Summit Global Investments Takes Position in Rogers Communications Inc. (NYSE:RCI)

Summit Global Investments acquired a new stake in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 63,111 shares of the Wireless communications provider’s stock, valued at approximately $1,939,000.

Several other large investors have also made changes to their positions in RCI. Crossmark Global Holdings Inc. increased its holdings in shares of Rogers Communications by 1.6% in the fourth quarter. Crossmark Global Holdings Inc. now owns 23,563 shares of the Wireless communications provider’s stock worth $725,000 after purchasing an additional 379 shares during the last quarter. Verition Fund Management LLC increased its holdings in shares of Rogers Communications by 7.9% in the third quarter. Verition Fund Management LLC now owns 7,484 shares of the Wireless communications provider’s stock worth $301,000 after purchasing an additional 551 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Rogers Communications by 4.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,194 shares of the Wireless communications provider’s stock worth $436,000 after purchasing an additional 571 shares during the last quarter. Waldron Private Wealth LLC increased its holdings in shares of Rogers Communications by 3.1% in the fourth quarter. Waldron Private Wealth LLC now owns 21,943 shares of the Wireless communications provider’s stock worth $682,000 after purchasing an additional 660 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Rogers Communications by 0.5% in the third quarter. State Street Corp now owns 136,766 shares of the Wireless communications provider’s stock worth $5,550,000 after purchasing an additional 661 shares during the last quarter. 45.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RCI has been the topic of several research reports. Morgan Stanley initiated coverage on Rogers Communications in a report on Monday, December 16th. They issued an “underweight” rating on the stock. Barclays reaffirmed an “equal weight” rating on shares of Rogers Communications in a report on Tuesday, January 21st. Finally, Bank of America cut Rogers Communications from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $61.75.

Rogers Communications Trading Down 1.8 %

Shares of NYSE RCI opened at $27.39 on Friday. The business’s 50 day moving average is $28.08 and its two-hundred day moving average is $33.35. The company has a debt-to-equity ratio of 3.67, a current ratio of 0.66 and a quick ratio of 0.61. Rogers Communications Inc. has a 1-year low of $26.57 and a 1-year high of $41.84. The stock has a market capitalization of $14.69 billion, a P/E ratio of 11.81, a PEG ratio of 1.43 and a beta of 0.67.

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 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 EPS for the current year.

Rogers Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Monday, March 10th will be given a dividend of $0.347 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.39 annualized dividend and a dividend yield of 5.07%. Rogers Communications’s dividend payout ratio (DPR) is presently 59.48%.

Rogers Communications 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.