Rogers Communications (NYSE:RCI) Stock Price Down 3.5% – Here’s Why

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

Analyst Upgrades and Downgrades

RCI has been the topic of a number of recent research reports. Bank of America downgraded shares of Rogers Communications from a “buy” rating to a “neutral” rating in a research note on Tuesday. Morgan Stanley initiated coverage on shares of Rogers Communications in a research note on Monday, December 16th. They issued an “underweight” rating on the stock. BMO Capital Markets raised their price target 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. Finally, TD Securities upped their price objective on Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $61.75.

Rogers Communications Stock Down 0.0 %

The stock has a market capitalization of $15.21 billion, a P/E ratio of 13.88, a P/E/G ratio of 0.91 and a beta of 0.69. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 3.35. The firm’s fifty day moving average is $33.14 and its 200-day moving average is $36.82.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results 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 company 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%. Rogers Communications’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.95 earnings per share. As a group, equities research analysts predict that Rogers Communications Inc. will post 3.52 earnings per share 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. This represents a $1.44 annualized dividend and a dividend yield of 5.08%. The ex-dividend date was Monday, December 9th. Rogers Communications’s payout ratio is presently 68.78%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Acadian Asset Management LLC acquired a new stake in Rogers Communications in the 2nd quarter valued at about $55,000. American Century Companies Inc. grew its stake in shares of Rogers Communications by 9.7% during the second quarter. American Century Companies Inc. now owns 68,679 shares of the Wireless communications provider’s stock valued at $2,540,000 after purchasing an additional 6,099 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Rogers Communications by 1.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,521,446 shares of the Wireless communications provider’s stock valued at $56,071,000 after purchasing an additional 21,060 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Rogers Communications by 6.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 604,138 shares of the Wireless communications provider’s stock worth $22,341,000 after purchasing an additional 33,930 shares during the last quarter. Finally, Seven Eight Capital LP acquired a new position in Rogers Communications during the 2nd quarter worth $867,000. 45.49% of the stock is owned by 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.