Cogent Communications (NASDAQ:CCOI – Get 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
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
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.
- Get a free copy of the StockNews.com research report on Cogent Communications (CCOI)
- MarketBeat: Week in Review 8/1 – 8/5
- How to Use High Beta Stocks to Maximize Your Investing Profits
- Cronos Group Inc’s Revenues Are Up, Is It Time to Buy?
- Why Apple Could Be At All-Time Highs By Year End
- Beyond Meat Is Not Beyond Hope, And It’s Cheap
Receive News & Ratings for Cogent Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cogent Communications and related companies with MarketBeat.com's FREE daily email newsletter.