Short Interest in Rogers Communications Inc. (NYSE:RCI) Expands By 53.7%

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totalling 2,290,000 shares, a growth of 53.7% from the August 15th total of 1,490,000 shares. Approximately 0.7% of the shares of the company are short sold. Based on an average daily trading volume, of 338,500 shares, the short-interest ratio is presently 6.8 days.

Shares of Rogers Communications stock traded down $0.26 during trading on Friday, reaching $46.92. The company’s stock had a trading volume of 513,129 shares, compared to its average volume of 410,172. The stock has a 50-day moving average price of $50.60 and a two-hundred day moving average price of $50.21. The company has a current ratio of 0.78, a quick ratio of 0.72 and a debt-to-equity ratio of 1.48. Rogers Communications has a one year low of $37.84 and a one year high of $53.90. The stock has a market capitalization of $23.69 billion, a P/E ratio of 18.92, a price-to-earnings-growth ratio of 2.12 and a beta of 0.47.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its quarterly earnings results on Tuesday, July 20th. The Wireless communications provider reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.13. Rogers Communications had a return on equity of 18.42% and a net margin of 11.20%. The business had revenue of $3.58 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same period in the previous year, the business posted $0.60 earnings per share. The firm’s revenue for the quarter was up 13.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Rogers Communications will post 2.97 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Thursday, September 9th will be issued a $0.3974 dividend. The ex-dividend date of this dividend is Wednesday, September 8th. This represents a $1.59 dividend on an annualized basis and a dividend yield of 3.39%. Rogers Communications’s dividend payout ratio is 14.96%.

A number of large investors have recently made changes to their positions in the business. Bank of Montreal Can raised its holdings in Rogers Communications by 14.0% during the 2nd quarter. Bank of Montreal Can now owns 25,309,328 shares of the Wireless communications provider’s stock worth $1,345,697,000 after purchasing an additional 3,103,785 shares during the last quarter. FIL Ltd increased its stake in shares of Rogers Communications by 8.3% in the 1st quarter. FIL Ltd now owns 23,529,557 shares of the Wireless communications provider’s stock valued at $1,085,015,000 after acquiring an additional 1,807,072 shares during the last quarter. TD Asset Management Inc. increased its stake in shares of Rogers Communications by 7.5% in the 1st quarter. TD Asset Management Inc. now owns 12,024,932 shares of the Wireless communications provider’s stock valued at $554,437,000 after acquiring an additional 835,390 shares during the last quarter. Mackenzie Financial Corp increased its stake in shares of Rogers Communications by 12.6% in the 2nd quarter. Mackenzie Financial Corp now owns 7,688,892 shares of the Wireless communications provider’s stock valued at $408,364,000 after acquiring an additional 861,675 shares during the last quarter. Finally, 1832 Asset Management L.P. increased its stake in shares of Rogers Communications by 2.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,517,049 shares of the Wireless communications provider’s stock valued at $397,485,000 after acquiring an additional 152,904 shares during the last quarter. 43.27% of the stock is owned by hedge funds and other institutional investors.

RCI has been the topic of a number of recent research reports. Zacks Investment Research downgraded shares of Rogers Communications from a “buy” rating to a “hold” rating and set a $55.00 price target on the stock. in a research note on Monday, June 28th. Royal Bank of Canada reduced their target price on shares of Rogers Communications from C$77.00 to C$76.00 and set an “outperform” rating on the stock in a research note on Thursday, July 22nd. Finally, TD Securities assumed coverage on shares of Rogers Communications in a research note on Thursday, September 9th. They issued a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $69.78.

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 and accessory financing, wireless home phone, device protection, text messaging, e-mail, global voice and data roaming, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device delivery services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands to approximately 10.9 million subscribers.

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