Cogent Communications Holdings, Inc. (CCOI) Lowered to “Hold” at SunTrust Banks, Inc.
SunTrust Banks, Inc. downgraded shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) from a buy rating to a hold rating in a research report released on Friday morning. The firm currently has $43.00 price objective on the technology company’s stock. SunTrust Banks also issued estimates for Cogent Communications Holdings’ Q4 2017 earnings at $0.14 EPS, FY2017 earnings at $0.41 EPS, Q1 2018 earnings at $0.16 EPS, Q2 2018 earnings at $0.16 EPS, Q3 2018 earnings at $0.18 EPS, Q4 2018 earnings at $0.21 EPS and FY2018 earnings at $0.72 EPS.
Several other equities research analysts also recently commented on CCOI. Royal Bank Of Canada upped their target price on Cogent Communications Holdings from $45.00 to $48.00 and gave the company an outperform rating in a report on Monday, August 7th. Cowen and Company reaffirmed a hold rating and set a $42.00 target price on shares of Cogent Communications Holdings in a report on Friday, July 28th. Zacks Investment Research downgraded Cogent Communications Holdings from a hold rating to a sell rating in a report on Friday, August 4th. BidaskClub downgraded Cogent Communications Holdings from a buy rating to a hold rating in a report on Friday, August 4th. Finally, Citigroup Inc. downgraded Cogent Communications Holdings from a neutral rating to a sell rating and reduced their target price for the company from $43.00 to $39.00 in a report on Thursday. Five analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $43.77.
Shares of Cogent Communications Holdings (NASDAQ:CCOI) traded up $2.15 during midday trading on Friday, hitting $44.75. The stock had a trading volume of 872,362 shares, compared to its average volume of 390,527. Cogent Communications Holdings has a twelve month low of $35.75 and a twelve month high of $54.85. The stock has a market capitalization of $2,060.00, a P/E ratio of 118.33, a price-to-earnings-growth ratio of 10.53 and a beta of 0.65. The company has a debt-to-equity ratio of -8.84, a quick ratio of 4.22 and a current ratio of 4.22.
Cogent Communications Holdings (NASDAQ:CCOI) last announced its earnings results on Thursday, November 2nd. The technology company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.06). Cogent Communications Holdings had a net margin of 3.37% and a negative return on equity of 23.86%. The company had revenue of $123.00 million for the quarter, compared to analysts’ expectations of $123.60 million. During the same period in the prior year, the company earned $0.08 earnings per share. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. research analysts anticipate that Cogent Communications Holdings will post 0.4 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 4th. Investors of record on Friday, November 17th will be paid a $0.48 dividend. This is an increase from Cogent Communications Holdings’s previous quarterly dividend of $0.46. This represents a $1.92 annualized dividend and a yield of 4.29%. The ex-dividend date of this dividend is Thursday, November 16th. Cogent Communications Holdings’s dividend payout ratio is currently 525.71%.
In other Cogent Communications Holdings news, VP Raymond B. Kummer sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $45.78, for a total value of $91,560.00. Following the transaction, the vice president now directly owns 59,140 shares of the company’s stock, valued at approximately $2,707,429.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Thaddeus Gerard Weed sold 3,000 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $47.03, for a total value of $141,090.00. Following the completion of the transaction, the chief financial officer now directly owns 69,650 shares in the company, valued at $3,275,639.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,216 shares of company stock worth $850,007. Insiders own 9.48% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Flinton Capital Management LLC increased its position in Cogent Communications Holdings by 63.4% in the 2nd quarter. Flinton Capital Management LLC now owns 2,640 shares of the technology company’s stock worth $106,000 after purchasing an additional 1,024 shares during the last quarter. Sei Investments Co. increased its position in Cogent Communications Holdings by 29.7% in the 2nd quarter. Sei Investments Co. now owns 2,923 shares of the technology company’s stock worth $117,000 after purchasing an additional 670 shares during the last quarter. Pacad Investment Ltd. acquired a new position in Cogent Communications Holdings in the 2nd quarter worth about $140,000. PNC Financial Services Group Inc. increased its position in Cogent Communications Holdings by 1,919.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,776 shares of the technology company’s stock worth $151,000 after purchasing an additional 3,589 shares during the last quarter. Finally, Riverhead Capital Management LLC increased its position in Cogent Communications Holdings by 66.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,163 shares of the technology company’s stock worth $167,000 after purchasing an additional 1,663 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors.
About Cogent Communications Holdings
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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