Rogers Communications (NYSE:RCI) Shares Down 3.5% – What’s Next?

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) shares traded down 3.5% during trading on Tuesday . The company traded as low as $28.29 and last traded at $28.35. 182,079 shares were traded during trading, a decline of 80% from the average session volume of 899,890 shares. The stock had previously closed at $29.37.

Wall Street Analyst Weigh In

RCI has been the subject of a number of recent research reports. Bank of America cut Rogers Communications from a “buy” rating to a “neutral” rating in a report on Tuesday. Morgan Stanley assumed coverage on Rogers Communications in a research report on Monday, December 16th. They set an “underweight” rating on the stock. BMO Capital Markets boosted their price objective 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, TD Securities raised their price objective on shares of Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $61.75.

Rogers Communications Stock Performance

The stock’s 50-day moving average price is $33.47 and its 200 day moving average price is $36.94. The firm has a market cap of $15.03 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 1.06 and a beta of 0.69. The company has a debt-to-equity ratio of 3.35, a current ratio of 0.68 and a quick ratio of 0.64.

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 for the quarter, topping analysts’ consensus estimates of $1.07 by $0.35. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. The firm had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same quarter in the previous year, the business earned $0.95 earnings per share. The business’s revenue was up .7% compared to the same quarter last year. As a group, equities analysts predict that Rogers Communications Inc. will post 3.56 EPS for the current year.

Rogers Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 3rd. Stockholders of record on Monday, December 9th were issued a dividend of $0.3611 per share. The ex-dividend date of this dividend was Monday, December 9th. This represents a $1.44 annualized dividend and a dividend yield of 5.14%. Rogers Communications’s dividend payout ratio is presently 68.78%.

Hedge Funds Weigh In On Rogers Communications

Several hedge funds and other institutional investors have recently made changes to their positions in RCI. Cromwell Holdings LLC acquired a new position in Rogers Communications in the 3rd quarter worth about $31,000. Northwestern Mutual Wealth Management Co. grew its holdings in Rogers Communications by 110.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock worth $37,000 after acquiring an additional 522 shares during the last quarter. Grove Bank & Trust increased its position in Rogers Communications by 41.0% in the 3rd quarter. Grove Bank & Trust now owns 1,039 shares of the Wireless communications provider’s stock valued at $42,000 after acquiring an additional 302 shares during the period. Acadian Asset Management LLC bought a new position in shares of Rogers Communications during the second quarter valued at $55,000. Finally, Nexus Investment Management ULC acquired a new stake in Rogers Communications in the third quarter valued at $203,000. 45.49% of the stock is currently owned by institutional investors and hedge funds.

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.