Oppenheimer downgraded shares of Cogent Communications (NASDAQ:CCOI) from an outperform rating to a market perform rating in a research report report published on Friday morning, BenzingaRatingsTable reports.
Other equities research analysts also recently issued research reports about the company. ValuEngine raised Cogent Communications from a hold rating to a buy rating in a report on Thursday, March 14th. Zacks Investment Research raised Cogent Communications from a sell rating to a hold rating in a report on Monday, May 6th. Deutsche Bank downgraded Cogent Communications from a buy rating to a hold rating in a report on Thursday, May 2nd. BidaskClub raised Cogent Communications from a sell rating to a hold rating in a report on Tuesday, March 26th. Finally, Royal Bank of Canada lifted their target price on Cogent Communications from $48.00 to $50.00 and gave the stock a sector perform rating in a report on Monday, February 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $50.14.
Cogent Communications stock opened at $57.63 on Friday. Cogent Communications has a 52 week low of $42.40 and a 52 week high of $58.10. The stock has a market cap of $2.69 billion, a P/E ratio of 91.48, a PEG ratio of 8.23 and a beta of 0.70.
Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, May 2nd. The technology company reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. Cogent Communications had a negative return on equity of 22.47% and a net margin of 5.92%. The firm had revenue of $134.20 million during the quarter, compared to the consensus estimate of $135.21 million. During the same quarter in the previous year, the company posted $0.15 earnings per share. The company’s revenue was up 4.3% compared to the same quarter last year. Analysts expect that Cogent Communications will post 0.88 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be given a dividend of $0.60 per share. This is a boost from Cogent Communications’s previous quarterly dividend of $0.58. This represents a $2.40 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend is Thursday, May 16th. Cogent Communications’s dividend payout ratio (DPR) is currently 368.25%.
In related news, CFO Thaddeus Gerard Weed sold 5,000 shares of Cogent Communications stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $50.00, for a total transaction of $250,000.00. Following the completion of the transaction, the chief financial officer now directly owns 61,050 shares in the company, valued at $3,052,500. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Timothy G. Oneill sold 1,000 shares of Cogent Communications stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $50.00, for a total value of $50,000.00. Following the transaction, the vice president now owns 37,652 shares of the company’s stock, valued at $1,882,600. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,650 shares of company stock valued at $1,893,674. 10.17% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in CCOI. Norges Bank purchased a new position in Cogent Communications during the fourth quarter valued at approximately $21,046,000. Morgan Stanley raised its position in Cogent Communications by 353.3% during the third quarter. Morgan Stanley now owns 551,606 shares of the technology company’s stock valued at $30,780,000 after acquiring an additional 429,912 shares in the last quarter. WINTON GROUP Ltd increased its position in shares of Cogent Communications by 1,855.1% in the fourth quarter. WINTON GROUP Ltd now owns 440,481 shares of the technology company’s stock valued at $19,914,000 after buying an additional 417,951 shares in the last quarter. BlackRock Inc. increased its position in shares of Cogent Communications by 3.2% in the fourth quarter. BlackRock Inc. now owns 6,865,395 shares of the technology company’s stock valued at $310,385,000 after buying an additional 210,635 shares in the last quarter. Finally, TimesSquare Capital Management LLC increased its position in shares of Cogent Communications by 36.5% in the first quarter. TimesSquare Capital Management LLC now owns 701,570 shares of the technology company’s stock valued at $38,060,000 after buying an additional 187,725 shares in the last quarter. Institutional investors own 90.95% of the company’s stock.
Cogent Communications Company Profile
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.
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