A number of other brokerages have also issued reports on CCOI. Oppenheimer lowered Cogent Communications from an outperform rating to a market perform rating in a report on Friday, May 10th. Credit Suisse Group began coverage on Cogent Communications in a report on Friday, May 31st. They issued an outperform rating and a $68.00 price objective for the company. Wells Fargo & Co increased their price objective on Cogent Communications from $50.00 to $63.00 and gave the stock a market perform rating in a report on Thursday, July 11th. Zacks Investment Research lowered Cogent Communications from a buy rating to a hold rating in a report on Tuesday, August 6th. Finally, ValuEngine lowered Cogent Communications from a buy rating to a hold rating in a report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $58.17.
Shares of CCOI stock opened at $56.66 on Friday. Cogent Communications has a 12-month low of $42.40 and a 12-month high of $64.24. The company has a market cap of $2.62 billion, a price-to-earnings ratio of 80.64, a price-to-earnings-growth ratio of 8.25 and a beta of 0.56. The business has a 50 day simple moving average of $61.26.
Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, August 8th. The technology company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.06). Cogent Communications had a negative return on equity of 21.65% and a net margin of 5.97%. The business had revenue of $134.79 million during the quarter, compared to the consensus estimate of $136.12 million. During the same period last year, the company earned $0.14 earnings per share. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, equities research analysts forecast that Cogent Communications will post 0.86 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 9th. Shareholders of record on Friday, August 23rd will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 4.38%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 22nd. Cogent Communications’s dividend payout ratio is 380.95%.
In other Cogent Communications news, VP Raymond B. Kummer sold 2,440 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $58.40, for a total value of $142,496.00. Following the completion of the sale, the vice president now directly owns 46,800 shares in the company, valued at $2,733,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thaddeus Gerard Weed sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $60.84, for a total value of $85,176.00. Following the completion of the sale, the chief financial officer now owns 72,550 shares of the company’s stock, valued at $4,413,942. The disclosure for this sale can be found here. Insiders sold 21,925 shares of company stock valued at $1,284,932 over the last 90 days. 10.17% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royce & Associates LP lifted its position in shares of Cogent Communications by 29.2% during the 1st quarter. Royce & Associates LP now owns 810 shares of the technology company’s stock valued at $44,000 after acquiring an additional 183 shares during the last quarter. Arbor Wealth Management LLC purchased a new stake in shares of Cogent Communications in the second quarter valued at $59,000. Quadrant Capital Group LLC lifted its holdings in shares of Cogent Communications by 296.4% in the first quarter. Quadrant Capital Group LLC now owns 1,328 shares of the technology company’s stock valued at $70,000 after purchasing an additional 993 shares in the last quarter. Advisor Group Inc. lifted its holdings in shares of Cogent Communications by 43.3% in the fourth quarter. Advisor Group Inc. now owns 1,609 shares of the technology company’s stock valued at $72,000 after purchasing an additional 486 shares in the last quarter. Finally, Winslow Evans & Crocker Inc. lifted its holdings in shares of Cogent Communications by 163.6% in the second quarter. Winslow Evans & Crocker Inc. now owns 1,476 shares of the technology company’s stock valued at $88,000 after purchasing an additional 916 shares in the last quarter. Hedge funds and other institutional investors own 88.41% of the company’s stock.
Cogent Communications Company Profile
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.
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