Cogent Communications Holdings Inc (NASDAQ:CCOI) – SunTrust Banks issued their Q1 2019 EPS estimates for shares of Cogent Communications in a report released on Wednesday. SunTrust Banks analyst G. Miller forecasts that the technology company will post earnings per share of $0.23 for the quarter. SunTrust Banks has a “Hold” rating and a $43.00 price objective on the stock. SunTrust Banks also issued estimates for Cogent Communications’ Q2 2019 earnings at $0.24 EPS and Q3 2019 earnings at $0.27 EPS.
Cogent Communications (NASDAQ:CCOI) last issued 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 had a net margin of 3.37% and a negative return on equity of 23.86%. The business had revenue of $123.00 million for the quarter, compared to analysts’ expectations of $123.60 million. During the same quarter in the prior year, the business posted $0.08 earnings per share. The business’s revenue for the quarter was up 8.8% on a year-over-year basis.
A number of other equities analysts also recently issued reports on CCOI. Citigroup downgraded Cogent Communications from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $43.00 to $39.00 in a research note on Thursday, November 2nd. Raymond James Financial restated an “underperform” rating on shares of Cogent Communications in a research note on Friday, November 3rd. Jefferies Group raised their price target on Cogent Communications from $39.00 to $43.00 and gave the stock a “hold” rating in a research note on Friday, November 3rd. Wells Fargo & Company downgraded Cogent Communications from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $46.00 to $48.00 in a research note on Monday, October 9th. Finally, Zacks Investment Research downgraded Cogent Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. Cogent Communications presently has a consensus rating of “Hold” and an average price target of $43.77.
Shares of Cogent Communications (CCOI) traded up $1.52 on Friday, reaching $45.67. The company’s stock had a trading volume of 623,100 shares, compared to its average volume of 333,495. 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 has a 1-year low of $37.85 and a 1-year high of $54.85. The stock has a market cap of $2,028.91, a P/E ratio of 122.64, a price-to-earnings-growth ratio of 11.52 and a beta of 0.58.
The business also recently announced a quarterly dividend, which was paid on Monday, December 4th. Investors of record on Friday, November 17th were issued a $0.48 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $0.46. This represents a $1.92 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date of this dividend was Thursday, November 16th. Cogent Communications’s dividend payout ratio (DPR) is currently 533.33%.
In related news, VP Timothy G. Oneill sold 2,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $48.75, for a total value of $97,500.00. Following the transaction, the vice president now directly owns 39,052 shares of the company’s stock, valued at approximately $1,903,785. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Henry W. Kilmer sold 3,000 shares of the firm’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $44.54, for a total value of $133,620.00. Following the completion of the transaction, the vice president now directly owns 33,600 shares in the company, valued at $1,496,544. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,866 shares of company stock worth $734,703. 9.48% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Teachers Advisors LLC raised its holdings in Cogent Communications by 2.0% during the first quarter. Teachers Advisors LLC now owns 75,527 shares of the technology company’s stock valued at $3,251,000 after acquiring an additional 1,495 shares during the period. Aperio Group LLC raised its holdings in Cogent Communications by 1.1% during the second quarter. Aperio Group LLC now owns 9,168 shares of the technology company’s stock valued at $368,000 after acquiring an additional 99 shares during the period. Russell Investments Group Ltd. raised its holdings in Cogent Communications by 36.4% during the second quarter. Russell Investments Group Ltd. now owns 112,098 shares of the technology company’s stock valued at $4,496,000 after acquiring an additional 29,900 shares during the period. Municipal Employees Retirement System of Michigan raised its holdings in Cogent Communications by 4.0% during the second quarter. Municipal Employees Retirement System of Michigan now owns 9,670 shares of the technology company’s stock valued at $388,000 after acquiring an additional 370 shares during the period. Finally, Texas Permanent School Fund raised its holdings in Cogent Communications by 0.9% during the second quarter. Texas Permanent School Fund now owns 29,897 shares of the technology company’s stock valued at $1,199,000 after acquiring an additional 253 shares during the period. 95.62% of the stock is currently owned by institutional investors.
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About Cogent Communications
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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