Cogent Communications Holdings, Inc. (CCOI) Trading Up 5%
Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was up 5% during mid-day trading on Tuesday . The company traded as high as $45.80 and last traded at $44.75. Approximately 831,059 shares traded hands during mid-day trading, an increase of 103% from the average daily volume of 409,999 shares. The stock had previously closed at $42.60.
A number of equities research analysts have issued reports on CCOI shares. Citigroup Inc. lowered shares of Cogent Communications Holdings from a “neutral” rating to a “sell” rating and cut their price target for the stock from $43.00 to $39.00 in a report on Thursday, November 2nd. Raymond James Financial, Inc. reissued an “underperform” rating on shares of Cogent Communications Holdings in a report on Friday. BidaskClub lowered shares of Cogent Communications Holdings from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Jefferies Group LLC raised their price target on shares of Cogent Communications Holdings from $39.00 to $43.00 and gave the stock a “hold” rating in a report on Friday. Finally, Royal Bank Of Canada raised their price target on shares of Cogent Communications Holdings from $45.00 to $48.00 and gave the stock an “outperform” rating in a report on Monday, August 7th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $43.77.
The company has a market capitalization of $2,080.00, 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 current ratio of 4.22, a quick ratio of 4.22 and a debt-to-equity ratio of -8.84.
Cogent Communications Holdings (NASDAQ:CCOI) last announced its earnings results on Thursday, November 2nd. The technology company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $123.60 million. During the same period in the previous year, the firm posted $0.08 EPS. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. analysts forecast that Cogent Communications Holdings, Inc. will post 0.4 EPS for the current year.
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 dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $1.92 annualized dividend and a yield of 4.17%. This is a positive change from Cogent Communications Holdings’s previous quarterly dividend of $0.46. Cogent Communications Holdings’s payout ratio is presently 525.71%.
In related news, VP Raymond B. Kummer sold 2,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $45.78, for a total transaction of $91,560.00. Following the sale, the vice president now owns 59,140 shares of the company’s stock, valued at $2,707,429.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Raymond B. Kummer sold 4,000 shares of the business’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $46.62, for a total transaction of $186,480.00. Following the sale, the vice president now directly owns 53,340 shares in the company, valued at approximately $2,486,710.80. The disclosure for this sale can be found here. Insiders have sold 18,216 shares of company stock worth $850,007 in the last three months. 9.48% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of CCOI. BlackRock Inc. boosted its stake in Cogent Communications Holdings by 125,208.8% during the first quarter. BlackRock Inc. now owns 4,955,963 shares of the technology company’s stock worth $213,356,000 after acquiring an additional 4,952,008 shares in the last quarter. River Road Asset Management LLC raised its holdings in Cogent Communications Holdings by 215.9% in the third quarter. River Road Asset Management LLC now owns 693,363 shares of the technology company’s stock worth $33,905,000 after buying an additional 473,909 shares during the last quarter. Jennison Associates LLC raised its holdings in Cogent Communications Holdings by 25.3% in the third quarter. Jennison Associates LLC now owns 2,340,837 shares of the technology company’s stock worth $114,467,000 after buying an additional 473,088 shares during the last quarter. Copeland Capital Management LLC purchased a new position in Cogent Communications Holdings in the second quarter worth about $10,759,000. Finally, First Trust Advisors LP raised its holdings in Cogent Communications Holdings by 23.0% in the second quarter. First Trust Advisors LP now owns 1,413,588 shares of the technology company’s stock worth $56,685,000 after buying an additional 264,597 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.
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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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