Rogers Communications (NYSE:RCI) Sets New 12-Month Low – Here’s What Happened

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) shares 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 traded. The stock had previously closed at $31.67.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on RCI shares. BMO Capital Markets increased their price target 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. TD Securities lifted their target price on shares of Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Finally, Morgan Stanley started coverage on shares of Rogers Communications in a research report on Monday. They set an “underweight” rating for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Rogers Communications presently has an average rating of “Hold” and an average price target of $61.75.

Rogers Communications Price Performance

The company has a quick ratio of 0.64, a current ratio of 0.68 and a debt-to-equity ratio of 3.35. The firm’s fifty day moving average price is $35.97 and its 200-day moving average price is $37.89. The stock has a market cap of $16.24 billion, a P/E ratio of 14.82, a PEG ratio of 1.06 and a beta of 0.67.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its quarterly earnings data on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share (EPS) for the quarter, beating 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 company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 earnings per share. Analysts forecast that Rogers Communications Inc. will post 3.56 earnings per share for the current year.

Rogers Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 9th will be issued a $0.3611 dividend. This represents a $1.44 annualized dividend and a yield of 4.75%. The ex-dividend date of this dividend is Monday, December 9th. Rogers Communications’s dividend payout ratio (DPR) is currently 71.71%.

Hedge Funds Weigh In On Rogers Communications

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

Rogers Communications Company Profile

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.