Cogent Communications Holdings, Inc. (CCOI) Lowered to “Sell” at Zacks Investment Research
Zacks Investment Research cut shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) from a hold rating to a sell rating in a research report released on Friday morning.
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. “
CCOI has been the topic of several other reports. Citigroup Inc. raised their target price on shares of Cogent Communications Holdings from $44.00 to $47.00 and gave the stock a neutral rating in a report on Tuesday, April 25th. Royal Bank Of Canada reaffirmed a buy rating and set a $45.00 target price on shares of Cogent Communications Holdings in a report on Thursday, May 25th. Off Wall Street assumed coverage on shares of Cogent Communications Holdings in a report on Monday, July 31st. They set a sell rating and a $29.00 target price on the stock. BidaskClub cut shares of Cogent Communications Holdings from a hold rating to a sell rating in a report on Friday, June 23rd. Finally, Deutsche Bank AG reaffirmed a buy rating and set a $48.00 target price (up from $47.00) on shares of Cogent Communications Holdings in a report on Friday, July 14th. Three 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. The stock presently has an average rating of Hold and a consensus target price of $42.67.
Cogent Communications Holdings (CCOI) traded down 1.25% during midday trading on Friday, reaching $43.30. The company’s stock had a trading volume of 60,286 shares. The firm has a market cap of $1.93 billion, a P/E ratio of 127.35 and a beta of 0.74. The firm has a 50 day moving average price of $41.28 and a 200-day moving average price of $41.63. Cogent Communications Holdings has a 52 week low of $34.23 and a 52 week high of $45.25.
Cogent Communications Holdings (NASDAQ:CCOI) last announced its earnings results on Thursday, August 3rd. The technology company reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.02. Cogent Communications Holdings had a negative return on equity of 27.66% and a net margin of 3.39%. The business had revenue of $119.80 million for the quarter, compared to the consensus estimate of $120.23 million. During the same period in the prior year, the business posted $0.09 earnings per share. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. On average, analysts forecast that Cogent Communications Holdings will post $0.47 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 4.20%. This is a boost from Cogent Communications Holdings’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Wednesday, August 16th. Cogent Communications Holdings’s dividend payout ratio (DPR) is 488.89%.
In related news, VP Timothy G. Oneill sold 1,000 shares of Cogent Communications Holdings stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $41.95, for a total value of $41,950.00. Following the transaction, the vice president now directly owns 42,052 shares of the company’s stock, valued at $1,764,081.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 2,250 shares of Cogent Communications Holdings stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $41.20, for a total transaction of $92,700.00. Following the completion of the transaction, the chief financial officer now directly owns 77,150 shares in the company, valued at $3,178,580. The disclosure for this sale can be found here. Insiders sold 15,183 shares of company stock worth $617,248 over the last three months. 9.48% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of CCOI. LS Investment Advisors LLC raised its stake in shares of Cogent Communications Holdings by 74.2% in the first quarter. LS Investment Advisors LLC now owns 2,571 shares of the technology company’s stock worth $111,000 after buying an additional 1,095 shares in the last quarter. Glen Harbor Capital Management LLC raised its stake in shares of Cogent Communications Holdings by 36.5% in the first quarter. Glen Harbor Capital Management LLC now owns 2,828 shares of the technology company’s stock worth $122,000 after buying an additional 756 shares in the last quarter. Sei Investments Co. raised its stake in shares of Cogent Communications Holdings by 29.7% in the second quarter. Sei Investments Co. now owns 2,923 shares of the technology company’s stock worth $117,000 after buying an additional 670 shares in the last quarter. Elkfork Partners LLC raised its stake in shares of Cogent Communications Holdings by 36.5% in the first quarter. Elkfork Partners LLC now owns 3,434 shares of the technology company’s stock worth $148,000 after buying an additional 918 shares in the last quarter. Finally, Ameritas Investment Partners Inc. bought a new stake in shares of Cogent Communications Holdings during the first quarter worth $155,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.
Cogent Communications Holdings 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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