Cogent Communications Holdings, Inc. (CCOI) Releases Earnings Results, Misses Estimates By $0.06 EPS
Cogent Communications Holdings, Inc. (NASDAQ:CCOI) announced its quarterly earnings data on Thursday. The technology company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.06), Bloomberg Earnings reports. Cogent Communications Holdings had a net margin of 3.37% and a negative return on equity of 23.86%. The firm had revenue of $123.00 million during the quarter, compared to the consensus estimate of $123.60 million. During the same period last year, the business earned $0.08 EPS. The business’s revenue was up 8.8% on a year-over-year basis.
Shares of Cogent Communications Holdings (NASDAQ:CCOI) opened at $42.60 on Friday. The company has a current ratio of 4.22, a quick ratio of 4.33 and a debt-to-equity ratio of -8.84. The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of 130.56, a PEG ratio of 10.12 and a beta of 0.65.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 4th. Shareholders of record on Friday, November 17th will be paid a $0.48 dividend. This is a boost from Cogent Communications Holdings’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $1.92 annualized dividend and a yield of 4.51%. Cogent Communications Holdings’s payout ratio is 511.11%.
In other Cogent Communications Holdings news, CFO Thaddeus Gerard Weed sold 2,250 shares of Cogent Communications Holdings stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $43.51, for a total value of $97,897.50. Following the completion of the sale, the chief financial officer now owns 72,650 shares in the company, valued at approximately $3,161,001.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Timothy G. Oneill sold 1,000 shares of Cogent Communications Holdings stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $46.60, for a total transaction of $46,600.00. Following the completion of the sale, the vice president now owns 41,052 shares of the company’s stock, valued at approximately $1,913,023.20. The disclosure for this sale can be found here. Insiders sold a total of 30,466 shares of company stock valued at $1,380,404 in the last quarter. Corporate insiders own 9.48% of the company’s stock.
A number of research analysts have recently commented on the stock. Off Wall Street assumed coverage on shares of Cogent Communications Holdings in a research report on Monday, July 31st. They issued a “sell” rating and a $29.00 price objective for the company. KeyCorp restated a “hold” rating on shares of Cogent Communications Holdings in a research note on Wednesday, October 11th. Cowen and Company restated a “hold” rating and set a $46.00 target price on shares of Cogent Communications Holdings in a research note on Friday, August 4th. Macquarie cut shares of Cogent Communications Holdings from a “neutral” rating to an “underperform” rating in a research note on Friday. Finally, Deutsche Bank AG restated a “buy” rating and set a $48.00 target price (up previously from $47.00) on shares of Cogent Communications Holdings in a research note on Friday, July 14th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $43.77.
Cogent Communications Holdings Company Profile
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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