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

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

A number of other large investors have also recently modified their holdings of the company. Crossmark Global Holdings Inc. boosted 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 valued at $725,000 after purchasing an additional 379 shares during the period. Verition Fund Management LLC boosted 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 valued at $301,000 after purchasing an additional 551 shares during the period. PNC Financial Services Group Inc. boosted 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 valued at $436,000 after purchasing an additional 571 shares during the period. Waldron Private Wealth LLC boosted 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 valued at $682,000 after purchasing an additional 660 shares during the period. Finally, State Street Corp boosted 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 valued at $5,550,000 after purchasing an additional 661 shares during the period. Hedge funds and other institutional investors own 45.49% of the company’s stock.

Analysts Set New Price Targets

RCI has been the subject of a number of research reports. Morgan Stanley assumed coverage on Rogers Communications in a report on Monday, December 16th. They issued an “underweight” rating for the company. Barclays restated an “equal weight” rating on shares of Rogers Communications in a report on Tuesday, January 21st. Finally, Bank of America lowered Rogers Communications from a “buy” rating to a “neutral” rating in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $61.75.

Rogers Communications Stock Performance

Shares of RCI stock opened at $27.39 on Friday. The business’s fifty day simple moving average is $28.08 and its 200-day simple moving average is $33.35. The company has a market cap of $14.69 billion, a PE ratio of 11.81, 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 Inc. has a 12-month low of $26.57 and a 12-month high of $41.84.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its quarterly 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%. Analysts expect that Rogers Communications Inc. will post 3.57 earnings per share for the current fiscal year.

Rogers Communications Cuts Dividend

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

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.