-week low on Friday . The company traded as low as $29.37 and last traded at $29.65, with a volume of 88444 shares changing hands. The stock had previously closed at $30.53.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Morgan Stanley initiated coverage on shares of Rogers Communications in a research note on Monday, December 16th. They set an “underweight” rating on the stock. BMO Capital Markets upped their target price on shares of Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, September 19th. Finally, TD Securities raised their price objective on Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Rogers Communications currently has a consensus rating of “Hold” and a consensus target price of $61.75.

Rogers Communications Trading Down 3.6 %

The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.64 and a current ratio of 0.68. The stock has a fifty day moving average of $33.76 and a 200-day moving average of $37.06. The company has a market cap of $15.73 billion, a PE ratio of 14.36, a PEG ratio of 1.06 and a beta of 0.69.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.35. The firm had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $3.79 billion. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the business posted $0.95 earnings per share. Sell-side analysts anticipate that Rogers Communications Inc. will post 3.56 EPS for the current fiscal year.

Rogers Communications Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Monday, December 9th were issued a $0.3611 dividend. The ex-dividend date was Monday, December 9th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.91%. Rogers Communications’s payout ratio is 71.71%.

Hedge Funds Weigh In On Rogers Communications

Several institutional investors have recently made changes to their positions in the company. 1832 Asset Management L.P. lifted its stake in Rogers Communications by 2.6% in the second quarter. 1832 Asset Management L.P. now owns 11,501,927 shares of the Wireless communications provider’s stock worth $425,341,000 after acquiring an additional 288,614 shares during the period. Mackenzie Financial Corp raised its holdings in shares of Rogers Communications by 10.2% in the 2nd quarter. Mackenzie Financial Corp now owns 10,563,054 shares of the Wireless communications provider’s stock valued at $390,738,000 after purchasing an additional 974,937 shares in the last quarter. Toronto Dominion Bank lifted its position in shares of Rogers Communications by 53.9% in the 2nd quarter. Toronto Dominion Bank now owns 6,303,371 shares of the Wireless communications provider’s stock worth $233,099,000 after purchasing an additional 2,206,690 shares during the period. National Bank of Canada FI boosted its stake in shares of Rogers Communications by 18.6% during the third quarter. National Bank of Canada FI now owns 6,239,553 shares of the Wireless communications provider’s stock valued at $250,886,000 after purchasing an additional 977,924 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Rogers Communications by 371.0% during the third quarter. The Manufacturers Life Insurance Company now owns 5,053,559 shares of the Wireless communications provider’s stock valued at $203,334,000 after buying an additional 3,980,525 shares during the period. Hedge funds and other institutional investors own 45.49% of the company’s stock.

About Rogers Communications

Rogers Communications Inc operates as a communications and media company in Canada. It operates through three segments: Wireless, Cable, and Media. The company offers mobile Internet access, wireless voice and enhanced voice, device financing, device protection, global voice and data roaming, wireless home phone, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device shipping and express pickup services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands.