Rogers Communication (NYSE:RCI) Stock Price Crosses Below 50 Day Moving Average – Here’s What Happened

Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) shares passed below its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $33.08 and traded as low as $32.89. Rogers Communication shares last traded at $32.9950, with a volume of 1,028,086 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RCI. Weiss Ratings upgraded Rogers Communication from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, October 26th. Desjardins raised shares of Rogers Communication from a “hold” rating to a “buy” rating in a research report on Monday, September 14th. Scotiabank reiterated an “outperform” rating on shares of Rogers Communication in a research note on Tuesday, October 20th. Barclays dropped their target price on shares of Rogers Communication from $36.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 13th. Finally, Wall Street Zen raised shares of Rogers Communication from a “sell” rating to a “hold” rating in a research note on Saturday, October 24th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Rogers Communication has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Rogers Communication Price Performance

The stock has a market capitalization of $17.82 billion, a price-to-earnings ratio of 27.52, a PEG ratio of 3.87 and a beta of 0.66. The business’s fifty day moving average price is $33.08 and its 200-day moving average price is $35.57. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.67 and a quick ratio of 0.64.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last announced its earnings results on Friday, October 23rd. The Wireless communications provider reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.08. Rogers Communication had a return on equity of 11.51% and a net margin of 4.11%. The company had revenue of $3.82 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same quarter in the previous year, the firm earned $1.37 earnings per share. Rogers Communication’s quarterly revenue was up 1.8% on a year-over-year basis. On average, research analysts forecast that Rogers Communication, Inc. will post 3.56 EPS for the current year.

Rogers Communication Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 5th. Stockholders of record on Tuesday, December 8th will be issued a C$0.50 dividend. The ex-dividend date is Tuesday, December 8th. This represents a $2.00 annualized dividend and a dividend yield of 6.1%. Rogers Communication’s dividend payout ratio is currently 120.00%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Advisors Asset Management Inc. purchased a new position in Rogers Communication during the third quarter worth about $236,000. Landscape Capital Management L.L.C. boosted its stake in shares of Rogers Communication by 24.0% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 49,280 shares of the Wireless communications provider’s stock worth $1,518,000 after buying an additional 9,537 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of Rogers Communication by 3.2% in the 3rd quarter. Bessemer Group Inc. now owns 1,356,018 shares of the Wireless communications provider’s stock worth $41,842,000 after buying an additional 42,332 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Rogers Communication by 80.0% in the 3rd quarter. Allworth Financial LP now owns 952 shares of the Wireless communications provider’s stock worth $31,000 after buying an additional 423 shares during the last quarter. Finally, Letko Brosseau & Associates Inc. boosted its stake in shares of Rogers Communication by 1.3% in the 3rd quarter. Letko Brosseau & Associates Inc. now owns 6,506,317 shares of the Wireless communications provider’s stock worth $200,815,000 after buying an additional 86,610 shares during the last quarter. 45.49% of the stock is owned by institutional investors.

About Rogers Communication

Rogers Communications Inc. is a Canadian communications and media company headquartered in Toronto. Founded by Ted Rogers in 1960, the company serves consumers and businesses across Canada. Its telecommunications operations provide wireless voice and data services, internet access, cable television and home phone services. Rogers offers wireless services through brands including Rogers, Fido and Chatr. The company also operates media businesses, including Sportsnet, Citytv, OMNI Television and radio stations.