Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) shares were up 7% during mid-day trading on Tuesday . The stock traded as high as $54.73 and last traded at $54.69. Approximately 18,135 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 376,769 shares. The stock had previously closed at $51.09.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on CCOI shares. StockNews.com lowered Cogent Communications from a "buy" rating to a "hold" rating in a research note on Saturday, August 13th. Credit Suisse Group decreased their price objective on Cogent Communications to $74.00 in a report on Tuesday, August 9th. Cowen decreased their price objective on Cogent Communications to $62.00 in a report on Tuesday, August 9th. Finally, KeyCorp upgraded Cogent Communications from a "sector weight" rating to an "overweight" rating and set a $64.00 price objective for the company in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $67.71.
Get Cogent Communications alerts:Cogent Communications Price Performance
The company has a fifty day moving average of $57.25 and a 200-day moving average of $60.20. The firm has a market cap of $2.58 billion, a P/E ratio of 58.41, a P/E/G ratio of 4.11 and a beta of 0.36.
Cogent Communications (NASDAQ:CCOI – Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. Cogent Communications had a negative return on equity of 9.43% and a net margin of 7.44%. The business had revenue of $148.50 million during the quarter, compared to the consensus estimate of $150.68 million. During the same quarter in the prior year, the company posted ($0.05) earnings per share. Cogent Communications's revenue was up .4% compared to the same quarter last year. On average, sell-side analysts expect that Cogent Communications Holdings, Inc. will post 0.8 EPS for the current fiscal year.Cogent Communications Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Thursday, August 18th were issued a dividend of $0.905 per share. The ex-dividend date was Wednesday, August 17th. This represents a $3.62 annualized dividend and a yield of 6.74%. This is an increase from Cogent Communications's previous quarterly dividend of $0.88. Cogent Communications's dividend payout ratio is 389.25%.
Insider Buying and Selling
In other Cogent Communications news, Director Lewis H. Ferguson sold 940 shares of the company's stock in a transaction on Monday, September 12th. The stock was sold at an average price of $55.13, for a total value of $51,822.20. Following the completion of the transaction, the director now owns 13,471 shares in the company, valued at approximately $742,656.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cogent Communications news, Director Lewis H. Ferguson sold 940 shares of Cogent Communications stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $55.13, for a total value of $51,822.20. Following the sale, the director now owns 13,471 shares of the company's stock, valued at $742,656.23. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $52.35, for a total transaction of $253,897.50. Following the completion of the sale, the chief financial officer now directly owns 53,550 shares in the company, valued at approximately $2,803,342.50. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by corporate insiders.
Institutional Trading of Cogent Communications
Hedge funds have recently added to or reduced their stakes in the stock. Hennion & Walsh Asset Management Inc. raised its position in Cogent Communications by 37.3% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 15,273 shares of the technology company's stock worth $1,013,000 after acquiring an additional 4,146 shares during the period. Advisor Group Holdings Inc. raised its position in shares of Cogent Communications by 6.5% in the first quarter. Advisor Group Holdings Inc. now owns 22,051 shares of the technology company's stock valued at $2,627,000 after purchasing an additional 1,354 shares during the period. Swiss National Bank raised its position in shares of Cogent Communications by 7.5% in the first quarter. Swiss National Bank now owns 101,400 shares of the technology company's stock valued at $6,728,000 after purchasing an additional 7,100 shares during the period. Harber Asset Management LLC raised its position in shares of Cogent Communications by 150.4% in the first quarter. Harber Asset Management LLC now owns 76,620 shares of the technology company's stock valued at $5,084,000 after purchasing an additional 46,020 shares during the period. Finally, MQS Management LLC bought a new stake in shares of Cogent Communications in the first quarter valued at approximately $281,000. Institutional investors own 86.84% of the company's stock.
Cogent Communications Company Profile
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Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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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