Cogent Communications Group Inc. (CCOI) Downgraded by Zacks Investment Research
Cogent Communications Group Inc. (NASDAQ:CCOI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “Cogent Communications Holdings Inc. specializes in providing businesses with high speed Internet access, Ethernet transport, and colocation services. It offers on-net Internet access services to bandwidth-intensive users and on-net services in carrier-neutral co-location facilities, company controlled data centers, and single-tenant office buildings. In addition, it offers off-net services to businesses that are connected to its network primarily by means of ‘last mile’ access service lines obtained from other carriers primarily in the form of point-to-point carrier Ethernet, TDM, POS, SDH, and/or carrier Ethernet circuits. Cogent Communications Holdings Inc., formerly known as Cogent Communications Group, Inc., is headquartered in Washington, the District of Columbia. “
Other analysts have also recently issued research reports about the stock. Drexel Hamilton set a $44.00 price objective on shares of Cogent Communications Group and gave the company a “buy” rating in a research note on Friday, August 5th. TheStreet raised shares of Cogent Communications Group from a “hold” rating to a “buy” rating in a research note on Thursday, August 4th. BTIG Research reissued a “buy” rating and issued a $43.00 price target on shares of Cogent Communications Group in a research note on Monday, August 8th. Jefferies Group reissued a “hold” rating on shares of Cogent Communications Group in a research note on Saturday, August 6th. Finally, JPMorgan Chase & Co. reissued a “hold” rating and issued a $40.00 price target on shares of Cogent Communications Group in a research note on Friday, August 5th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $42.70.
Shares of Cogent Communications Group (NASDAQ:CCOI) traded down 1.59% during trading on Wednesday, reaching $34.75. 338,084 shares of the company were exchanged. The stock has a market capitalization of $1.55 billion, a P/E ratio of 117.40 and a beta of 0.98. Cogent Communications Group has a 1-year low of $28.66 and a 1-year high of $43.61. The firm has a 50-day moving average price of $36.24 and a 200-day moving average price of $38.83.
Cogent Communications Group (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. Cogent Communications Group had a net margin of 3.10% and a negative return on equity of 89.73%. The company earned $110 million during the quarter, compared to analysts’ expectations of $110.88 million. During the same quarter in the prior year, the company earned $0.02 EPS. Cogent Communications Group’s revenue was up 11.3% compared to the same quarter last year. Equities research analysts predict that Cogent Communications Group will post $0.40 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, August 19th were issued a dividend of $0.38 per share. The ex-dividend date was Wednesday, August 17th. This is a positive change from Cogent Communications Group’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a yield of 4.30%. Cogent Communications Group’s dividend payout ratio is 506.67%.
In other Cogent Communications Group news, VP Timothy G. Oneill sold 1,000 shares of the stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $36.78, for a total transaction of $36,780.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Tim Weingarten sold 2,822 shares of the stock in a transaction that occurred on Friday, September 16th. The stock was sold at an average price of $35.57, for a total transaction of $100,378.54. Following the sale, the director now owns 21,479 shares in the company, valued at $764,008.03. The disclosure for this sale can be found here. Company insiders own 9.17% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Texas Permanent School Fund acquired a new stake in Cogent Communications Group during the first quarter worth about $1,284,000. Aperio Group LLC raised its stake in shares of Cogent Communications Group by 8.0% in the first quarter. Aperio Group LLC now owns 9,508 shares of the company’s stock worth $371,000 after buying an additional 706 shares during the last quarter. Teachers Advisors Inc. raised its stake in shares of Cogent Communications Group by 1.2% in the first quarter. Teachers Advisors Inc. now owns 81,124 shares of the company’s stock worth $3,166,000 after buying an additional 928 shares during the last quarter. Prudential Financial Inc. purchased a new stake in shares of Cogent Communications Group during the first quarter worth $3,887,000. Finally, BlackRock Inc. raised its stake in shares of Cogent Communications Group by 115.5% in the first quarter. BlackRock Inc. now owns 3,205 shares of the company’s stock worth $126,000 after buying an additional 1,718 shares during the last quarter. Institutional investors own 98.24% of the company’s stock.
Cogent Communications Group Company Profile
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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