Cogent Communications (NASDAQ: CCOI – RATED) will release its quarterly earnings figures before the market opens on Thursday, Nov. 3. Analysts expect the company to report earnings of $0.23 per share for the quarter. Parties interested in participating in the company conference call can do so using this link.
Cogent Communications (NASDAQ: CCOI – Get Rating) last reported quarterly earnings results on Thursday, Aug. 4. The tech company reported earnings per share of $0.24 for the quarter, beating the consensus estimate of $0.22 by $0.02. The company’s revenue for the quarter was $148.5 million, compared with the consensus estimate of $150.68 million. Cogent Communications had a net profit margin of 7.44% and a return on equity of 9.43%. Revenue from the business rose 0.4% compared to the same period last year. In the same period last year, the company reported earnings per share ($0.05). On average, analysts expect Cogent Communications to earn $1 a share this fiscal year and $1 a share next.
Persuasive Communications Stock Performance
CCOI stock opened Thursday at $51.33. Cogent Communications had a one-year low of $46.75 and a one-year high of $80.50. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 55.13, a price-to-earnings ratio of 4.02, and a beta of 0.34. The company’s 50-day moving average is $53.14 and its 200-day moving average is $58.26.
Cogent Communications increases dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 31. Shareholders of record on Thursday, August 18 received a dividend of $0.905. This was a boost from Cogent Communications’ previous quarterly dividend of $0.88. The ex-dividend date for this dividend is Wednesday, August 17. This translates to an annualized dividend of $3.62 and a dividend yield of 7.05%. Cogent Communications currently has a dividend payout ratio (DPR) of 389.25%.
In other news, Chief Financial Officer Thaddeus Gerard Weed sold 4,850 shares of the company in Friday, Sept. 9 trading. Shares sold at an average price of $52.35 for a total transaction value of $253,897.50. Following the sale, the CFO now owns 53,550 shares of the company, worth approximately $2,803,342.50. The sale was disclosed in a filing with the U.S. Securities and Exchange Commission, which can be accessed at this link. In other news, Chief Financial Officer Thaddeus Gerard Weed sold 4,850 shares of the company in Friday, Sept. 9 trading. Shares sold at an average price of $52.35 for a total transaction value of $253,897.50. Following the sale, the CFO now owns 53,550 shares of the company, worth approximately $2,803,342.50. The sale was disclosed in a filing with the U.S. Securities and Exchange Commission, which can be accessed at this link. In addition, director Lewis H. Ferguson sold 940 shares of the company in Monday, September 12 trading. The shares sold at an average price of $55.13 for a combined transaction value of $51,822.20. Following the sale, the director now owns 13,471 shares of the company, valued at approximately $742,656.23. Disclosures for this sale can be found here. Company insiders hold 11.00% of the company’s shares.
Hedge funds weigh persuasive communications
Large investors have recently revised their stock holdings. Walleye Capital LLC purchased a new position in Cogent Communications stock worth approximately $213,000 in the second quarter. Colony Group LLC increased its position in Cogent Communications by 13.1% in the second quarter. Colony Group LLC now owns 4,153 shares of the tech company’s stock, worth $252,000, after purchasing an additional 482 shares last quarter. PNC Financial Services Group Inc. increased its position in Cogent Communications by 31.2% in the first quarter. PNC Financial Services Group Inc. now owns 3,991 shares of the tech company’s stock, valued at $264,000, after buying an additional 950 shares in the previous quarter. Kingsview Wealth Management LLC purchased a new position at Cogent Communications for approximately $375,000 in the second quarter. Finally, Panagora Asset Management Inc. increased its position in Cogent Communications by 35.5% in the first quarter. Panagora Asset Management Inc. now owns 12,424 shares of the tech company’s stock, worth $824,000, after buying an additional 3,258 shares in the previous quarter. Hedge funds and other institutional investors own 86.84% of the company.
Wall Street analysts weigh in
A number of brokerages have recently released reports on CCOI. StockNews.com begins coverage of Cogent Communications stock in a report on Wednesday, October 12. They have a “hold” rating on the stock. Cowen lowered its price target on Cogent Communications stock to $62.00 in a report on Tuesday, Aug. 9. Credit Suisse downgraded Cogent Communications’ stock to “neutral” from “outperform” in a report on Tuesday, Oct. 11, and lowered its price target on the stock to $56.00 from $74.00. Finally, KeyCorp upgraded Cogent Communications’ stock from “Sector Weight” to “Overweight” in a report on Tuesday, Sept. 27, with a $64.00 share price target. Two investment analysts have a sell rating on the stock, two have issued a hold rating, and two have issued a buy rating. The stock currently has an average “hold” rating and an average price target of $65.14, according to MarketBeat.
Cogent Communications Company Profile
(get a rating)
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private networks and data center colocation space services in North America, Europe, Asia, South America, Australia and Africa. The company provides online Internet access and private network services to law firms, financial services companies, advertising and marketing companies, as well as health care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable companies . 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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