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 research note issued on Monday, October 30th.
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.”
A number of other brokerages also recently weighed in on SJR. BidaskClub downgraded shares of Shaw Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Barclays PLC raised their target price on shares of Shaw Communications from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, October 27th. Finally, Scotiabank downgraded shares of Shaw Communications from an “outperform” rating to a “sector perform” rating in a report on Thursday, October 12th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. Shaw Communications has an average rating of “Hold” and an average price target of $27.00.
Shaw Communications (SJR) traded up $0.16 during trading on Monday, reaching $22.18. 342,328 shares of the company’s stock were exchanged, compared to its average volume of 673,557. The firm has a market cap of $11,150.00, a P/E ratio of 26.39, a PEG ratio of 4.27 and a beta of 0.97. The company has a current ratio of 0.80, a quick ratio of 0.72 and a debt-to-equity ratio of 0.70. Shaw Communications has a 52 week low of $19.29 and a 52 week high of $23.31.
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A number of institutional investors have recently made changes to their positions in the business. TD Asset Management Inc. lifted its holdings in Shaw Communications by 2.4% during the 2nd quarter. TD Asset Management Inc. now owns 14,888,198 shares of the company’s stock valued at $324,315,000 after purchasing an additional 342,269 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Shaw Communications by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 10,078,962 shares of the company’s stock valued at $219,621,000 after purchasing an additional 468,447 shares during the last quarter. Mawer Investment Management Ltd. lifted its holdings in Shaw Communications by 3.9% during the 3rd quarter. Mawer Investment Management Ltd. now owns 9,876,821 shares of the company’s stock valued at $227,473,000 after purchasing an additional 368,387 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Shaw Communications by 107.8% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 8,165,209 shares of the company’s stock valued at $188,295,000 after purchasing an additional 4,235,803 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in Shaw Communications by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 7,204,929 shares of the company’s stock valued at $165,401,000 after purchasing an additional 234,868 shares during the last quarter. 51.21% of the stock is owned by institutional investors and hedge funds.
About Shaw Communications
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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