Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Declares Quarterly Dividend of $0.91

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

Cogent Communications has a 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 research 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 opened at $58.97 on Friday. Cogent Communications has a fifty-two week low of $55.16 and a fifty-two week high of $80.50. The firm’s 50 day moving average price is $60.80 and its 200 day moving average price is $62.28. The company has a market cap of $2.83 billion, a P/E ratio of 63.41 and a beta of 0.30.

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

Insider Activity

In other news, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $59.20, for a total value of $142,080.00. Following the completion of the transaction, the vice president now owns 33,600 shares in the company, valued at approximately $1,989,120. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $59.20, for a total value of $142,080.00. Following the completion of the transaction, the vice president now owns 33,600 shares in the company, valued at approximately $1,989,120. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction on Wednesday, June 1st. The shares were 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 owns 38,102 shares of the company’s stock, valued at approximately $2,287,263.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,120 shares of company stock worth $608,398. Corporate insiders own 11.00% of the company’s stock.

Institutional Trading of Cogent Communications

Institutional investors and hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its position in Cogent Communications by 31.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,991 shares of the technology company’s stock valued at $264,000 after purchasing an additional 950 shares during the last quarter. Panagora Asset Management Inc. raised its position in Cogent Communications by 35.5% in the 1st quarter. Panagora Asset Management Inc. now owns 12,424 shares of the technology company’s stock valued at $824,000 after purchasing an additional 3,258 shares during the last quarter. Eaton Vance Management raised its position in Cogent Communications by 32.2% in the 1st quarter. Eaton Vance Management now owns 12,500 shares of the technology company’s stock valued at $829,000 after purchasing an additional 3,048 shares during the last quarter. UBS Group AG raised its position in Cogent Communications by 313.8% in the 1st quarter. UBS Group AG now owns 14,651 shares of the technology company’s stock valued at $972,000 after purchasing an additional 11,110 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Cogent Communications in the 1st quarter valued at $1,073,000. Hedge funds and other institutional investors own 86.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on CCOI shares. StockNews.com upgraded shares of Cogent Communications from a “hold” rating to a “buy” rating in a report on Friday. TheStreet cut shares of Cogent Communications from a “b-” rating to a “c” rating in a report on Friday, April 29th. Finally, Citigroup lowered their price target on shares of Cogent Communications from $73.00 to $70.00 in a report on Monday, May 2nd. Two investment analysts have rated the stock with a sell rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target 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.

See Also

Dividend History for Cogent Communications (NASDAQ:CCOI)

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