Rogers Communications (NYSE:RCI) Hits New 52-Week Low – Here’s Why

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B)’s share price reached a new 52-week low on Friday . The stock traded as low as $34.86 and last traded at $34.86, with a volume of 396193 shares changing hands. The stock had previously closed at $36.11.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. TD Securities raised their target price on shares of Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. BMO Capital Markets lifted their target price on shares of Rogers Communications from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, September 19th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $61.75.

Rogers Communications Stock Down 3.5 %

The firm has a market cap of $18.63 billion, a PE ratio of 17.61, a PEG ratio of 1.11 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. The company’s 50-day simple moving average is $37.17 and its two-hundred day simple moving average is $38.33.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.07 by $0.35. The firm had revenue of $5.13 billion during 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 quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the company posted $0.95 EPS. On average, analysts predict that Rogers Communications Inc. will post 3.56 earnings per share for the current fiscal year.

Rogers Communications Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 9th will be paid a $0.3611 dividend. The ex-dividend date is Monday, December 9th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.14%. Rogers Communications’s dividend payout ratio is presently 72.20%.

Hedge Funds Weigh In On Rogers Communications

A number of institutional investors and hedge funds have recently made changes to their positions in RCI. The Manufacturers Life Insurance Company increased its position in Rogers Communications by 371.0% in the third quarter. The Manufacturers Life Insurance Company now owns 5,053,559 shares of the Wireless communications provider’s stock worth $203,334,000 after purchasing an additional 3,980,525 shares during the last quarter. Toronto Dominion Bank increased its position in Rogers Communications by 53.9% in the second quarter. Toronto Dominion Bank now owns 6,303,371 shares of the Wireless communications provider’s stock worth $233,099,000 after purchasing an additional 2,206,690 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Rogers Communications by 90.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,896,489 shares of the Wireless communications provider’s stock worth $115,775,000 after purchasing an additional 1,375,043 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Rogers Communications by 86.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,610,833 shares of the Wireless communications provider’s stock worth $104,965,000 after purchasing an additional 1,211,482 shares during the last quarter. Finally, National Bank of Canada FI increased its position in Rogers Communications by 18.6% in the third quarter. National Bank of Canada FI now owns 6,239,553 shares of the Wireless communications provider’s stock worth $250,886,000 after purchasing an additional 977,924 shares during 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.