Cogent Communications Holdings, Inc. (NASDAQ:CCOI) announced a quarterly dividend on Wednesday, April 28th, Zacks reports. Shareholders of record on Friday, May 14th will be given a dividend of 0.78 per share by the technology company on Friday, May 28th. This represents a $3.12 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date of this dividend is Thursday, May 13th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.76.
Cogent Communications has raised its dividend payment by 54.2% over the last three years and has increased its dividend every year for the last 8 years. Cogent Communications has a dividend payout ratio of 318.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Cogent Communications to earn $1.06 per share next year, which means the company may not be able to cover its $3.12 annual dividend with an expected future payout ratio of 294.3%.
Shares of CCOI stock traded down $0.13 during trading hours on Wednesday, reaching $76.74. The stock had a trading volume of 1,277 shares, compared to its average volume of 324,829. The firm has a market capitalization of $3.65 billion, a PE ratio of 178.77, a price-to-earnings-growth ratio of 7.46 and a beta of 0.10. The firm has a 50-day simple moving average of $70.48 and a 200-day simple moving average of $62.21. Cogent Communications has a twelve month low of $53.20 and a twelve month high of $90.96.
In other Cogent Communications news, VP Timothy G. Oneill sold 1,200 shares of the business’s stock in a transaction dated Friday, March 5th. The stock was sold at an average price of $57.78, for a total value of $69,336.00. Following the transaction, the vice president now owns 40,000 shares in the company, valued at $2,311,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Timothy G. Oneill sold 4,000 shares of the company’s stock in a transaction dated Friday, March 12th. The stock was sold at an average price of $63.30, for a total value of $253,200.00. Following the completion of the transaction, the vice president now directly owns 36,000 shares in the company, valued at $2,278,800. The disclosure for this sale can be found here. Insiders sold 11,252 shares of company stock valued at $715,975 over the last three months. 10.71% of the stock is owned by insiders.
CCOI has been the subject of several recent analyst reports. Moffett Nathanson raised Cogent Communications from a “neutral” rating to a “buy” rating and increased their price target for the stock from $63.00 to $69.00 in a research note on Wednesday, February 3rd. Oppenheimer upgraded shares of Cogent Communications from a “market perform” rating to an “outperform” rating and set a $90.00 price objective on the stock in a research note on Thursday, May 6th. Credit Suisse Group raised Cogent Communications from a “neutral” rating to an “outperform” rating and increased their price target for the company from $70.00 to $93.00 in a research note on Monday. Royal Bank of Canada raised Cogent Communications from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $70.00 to $84.00 in a research note on Sunday. Finally, Zacks Investment Research raised Cogent Communications from a “strong sell” rating to a “hold” rating and set a $75.00 target price on the stock in a research report on Wednesday, April 28th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $83.13.
Cogent Communications Company Profile
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, 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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