Cogent Communications Holdings, Inc. (CCOI) To Go Ex-Dividend on May 18th

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) announced a quarterly dividend on Friday, May 1st. Investors of record on Monday, May 18th will be paid a dividend of 0.02 per share by the technology company on Tuesday, June 2nd. This represents a c) dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Monday, May 18th.

Cogent Communications has raised its dividend payment by an average of 0.0%per year over the last three years and has raised its dividend every year for the last 14 years. Cogent Communications has a dividend payout ratio of -3.4% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Cogent Communications to earn ($3.30) per share next year, which means the company may not be able to cover its $0.08 annual dividend with an expected future payout ratio of -2.4%.

Cogent Communications Trading Up 2.3%

NASDAQ CCOI opened at $16.48 on Friday. The business’s 50 day moving average is $20.16 and its two-hundred day moving average is $22.43. The stock has a market capitalization of $825.29 million, a price-to-earnings ratio of -4.64 and a beta of 0.85. Cogent Communications has a 12-month low of $14.82 and a 12-month high of $54.37.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.20. The business had revenue of $239.19 million for the quarter, compared to analysts’ expectations of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The company’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.09) EPS. Equities analysts forecast that Cogent Communications will post -3.9 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. TD Cowen cut their price target on Cogent Communications from $40.00 to $34.00 and set a “buy” rating for the company in a research note on Tuesday, May 5th. Oppenheimer lowered their price target on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a report on Monday, February 23rd. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $22.00 price objective (down from $23.00) on shares of Cogent Communications in a report on Tuesday, May 5th. Williams Trading set a $40.00 target price on shares of Cogent Communications in a research report on Monday, February 23rd. Finally, KeyCorp lowered their target price on shares of Cogent Communications from $30.00 to $25.00 and set an “overweight” rating for the company in a report on Monday, February 23rd. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $25.40.

Cogent Communications Company Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.