Rogers Communication, Inc. (NYSE:RCI) Sees Large Decrease in Short Interest

Key Points

• Rogers Communication saw a significant 31.2% decrease in short interest in August, dropping to 7.12 million shares, reflecting a reduced bearish sentiment among investors.
• The company recently increased its quarterly dividend to $0.3672 per share, resulting in an annualized yield of 4.1%, a positive change from its previous dividend.
• Barclays upgraded the stock's price target from $31.00 to $33.00, while the general consensus among analysts is a "Hold" rating with a price target of $59.00.

Rogers Communication, Inc. (NYSE:RCI - Get Free Report) TSE: RCI.B was the target of a large decrease in short interest during the month of August. As of August 15th, there was short interest totaling 7,120,000 shares, adecreaseof31.2% from the July 31st total of 10,350,000 shares. Based on an average daily volume of 1,360,000 shares, the days-to-cover ratio is presently 5.2 days. Approximately1.9% of the shares of the stock are short sold. Approximately1.9% of the shares of the stock are short sold. Based on an average daily volume of 1,360,000 shares, the days-to-cover ratio is presently 5.2 days.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Barclays increased their price objective on shares of Rogers Communication from $31.00 to $33.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 12th. Scotiabank reissued a "sector perform" rating on shares of Rogers Communication in a report on Tuesday, July 15th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Rogers Communication in a report on Wednesday, July 2nd. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $59.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. TD Private Client Wealth LLC boosted its stake in Rogers Communication by 6.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 5,461 shares of the Wireless communications provider's stock worth $162,000 after acquiring an additional 330 shares during the last quarter. MAI Capital Management boosted its stake in Rogers Communication by 30.5% during the 2nd quarter. MAI Capital Management now owns 1,958 shares of the Wireless communications provider's stock worth $58,000 after acquiring an additional 458 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in Rogers Communication by 1.8% during the 2nd quarter. Public Sector Pension Investment Board now owns 37,181 shares of the Wireless communications provider's stock worth $1,101,000 after acquiring an additional 640 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Rogers Communication by 52.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,981 shares of the Wireless communications provider's stock worth $59,000 after acquiring an additional 683 shares during the last quarter. Finally, Cerity Partners LLC boosted its stake in Rogers Communication by 7.0% during the 2nd quarter. Cerity Partners LLC now owns 11,007 shares of the Wireless communications provider's stock worth $326,000 after acquiring an additional 724 shares during the last quarter. Institutional investors own 45.49% of the company's stock.

Rogers Communication Trading Up 0.7%

Shares of NYSE RCI traded up $0.25 during mid-day trading on Friday, hitting $35.84. The company's stock had a trading volume of 1,225,759 shares, compared to its average volume of 801,740. The stock has a market cap of $19.28 billion, a price-to-earnings ratio of 17.83, a price-to-earnings-growth ratio of 2.34 and a beta of 0.79. The company has a debt-to-equity ratio of 2.23, a current ratio of 1.70 and a quick ratio of 1.64. Rogers Communication has a one year low of $23.18 and a one year high of $41.84. The company's fifty day simple moving average is $33.99 and its 200-day simple moving average is $29.19.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last issued its earnings results on Wednesday, July 23rd. The Wireless communications provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.02. Rogers Communication had a net margin of 7.33% and a return on equity of 21.59%. The company had revenue of $3.82 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same quarter last year, the firm earned $1.16 EPS. The company's revenue for the quarter was up 2.4% on a year-over-year basis. On average, sell-side analysts anticipate that Rogers Communication will post 3.57 earnings per share for the current fiscal year.

Rogers Communication Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 8th will be paid a dividend of $0.3672 per share. This represents a $1.47 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Monday, September 8th. This is a positive change from Rogers Communication's previous quarterly dividend of $0.36. Rogers Communication's payout ratio is 72.64%.

About Rogers Communication

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.

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