Cogent Communications Holdings, Inc. (CCOI) to Issue Quarterly Dividend of $0.91 on August 31st

Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Rating) announced a quarterly dividend on Thursday, August 4th, Zacks reports. Stockholders of record on Thursday, August 18th will be given a dividend of 0.905 per share by the technology company on Wednesday, August 31st. This represents a $3.62 annualized dividend and a dividend yield of 6.14%. The ex-dividend date is Wednesday, August 17th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.88.

Cogent Communications has a dividend payout ratio of 306.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Cogent Communications to earn $1.27 per share next year, which means the company may not be able to cover its $3.52 annual dividend with an expected future payout ratio of 277.2%.

Cogent Communications Stock Down 5.1 %

Shares of CCOI stock traded down $3.15 during mid-day trading on Friday, hitting $58.97. 340,119 shares of the company’s stock were exchanged, compared to its average volume of 202,919. Cogent Communications has a fifty-two week low of $55.16 and a fifty-two week high of $80.50. The stock has a 50-day simple moving average of $60.80 and a two-hundred day simple moving average of $62.28. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of 63.41 and a beta of 0.30.

Cogent Communications (NASDAQ:CCOIGet Rating) last posted its quarterly earnings data on Thursday, August 4th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. Cogent Communications had a negative return on equity of 9.80% and a net margin of 7.44%. The business had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $150.68 million. During the same quarter last year, the firm earned ($0.05) earnings per share. The business’s revenue was up .4% on a year-over-year basis. As a group, analysts anticipate that Cogent Communications will post 0.78 earnings per share for the current fiscal year.

Insider Buying and Selling at Cogent Communications

In other news, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $59.20, for a total transaction of $142,080.00. Following the completion of the sale, the vice president now directly owns 33,600 shares in the company, valued at $1,989,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $60.03, for a total transaction of $115,257.60. Following the completion of the sale, the executive now directly owns 38,102 shares in the company, valued at $2,287,263.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $59.20, for a total value of $142,080.00. Following the sale, the vice president now owns 33,600 shares of the company’s stock, valued at $1,989,120. The disclosure for this sale can be found here. Insiders have sold 10,120 shares of company stock valued at $608,398 over the last three months. 11.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cogent Communications

A number of hedge funds have recently bought and sold shares of CCOI. Raymond James & Associates grew its stake in Cogent Communications by 50.3% in the first quarter. Raymond James & Associates now owns 27,448 shares of the technology company’s stock worth $1,821,000 after purchasing an additional 9,180 shares in the last quarter. Citigroup Inc. boosted its stake in Cogent Communications by 6.8% in the first quarter. Citigroup Inc. now owns 51,289 shares of the technology company’s stock valued at $3,402,000 after acquiring an additional 3,265 shares during the period. PNC Financial Services Group Inc. boosted its stake in Cogent Communications by 31.2% in the first quarter. PNC Financial Services Group Inc. now owns 3,991 shares of the technology company’s stock valued at $264,000 after acquiring an additional 950 shares during the period. MetLife Investment Management LLC boosted its stake in Cogent Communications by 47.9% in the first quarter. MetLife Investment Management LLC now owns 22,270 shares of the technology company’s stock valued at $1,478,000 after acquiring an additional 7,213 shares during the period. Finally, Panagora Asset Management Inc. boosted its stake in Cogent Communications by 35.5% in the first quarter. Panagora Asset Management Inc. now owns 12,424 shares of the technology company’s stock valued at $824,000 after acquiring an additional 3,258 shares during the period. 86.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Citigroup cut their target price on Cogent Communications from $73.00 to $70.00 in a research report on Monday, May 2nd. StockNews.com raised Cogent Communications from a “hold” rating to a “buy” rating in a research report on Friday. Finally, TheStreet lowered Cogent Communications from a “b-” rating to a “c” rating in a research report on Friday, April 29th. Two equities research analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Cogent Communications currently has an average rating of “Hold” and a consensus target price of $70.80.

About Cogent Communications

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Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, Web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.

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Dividend History for Cogent Communications (NASDAQ:CCOI)

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