Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) Director Lewis H. Ferguson sold 846 shares of the firm's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $81.76, for a total value of $69,168.96. Following the completion of the transaction, the director now owns 18,354 shares of the company's stock, valued at $1,500,623.04. The trade was a 4.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Cogent Communications Trading Down 0.1 %
Shares of CCOI stock opened at $79.96 on Wednesday. The firm has a 50 day moving average price of $78.54 and a two-hundred day moving average price of $68.40. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The company has a market capitalization of $3.92 billion, a PE ratio of 102.51 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.76.
Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.01. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. During the same period last year, the business posted ($1.13) earnings per share. The business's revenue for the quarter was down 6.6% compared to the same quarter last year. As a group, analysts predict that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current year.
Cogent Communications Increases Dividend
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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a $0.995 dividend. This represents a $3.98 dividend on an annualized basis and a dividend yield of 4.98%. This is an increase from Cogent Communications's previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications's payout ratio is presently 505.13%.
Institutional Investors Weigh In On Cogent Communications
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp raised its position in shares of Cogent Communications by 1.3% in the third quarter. State Street Corp now owns 1,750,810 shares of the technology company's stock valued at $132,921,000 after buying an additional 22,738 shares in the last quarter. EdgePoint Investment Group Inc. raised its position in shares of Cogent Communications by 0.3% in the third quarter. EdgePoint Investment Group Inc. now owns 1,542,503 shares of the technology company's stock valued at $117,107,000 after buying an additional 5,307 shares in the last quarter. Harspring Capital Management LLC raised its position in shares of Cogent Communications by 6.0% in the second quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company's stock valued at $66,402,000 after buying an additional 66,500 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of Cogent Communications by 0.4% in the third quarter. Thrivent Financial for Lutherans now owns 1,039,458 shares of the technology company's stock valued at $78,916,000 after buying an additional 4,197 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Cogent Communications by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,014,322 shares of the technology company's stock valued at $77,021,000 after buying an additional 3,093 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
CCOI has been the subject of several analyst reports. Bank of America cut Cogent Communications from a "neutral" rating to an "underperform" rating and decreased their price objective for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. TD Cowen lifted their price target on Cogent Communications from $78.00 to $82.00 and gave the stock a "buy" rating in a report on Friday, August 9th. JPMorgan Chase & Co. lifted their price target on Cogent Communications from $70.00 to $76.00 and gave the stock a "neutral" rating in a report on Monday, August 12th. UBS Group initiated coverage on Cogent Communications in a report on Thursday, November 14th. They set a "buy" rating and a $102.00 price target for the company. Finally, KeyCorp lifted their price target on Cogent Communications from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Tuesday, August 27th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cogent Communications presently has a consensus rating of "Hold" and an average price target of $80.25.
View Our Latest Stock Analysis on Cogent Communications
Cogent Communications Company Profile
(
Get Free Report)
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.
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