Zacks Investment Research cut shares of Shaw Communications Inc. (NYSE:SJR) (TSE:SJR.B) from a buy rating to a hold rating in a report released on Tuesday morning.
According to Zacks, “Shaw Communications completed the sale of its data center operations – ViaWest to Peak 10 Holding Corp. and the purchase of wireless spectrums from Quebecor Media. The company’s rating outlook upgradation by Moody’s Investor Services was a major positive. Massive growth of cable TV subscribers from its Consumer and Wireless divisions marks a major gain for the company. 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. On a year-to-date basis, the stock price grew 13.5% as against the industry's growth of 13.9%.”
A number of other equities analysts have also recently issued reports on the company. National Bank Financial cut Shaw Communications from an outperform market weight rating to a sector perform market weight rating in a report on Wednesday, June 28th. BidaskClub cut Shaw Communications from a hold rating to a sell rating in a report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. Shaw Communications currently has a consensus rating of Hold and an average target price of $27.14.
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Institutional investors have recently bought and sold shares of the business. Advisor Group Inc. grew its stake in Shaw Communications by 170.3% during the 2nd quarter. Advisor Group Inc. now owns 4,687 shares of the company’s stock valued at $101,000 after purchasing an additional 2,953 shares during the last quarter. Cutler Group LP grew its stake in Shaw Communications by 983.3% during the 2nd quarter. Cutler Group LP now owns 6,500 shares of the company’s stock valued at $141,000 after purchasing an additional 5,900 shares during the last quarter. US Bancorp DE grew its stake in Shaw Communications by 14.6% during the 2nd quarter. US Bancorp DE now owns 9,921 shares of the company’s stock valued at $217,000 after purchasing an additional 1,267 shares during the last quarter. Wetherby Asset Management Inc. grew its stake in Shaw Communications by 4.4% during the 2nd quarter. Wetherby Asset Management Inc. now owns 10,332 shares of the company’s stock valued at $225,000 after purchasing an additional 439 shares during the last quarter. Finally, Ameriprise Financial Inc. purchased a new stake in Shaw Communications during the 2nd quarter valued at about $252,000. Institutional investors and hedge funds own 51.83% 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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