Connor Clark & Lunn Investment Management Ltd. Lowers Holdings in Rogers Communications Inc. (NYSE:RCI)

Connor Clark & Lunn Investment Management Ltd. lowered its position in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 81.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 488,803 shares of the Wireless communications provider’s stock after selling 2,122,030 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Rogers Communications were worth $15,007,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Lindbrook Capital LLC increased its stake in shares of Rogers Communications by 95.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,526 shares of the Wireless communications provider’s stock worth $47,000 after acquiring an additional 744 shares during the period. Jones Financial Companies Lllp increased its position in Rogers Communications by 141.4% during the 4th quarter. Jones Financial Companies Lllp now owns 1,796 shares of the Wireless communications provider’s stock worth $55,000 after purchasing an additional 1,052 shares during the period. V Square Quantitative Management LLC raised its stake in shares of Rogers Communications by 19.1% during the 4th quarter. V Square Quantitative Management LLC now owns 5,795 shares of the Wireless communications provider’s stock worth $178,000 after buying an additional 930 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Rogers Communications in the 3rd quarter valued at approximately $206,000. Finally, Tidal Investments LLC purchased a new stake in shares of Rogers Communications in the third quarter valued at approximately $248,000. Institutional investors and hedge funds own 45.49% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on RCI shares. Barclays reiterated an “equal weight” rating on shares of Rogers Communications in a research report on Tuesday, January 21st. Morgan Stanley began coverage on shares of Rogers Communications in a report on Monday, December 16th. They set an “underweight” rating on the stock. Finally, Bank of America cut shares of Rogers Communications from a “buy” rating to a “neutral” rating in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $61.75.

Rogers Communications Stock Performance

NYSE:RCI opened at $27.86 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.61 and a debt-to-equity ratio of 3.67. The company has a market capitalization of $14.89 billion, a P/E ratio of 12.01, a price-to-earnings-growth ratio of 1.43 and a beta of 0.67. The firm has a 50-day moving average price of $28.36 and a two-hundred day moving average price of $33.92. Rogers Communications Inc. has a twelve month low of $26.57 and a twelve month high of $43.17.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its quarterly earnings data on Thursday, January 30th. The Wireless communications provider reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.07. Rogers Communications had a return on equity of 25.19% and a net margin of 8.40%. As a group, research analysts expect that Rogers Communications Inc. will post 3.57 earnings per share for the current fiscal year.

Rogers Communications Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Monday, March 10th will be given a $0.347 dividend. The ex-dividend date is Monday, March 10th. This represents a $1.39 annualized dividend and a dividend yield of 4.98%. Rogers Communications’s dividend payout ratio is currently 59.48%.

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.