Bank of America Downgrades Rogers Communications (NYSE:RCI) to Neutral

Rogers Communications (NYSE:RCI) (TSE:RCI.B) was downgraded by equities research analysts at Bank of America from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday,Finviz reports.

Several other brokerages also recently commented on RCI. Morgan Stanley began coverage on shares of Rogers Communications in a report on Monday, December 16th. They set an “underweight” rating for the company. BMO Capital Markets boosted their price objective on Rogers Communications from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, September 19th. Finally, TD Securities increased their target price on Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $61.75.

Rogers Communications Price Performance

Shares of NYSE RCI opened at $29.34 on Tuesday. Rogers Communications has a twelve month low of $28.89 and a twelve month high of $48.19. The company has a market cap of $15.68 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 1.06 and a beta of 0.69. The business’s 50 day moving average price is $33.47 and its two-hundred day moving average price is $36.94. The company has a quick ratio of 0.64, a current ratio of 0.68 and a debt-to-equity ratio of 3.35.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.35. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. The business had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same quarter in the prior year, the business earned $0.95 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. On average, analysts predict that Rogers Communications will post 3.56 EPS for the current year.

Institutional Trading of Rogers Communications

Several large investors have recently modified their holdings of the stock. Cromwell Holdings LLC acquired a new position in shares of Rogers Communications in the 3rd quarter valued at approximately $31,000. Northwestern Mutual Wealth Management Co. raised its position in Rogers Communications by 110.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock valued at $37,000 after purchasing an additional 522 shares in the last quarter. Grove Bank & Trust lifted its stake 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 worth $42,000 after purchasing an additional 302 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Rogers Communications in the 2nd quarter valued at $55,000. Finally, Nexus Investment Management ULC bought a new position in shares of Rogers Communications in the 3rd quarter valued at $203,000. 45.49% of the stock is owned by institutional investors and hedge funds.

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.