Rogers Communications (NYSE:RCI) Sets New 1-Year Low - Here's What Happened

Shares of Rogers Communications Inc. (NYSE:RCI - Get Free Report) TSE: RCI.B reached a new 52-week low during trading on Friday . The stock traded as low as $29.37 and last traded at $29.65, with a volume of 88444 shares changing hands. The stock had previously closed at $30.53.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Morgan Stanley initiated coverage on shares of Rogers Communications in a report on Monday, December 16th. They issued an "underweight" rating for the company. BMO Capital Markets raised their target price on 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 boosted their price target 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 investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $61.75.

Rogers Communications Trading Down 5.1 %

The company has a 50 day moving average price of $33.62 and a two-hundred day moving average price of $37.00. The firm has a market capitalization of $15.48 billion, a price-to-earnings ratio of 14.13, a P/E/G ratio of 1.06 and a beta of 0.69. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.64 and a current ratio of 0.68.

Rogers Communications (NYSE:RCI - Get Free Report) TSE: RCI.B last posted its quarterly earnings data on Thursday, October 24th. The Wireless communications provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.07 by $0.35. The firm had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $3.79 billion. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. The firm's revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.95 EPS. On average, research analysts forecast that Rogers Communications Inc. will post 3.56 EPS for the current year.

Rogers Communications Cuts Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Monday, December 9th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.99%. Rogers Communications's dividend payout ratio is currently 71.71%.

Hedge Funds Weigh In On Rogers Communications

A number of hedge funds have recently made changes to their positions in the stock. Cromwell Holdings LLC acquired a new position in shares of Rogers Communications in the third quarter valued at approximately $31,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of 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 valued at $37,000 after acquiring an additional 522 shares in the last quarter. Grove Bank & Trust boosted 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 valued at $42,000 after purchasing an additional 302 shares during the period. Acadian Asset Management LLC purchased a new stake in Rogers Communications during the 2nd quarter worth about $55,000. Finally, Nexus Investment Management ULC acquired a new stake in Rogers Communications in the 3rd quarter valued at about $203,000. 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.