Tim Weingarten Sells 2,822 Shares of Cogent Communications Group Inc. (CCOI) Stock
Cogent Communications Group Inc. (NASDAQ:CCOI) Director Tim Weingarten sold 2,822 shares of the firm’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $35.57, for a total transaction of $100,378.54. Following the completion of the sale, the director now owns 21,479 shares of the company’s stock, valued at approximately $764,008.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of Cogent Communications Group Inc. (NASDAQ:CCOI) opened at 36.24 on Thursday. Cogent Communications Group Inc. has a 12-month low of $25.84 and a 12-month high of $43.61. The company has a 50-day moving average of $36.58 and a 200-day moving average of $38.83. The stock has a market capitalization of $1.61 billion, a P/E ratio of 122.43 and a beta of 0.97.
Cogent Communications Group (NASDAQ:CCOI) last announced its earnings results on Thursday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.09. The firm earned $110 million during the quarter, compared to analyst estimates of $110.88 million. Cogent Communications Group had a net margin of 3.10% and a negative return on equity of 89.73%. Cogent Communications Group’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.02 EPS. Equities analysts expect that Cogent Communications Group Inc. will post $0.40 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, August 19th were given a dividend of $0.38 per share. This is a positive change from Cogent Communications Group’s previous quarterly dividend of $0.37. The ex-dividend date was Wednesday, August 17th. This represents a $1.52 annualized dividend and a dividend yield of 4.19%. Cogent Communications Group’s dividend payout ratio (DPR) is 506.67%.
Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Cogent Communications Group by 9.8% in the second quarter. Vanguard Group Inc. now owns 4,450,687 shares of the company’s stock valued at $178,294,000 after buying an additional 398,327 shares during the period. BlackRock Fund Advisors raised its position in Cogent Communications Group by 1.2% in the second quarter. BlackRock Fund Advisors now owns 2,776,255 shares of the company’s stock valued at $111,217,000 after buying an additional 34,267 shares during the period. Jennison Associates LLC raised its position in Cogent Communications Group by 1.2% in the second quarter. Jennison Associates LLC now owns 1,810,658 shares of the company’s stock valued at $72,535,000 after buying an additional 21,347 shares during the period. Renaissance Technologies LLC raised its position in Cogent Communications Group by 5.6% in the first quarter. Renaissance Technologies LLC now owns 1,597,900 shares of the company’s stock valued at $62,366,000 after buying an additional 84,400 shares during the period. Finally, Brown Advisory Inc. raised its position in Cogent Communications Group by 0.8% in the second quarter. Brown Advisory Inc. now owns 1,318,241 shares of the company’s stock valued at $52,809,000 after buying an additional 10,520 shares during the period. Institutional investors own 98.24% of the company’s stock.
Several brokerages recently commented on CCOI. Zacks Investment Research upgraded shares of Cogent Communications Group from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Monday, August 1st. Citigroup Inc. raised their price objective on shares of Cogent Communications Group from $40.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday, July 27th. Off Wall Street assumed coverage on shares of Cogent Communications Group in a research report on Monday, June 20th. They set a “sell” rating for the company. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $45.00 target price on shares of Cogent Communications Group in a research report on Wednesday, August 10th. Finally, Drexel Hamilton set a $44.00 target price on shares of Cogent Communications Group and gave the stock a “buy” rating in a research report on Friday, August 5th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $42.64.
About Cogent Communications Group
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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