Short Interest in Rogers Communications Inc. (NYSE:RCI) Drops By 50.2%

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) saw a large decline in short interest during the month of December. As of December 31st, there was short interest totalling 5,750,000 shares, a decline of 50.2% from the December 15th total of 11,550,000 shares. Approximately 1.5% of the company’s stock are short sold. Based on an average daily volume of 1,090,000 shares, the short-interest ratio is currently 5.3 days.

Rogers Communications Stock Performance

RCI opened at $29.34 on Tuesday. The stock’s 50 day simple moving average is $33.47 and its 200-day simple moving average is $36.94. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 3.35. The stock has a market cap of $15.68 billion, a PE ratio of 14.31, a P/E/G ratio of 1.06 and a beta of 0.69. Rogers Communications has a 1 year low of $28.89 and a 1 year high of $48.19.

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

Rogers Communications Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Stockholders of record on Monday, December 9th were paid a dividend of $0.3611 per share. The ex-dividend date was Monday, December 9th. This represents a $1.44 annualized dividend and a dividend yield of 4.92%. Rogers Communications’s dividend payout ratio (DPR) is currently 68.78%.

Institutional Investors Weigh In On Rogers Communications

Several hedge funds and other institutional investors have recently made changes to their positions in RCI. Cromwell Holdings LLC bought a new position in Rogers Communications during the third quarter worth about $31,000. Northwestern Mutual Wealth Management Co. boosted its stake in Rogers Communications by 110.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock worth $37,000 after acquiring an additional 522 shares during the last quarter. Grove Bank & Trust grew its holdings in Rogers Communications by 41.0% during 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 bought a new stake in Rogers Communications in the second quarter valued at approximately $55,000. Finally, Nexus Investment Management ULC bought a new stake in Rogers Communications in the third quarter valued at approximately $203,000. 45.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RCI has been the subject of several analyst reports. BMO Capital Markets boosted their price target on shares of Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, September 19th. TD Securities raised their price target on shares of Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Morgan Stanley started coverage on Rogers Communications in a research report on Monday, December 16th. They set an “underweight” rating for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $61.75.

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.