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

Shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $31.40 and last traded at $31.47, with a volume of 54746 shares. The stock had previously closed at $31.67.

Analyst Upgrades and Downgrades

RCI has been the topic of several research analyst reports. TD Securities upped 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. BMO Capital Markets increased their price target on Rogers Communications from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, September 19th. Finally, Morgan Stanley began coverage on Rogers Communications in a research note on Monday. They issued an “underweight” rating on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $61.75.

Rogers Communications Stock Performance

The business has a 50 day moving average of $35.97 and a 200-day moving average of $37.89. The company has a market capitalization of $16.24 billion, a P/E ratio of 14.82, a price-to-earnings-growth ratio of 1.06 and a beta of 0.67. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.64 and a current ratio of 0.68.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share (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 the consensus estimate of $3.79 billion. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 earnings per share. On average, sell-side analysts predict 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 will be paid on Friday, January 3rd. Stockholders of record on Monday, December 9th will be given a dividend of $0.3611 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.75%. Rogers Communications’s dividend payout ratio (DPR) is currently 71.71%.

Institutional Investors Weigh In On Rogers Communications

A number of institutional investors and hedge funds have recently made changes to their positions in RCI. Monarch Capital Management Inc. raised its holdings in shares of Rogers Communications by 12.7% in the 2nd quarter. Monarch Capital Management Inc. now owns 38,693 shares of the Wireless communications provider’s stock valued at $1,438,000 after acquiring an additional 4,360 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Rogers Communications by 39.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 571,923 shares of the Wireless communications provider’s stock worth $21,150,000 after buying an additional 160,768 shares in the last quarter. Ridgewood Investments LLC bought a new position in shares of Rogers Communications in the 2nd quarter worth $37,000. Tobam raised its position in shares of Rogers Communications by 6.3% during the 2nd quarter. Tobam now owns 14,995 shares of the Wireless communications provider’s stock valued at $555,000 after buying an additional 891 shares in the last quarter. Finally, VAUGHAN & Co SECURITIES INC. grew its position in Rogers Communications by 15.7% in the second quarter. VAUGHAN & Co SECURITIES INC. now owns 14,726 shares of the Wireless communications provider’s stock worth $545,000 after acquiring an additional 1,994 shares in the last quarter. 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.