Zacks Investment Research Upgrades Shaw Communications Inc. (SJR) to Hold
Shaw Communications Inc. (NYSE:SJR) (TSE:SJR.B) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Shaw Communications posted mixed fourth-quarter fiscal 2017 financial results. Meanwhile, we are bullish about Shaw Communications’ recent initiatives – sale of its data center operations – ViaWest to Peak 10 Holding Corp. and using the net proceeds from ViaWest sale for the purchase of wireless spectrums from Quebecor Media. The company’s rating outlook upgradation by Moody’s Investor Services was a major positive. The company has placed itself as a pure-play Canadian telecom company with the divesture of its arm, Shaw Media to Corus Entertainment. However, the company operates in a highly competitive Canadian wireless market. The accumulating debt and decreasing cash flows is likely to escalate expenses going ahead. Rolling out of new brands and advertising promotion also raises expenses, which may impact margins moving ahead. Over the past three months, the stock underperformed its industry.”
SJR has been the topic of a number of other reports. Scotiabank downgraded shares of Shaw Communications from an “outperform” rating to a “sector perform” rating in a research note on Thursday, October 12th. BidaskClub downgraded shares of Shaw Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Finally, Barclays PLC increased their price objective on shares of Shaw Communications from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. Shaw Communications currently has a consensus rating of “Hold” and a consensus price target of $27.29.
Shaw Communications (NYSE:SJR) traded up 0.63% during mid-day trading on Monday, reaching $22.21. The company’s stock had a trading volume of 309,714 shares. Shaw Communications has a one year low of $19.02 and a one year high of $23.31. The stock has a market cap of $10.96 billion, a P/E ratio of 25.77 and a beta of 0.91. The firm’s 50 day moving average is $22.52 and its 200-day moving average is $21.96.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Intact Investment Management Inc. boosted its stake in shares of Shaw Communications by 50.2% during the third quarter. Intact Investment Management Inc. now owns 974,000 shares of the company’s stock valued at $27,943,000 after purchasing an additional 325,600 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new stake in Shaw Communications in the third quarter valued at approximately $1,689,000. Highstreet Asset Management Inc. boosted its stake in Shaw Communications by 1.5% in the third quarter. Highstreet Asset Management Inc. now owns 524,427 shares of the company’s stock valued at $12,071,000 after acquiring an additional 7,532 shares in the last quarter. APG Asset Management N.V. boosted its stake in Shaw Communications by 3.7% in the third quarter. APG Asset Management N.V. now owns 575,781 shares of the company’s stock valued at $13,222,000 after acquiring an additional 20,500 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Shaw Communications by 234.0% in the third quarter. Assenagon Asset Management S.A. now owns 125,012 shares of the company’s stock valued at $2,871,000 after acquiring an additional 87,588 shares in the last quarter. Hedge funds and other institutional investors own 51.90% of the company’s stock.
Shaw Communications Company Profile
Shaw Communications Inc (Shaw) is a diversified connectivity provider. The Company operates through four divisions: Consumer, Wireless, Business Network Services and Business Infrastructure Services. Under the Consumer division, the Company offers Cable telecommunications and Satellite video services to residential customers.
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