Cogent Communications Holdings Inc (NASDAQ:CCOI) VP Raymond B. Kummer sold 2,440 shares of the stock in a transaction on Wednesday, May 22nd. The shares were 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 owns 46,800 shares in the company, valued at $2,733,120. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Cogent Communications stock traded down $1.35 during midday trading on Thursday, reaching $57.20. The company’s stock had a trading volume of 2,783 shares, compared to its average volume of 269,936. Cogent Communications Holdings Inc has a fifty-two week low of $42.40 and a fifty-two week high of $58.72. The stock has a market cap of $2.71 billion, a PE ratio of 90.67, a P/E/G ratio of 8.29 and a beta of 0.70.
Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, May 2nd. The technology company reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.01. Cogent Communications had a negative return on equity of 22.47% and a net margin of 5.92%. The company had revenue of $134.20 million for the quarter, compared to analysts’ expectations of $135.21 million. During the same period last year, the firm earned $0.15 earnings per share. Cogent Communications’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, analysts anticipate that Cogent Communications Holdings Inc will post 0.87 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a $0.60 dividend. The ex-dividend date is Thursday, May 16th. This is a boost from Cogent Communications’s previous quarterly dividend of $0.58. This represents a $2.40 dividend on an annualized basis and a yield of 4.20%. Cogent Communications’s dividend payout ratio (DPR) is currently 380.95%.
A number of institutional investors have recently bought and sold shares of the business. FMR LLC grew its holdings in shares of Cogent Communications by 33.2% during the first quarter. FMR LLC now owns 1,488,748 shares of the technology company’s stock worth $80,764,000 after buying an additional 370,945 shares during the last quarter. BlueMountain Capital Management LLC purchased a new position in shares of Cogent Communications during the first quarter worth about $42,000. CWM Advisors LLC purchased a new position in shares of Cogent Communications during the first quarter worth about $209,000. MIG Capital LLC grew its holdings in shares of Cogent Communications by 13.0% during the first quarter. MIG Capital LLC now owns 989,801 shares of the technology company’s stock worth $53,697,000 after buying an additional 113,801 shares during the last quarter. Finally, Zebra Capital Management LLC grew its holdings in shares of Cogent Communications by 5.3% during the first quarter. Zebra Capital Management LLC now owns 5,393 shares of the technology company’s stock worth $293,000 after buying an additional 271 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.
Several brokerages have recently issued reports on CCOI. Oppenheimer cut Cogent Communications from an “outperform” rating to a “market perform” rating in a research note on Friday, May 10th. BidaskClub upgraded Cogent Communications from a “hold” rating to a “buy” rating in a research note on Friday, May 10th. CIBC reiterated a “market perform” rating on shares of Cogent Communications in a research note on Friday, May 10th. Zacks Investment Research upgraded Cogent Communications from a “sell” rating to a “hold” rating in a research note on Monday, May 6th. Finally, Deutsche Bank cut Cogent Communications from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. Cogent Communications has a consensus rating of “Hold” and an average target price of $50.14.
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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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