Bank of New York Mellon Corp Trims Stock Position in Rogers Communications Inc. (NYSE:RCI)

Bank of New York Mellon Corp lowered its holdings in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 20.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 323,633 shares of the Wireless communications provider’s stock after selling 85,465 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.06% of Rogers Communications worth $9,945,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RCI. Entropy Technologies LP purchased a new stake in shares of Rogers Communications during the 3rd quarter valued at about $314,000. CIBC Asset Management Inc increased its holdings in Rogers Communications by 10.5% in the 3rd quarter. CIBC Asset Management Inc now owns 1,673,110 shares of the Wireless communications provider’s stock worth $67,301,000 after acquiring an additional 159,295 shares in the last quarter. Natixis Advisors LLC increased its holdings in Rogers Communications by 16.6% in the 3rd quarter. Natixis Advisors LLC now owns 24,948 shares of the Wireless communications provider’s stock worth $1,003,000 after acquiring an additional 3,547 shares in the last quarter. Swiss National Bank increased its holdings in Rogers Communications by 0.8% in the 3rd quarter. Swiss National Bank now owns 1,080,000 shares of the Wireless communications provider’s stock worth $43,494,000 after acquiring an additional 8,400 shares in the last quarter. Finally, PCJ Investment Counsel Ltd. increased its holdings in Rogers Communications by 2.9% in the 3rd quarter. PCJ Investment Counsel Ltd. now owns 247,530 shares of the Wireless communications provider’s stock worth $9,952,000 after acquiring an additional 7,050 shares in the last quarter. Hedge funds and other institutional investors own 45.49% of the company’s stock.

Rogers Communications Trading Up 0.4 %

Shares of RCI opened at $27.96 on Friday. The company has a debt-to-equity ratio of 3.67, a current ratio of 0.66 and a quick ratio of 0.61. Rogers Communications Inc. has a 1 year low of $26.57 and a 1 year high of $42.96. The company has a 50 day simple moving average of $28.31 and a two-hundred day simple moving average of $33.84. The firm has a market cap of $14.94 billion, a P/E ratio of 12.05, a price-to-earnings-growth ratio of 1.43 and a beta of 0.67.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings data on Thursday, January 30th. The Wireless communications provider reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.07. Rogers Communications had a net margin of 8.40% and a return on equity of 25.19%. On average, equities analysts expect that Rogers Communications Inc. will post 3.57 earnings per share for the current fiscal 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 given a dividend of $0.347 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.39 dividend on an annualized basis and a dividend yield of 4.96%. Rogers Communications’s dividend payout ratio is currently 59.48%.

Wall Street Analysts Forecast Growth

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

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.