Cogent Communications Group Inc. (CCOI) Trading Down 3.8%
Cogent Communications Group Inc. (NASDAQ:CCOI)’s share price dropped 3.8% on Tuesday . The stock traded as low as $36.35 and last traded at $36.87, with a volume of 404,601 shares. The stock had previously closed at $38.33.
CCOI has been the subject of several research reports. Off Wall Street initiated coverage on shares of Cogent Communications Group in a research note on Monday, June 20th. They set a “sell” rating for the company. Zacks Investment Research downgraded Cogent Communications Group from a “hold” rating to a “sell” rating in a report on Wednesday, July 6th. Citigroup Inc. increased their price objective on Cogent Communications Group from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, July 27th. Drexel Hamilton set a $44.00 price objective on Cogent Communications Group and gave the company a “buy” rating in a report on Friday, August 5th. Finally, JPMorgan Chase & Co. reissued a “hold” rating and issued a $40.00 price objective on shares of Cogent Communications Group in a report on Friday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. Cogent Communications Group presently has an average rating of “Hold” and an average target price of $42.64.
The stock has a market capitalization of $1.65 billion and a P/E ratio of 124.97. The firm has a 50 day moving average price of $40.80 and a 200-day moving average price of $38.56.
Cogent Communications Group (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.09 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.09. During the same quarter in the prior year, the firm earned $0.02 EPS. The firm had revenue of $110 million for the quarter, compared to the consensus estimate of $110.88 million. The company’s revenue was up 11.3% compared to the same quarter last year. On average, analysts forecast that Cogent Communications Group Inc. will post $0.40 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Stockholders of record on Friday, August 19th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Wednesday, August 17th. This represents a $1.52 annualized dividend and a dividend yield of 4.11%. This is a boost from Cogent Communications Group’s previous quarterly dividend of $0.37.
In other news, VP Raymond B. Kummer sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $39.90, for a total transaction of $39,900.00. Following the completion of the sale, the vice president now owns 60,740 shares in the company, valued at $2,423,526. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Thaddeus Gerard Weed sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $40.07, for a total value of $200,350.00. Following the sale, the chief financial officer now owns 94,250 shares of the company’s stock, valued at approximately $3,776,597.50. The disclosure for this sale can be found here.
Several large investors have recently added to or reduced their stakes in the stock. Nationwide Fund Advisors increased its stake in Cogent Communications Group by 2.1% in the fourth quarter. Nationwide Fund Advisors now owns 30,387 shares of the company’s stock valued at $1,054,000 after buying an additional 622 shares in the last quarter. Suntrust Banks Inc. increased its stake in shares of Cogent Communications Group by 8.9% in the fourth quarter. Suntrust Banks Inc. now owns 69,840 shares of the company’s stock valued at $2,422,000 after buying an additional 5,720 shares during the period. Bank of Montreal Can increased its stake in shares of Cogent Communications Group by 22,554.4% in the fourth quarter. Bank of Montreal Can now owns 119,162 shares of the company’s stock valued at $4,133,000 after buying an additional 118,636 shares during the period. BlackRock Advisors LLC increased its stake in shares of Cogent Communications Group by 1,576.1% in the fourth quarter. BlackRock Advisors LLC now owns 479,040 shares of the company’s stock valued at $16,618,000 after buying an additional 450,460 shares during the period. Finally, Jennison Associates LLC increased its stake in shares of Cogent Communications Group by 82.6% in the fourth quarter. Jennison Associates LLC now owns 1,376,835 shares of the company’s stock valued at $47,762,000 after buying an additional 622,688 shares during the period.
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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