Cogent Communications (NASDAQ:CCOI) Announces Earnings Results

Cogent Communications (NASDAQ:CCOIGet Rating) issued its earnings results on Thursday. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02, Briefing.com reports. 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 during the quarter, compared to analysts’ expectations of $150.68 million. During the same quarter in the prior year, the firm earned ($0.05) EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year.

Cogent Communications Price Performance

Shares of Cogent Communications stock traded down $3.15 on Friday, hitting $58.97. 340,119 shares of the company’s stock traded hands, compared to its average volume of 202,919. Cogent Communications has a one year low of $55.16 and a one year high of $80.50. The company has a fifty day moving average of $60.80 and a two-hundred day moving average of $62.28. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of 63.41 and a beta of 0.30.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 31st. Investors of record on Thursday, August 18th will be given a dividend of $0.905 per share. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.88. The ex-dividend date is Wednesday, August 17th. This represents a $3.62 annualized dividend and a dividend yield of 6.14%. Cogent Communications’s dividend payout ratio is presently 378.50%.

Insider Activity at Cogent Communications

In related news, Director Lewis H. Ferguson sold 950 shares of the company’s stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $60.72, for a total transaction of $57,684.00. Following the sale, the director now owns 12,887 shares in the company, valued at approximately $782,498.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $60.03, for a total value of $115,257.60. Following the transaction, the executive now owns 38,102 shares in the company, valued at $2,287,263.06. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Lewis H. Ferguson sold 950 shares of the firm’s stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $60.72, for a total value of $57,684.00. Following the completion of the transaction, the director now owns 12,887 shares in the company, valued at approximately $782,498.64. The disclosure for this sale can be found here. Insiders have sold a total of 10,120 shares of company stock worth $608,398 in the last 90 days. Corporate insiders own 11.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CCOI. Raymond James & Associates lifted its holdings in shares of Cogent Communications by 50.3% in the first quarter. Raymond James & Associates now owns 27,448 shares of the technology company’s stock valued at $1,821,000 after purchasing an additional 9,180 shares in the last quarter. Citigroup Inc. increased its position in shares of Cogent Communications by 6.8% during 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 last quarter. PNC Financial Services Group Inc. increased its position in shares of Cogent Communications by 31.2% during 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 last quarter. MetLife Investment Management LLC increased its position in shares of Cogent Communications by 47.9% during 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 last quarter. Finally, Panagora Asset Management Inc. increased its position in shares of Cogent Communications by 35.5% during 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 last quarter. Institutional investors own 86.06% of the company’s stock.

Wall Street Analyst Weigh In

CCOI has been the subject of a number of recent research reports. StockNews.com raised Cogent Communications from a “hold” rating to a “buy” rating in a report on Friday. TheStreet cut Cogent Communications from a “b-” rating to a “c” rating in a research note on Friday, April 29th. Finally, Citigroup decreased their price target on Cogent Communications from $73.00 to $70.00 in a research note on Monday, May 2nd. Two research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average 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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Earnings History for Cogent Communications (NASDAQ:CCOI)

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