Cogent Communications Group Inc. (CCOI) Shares Down 3.8%
Cogent Communications Group Inc. (NASDAQ:CCOI) dropped 3.8% during trading 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 topic of several research reports. Off Wall Street initiated coverage on shares of Cogent Communications Group in a research report on Monday, June 20th. They issued a “sell” rating on the stock. Zacks Investment Research cut shares of Cogent Communications Group from a “hold” rating to a “sell” rating in a research report on Wednesday, July 6th. Citigroup Inc. dropped their price target on shares of Cogent Communications Group from $45.00 to $41.00 and set a “neutral” rating on the stock in a research report on Friday, August 12th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $45.00 price target on shares of Cogent Communications Group in a research report on Wednesday, August 10th. Finally, JPMorgan Chase & Co. reiterated a “hold” rating and issued a $40.00 price target on shares of Cogent Communications Group in a research report on Friday, August 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. Cogent Communications Group has a consensus rating of “Hold” and a consensus price target of $42.64.
The firm has a market cap of $1.62 billion and a P/E ratio of 123.07. The firm’s 50-day moving average price is $40.75 and its 200 day moving average price is $38.57.
Cogent Communications Group (NASDAQ:CCOI) last announced its earnings results on Thursday, August 4th. The company reported $0.09 EPS for the quarter, hitting the consensus estimate of $0.09. The business had revenue of $110 million for the quarter, compared to the consensus estimate of $110.88 million. Cogent Communications Group’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.02 EPS. Analysts forecast that Cogent Communications Group Inc. will post $0.40 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 9th. Investors of record on Friday, August 19th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend is Wednesday, August 17th. This is a positive change from Cogent Communications Group’s previous quarterly dividend of $0.37.
In related news, CFO Thaddeus Gerard Weed sold 5,000 shares of the firm’s stock in a transaction dated Friday, June 3rd. The stock was sold at an average price of $40.07, for a total value of $200,350.00. Following the transaction, the chief financial officer now owns 94,250 shares in the company, valued at $3,776,597.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Henry W. Kilmer sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $42.15, for a total value of $42,150.00. The disclosure for this sale can be found here.
Other institutional investors have recently bought and sold shares of the company. Nationwide Fund Advisors boosted its position 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. boosted its position in 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 in the last quarter. BlackRock Advisors LLC boosted its position in 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 in the last quarter. Finally, Jennison Associates LLC boosted its position in 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 in the last quarter.
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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