Rogers Communications (NYSE:RCI) Downgraded to Sector Perform Rating by Scotiabank

Scotiabank downgraded shares of Rogers Communications (NYSE:RCI) (TSE:RCI.B) from a sector outperform rating to a sector perform rating in a research report sent to investors on Tuesday, Marketbeat reports.

Other equities research analysts have also issued research reports about the company. Barclays reiterated an “equal weight” rating on shares of Rogers Communications in a research report on Tuesday, January 21st. Morgan Stanley assumed coverage on shares of Rogers Communications in a report on Monday, December 16th. They issued 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 investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $61.75.

Rogers Communications Trading Down 5.4 %

NYSE:RCI opened at $25.30 on Tuesday. The company has a market capitalization of $13.56 billion, a P/E ratio of 10.90, a PEG ratio of 1.43 and a beta of 0.67. The company has a current ratio of 0.66, a quick ratio of 0.61 and a debt-to-equity ratio of 3.67. Rogers Communications has a 12 month low of $24.76 and a 12 month high of $41.84. The firm has a fifty day simple moving average of $27.88 and a 200-day simple moving average of $32.63.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its earnings results on Thursday, January 30th. The Wireless communications provider reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.07. Rogers Communications had a return on equity of 25.19% and a net margin of 8.40%. On average, equities research analysts anticipate that Rogers Communications will post 3.57 earnings per share for the current year.

Rogers Communications Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Monday, March 10th will be issued a dividend of $0.347 per share. This represents a $1.39 annualized dividend and a dividend yield of 5.49%. The ex-dividend date of this dividend is Monday, March 10th. Rogers Communications’s dividend payout ratio (DPR) is 59.48%.

Institutional Trading of Rogers Communications

Hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership increased its holdings in Rogers Communications by 123.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,727,400 shares of the Wireless communications provider’s stock valued at $206,565,000 after buying an additional 3,717,487 shares in the last quarter. FIL Ltd grew its position in shares of Rogers Communications by 7.2% during the 4th quarter. FIL Ltd now owns 33,450,577 shares of the Wireless communications provider’s stock valued at $1,028,336,000 after acquiring an additional 2,244,240 shares during the period. Bank of Nova Scotia increased its stake in shares of Rogers Communications by 20.6% in the 4th quarter. Bank of Nova Scotia now owns 7,736,202 shares of the Wireless communications provider’s stock valued at $237,784,000 after purchasing an additional 1,320,200 shares in the last quarter. Letko Brosseau & Associates Inc. raised its holdings in Rogers Communications by 23.5% in the 4th quarter. Letko Brosseau & Associates Inc. now owns 5,210,380 shares of the Wireless communications provider’s stock worth $160,094,000 after purchasing an additional 992,780 shares during the period. Finally, National Bank of Canada FI boosted its position in Rogers Communications by 18.6% during 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 in the last quarter. 45.49% of the stock is owned by hedge funds and other institutional investors.

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.