Cogent Communications (NASDAQ:CCOI) Trading Down 3.8%

Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Rating)’s share price dropped 3.8% during mid-day trading on Wednesday . The stock traded as low as $55.75 and last traded at $55.78. Approximately 4,581 shares were traded during trading, a decline of 98% from the average daily volume of 284,918 shares. The stock had previously closed at $57.99.

CCOI has been the subject of a number of research reports. Citigroup lowered their target price on Cogent Communications from $73.00 to $70.00 in a research note on Monday, May 2nd. StockNews.com upgraded Cogent Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, June 8th. Finally, TheStreet lowered Cogent Communications from a “b-” rating to a “c” rating in a research note on Friday, April 29th. Two investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. According to MarketBeat.com, Cogent Communications presently has an average rating of “Hold” and a consensus price target of $70.80.

The stock has a market cap of $2.75 billion, a P/E ratio of 90.61 and a beta of 0.31. The stock has a fifty day simple moving average of $61.57 and a 200-day simple moving average of $65.19.

Cogent Communications (NASDAQ:CCOIGet Rating) last issued its earnings results on Friday, April 29th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.18). Cogent Communications had a negative return on equity of 6.39% and a net margin of 5.15%. The company had revenue of $149.20 million for the quarter, compared to the consensus estimate of $149.10 million. During the same quarter last year, the business posted $0.41 EPS. Cogent Communications’s quarterly revenue was up 1.6% on a year-over-year basis. Equities analysts expect that Cogent Communications Holdings, Inc. will post 0.78 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 27th. Stockholders of record on Friday, May 13th were issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 6.14%. The ex-dividend date was Thursday, May 12th. This is a boost from Cogent Communications’s previous quarterly dividend of $0.86. Cogent Communications’s payout ratio is 550.01%.

In related news, Director Lewis H. Ferguson sold 950 shares of Cogent Communications stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $60.72, for a total value of $57,684.00. Following the sale, the director now owns 12,887 shares of the company’s stock, valued at approximately $782,498.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP John B. Chang sold 600 shares of the business’s stock in a transaction that occurred on Thursday, March 17th. The stock was sold at an average price of $62.96, for a total value of $37,776.00. The disclosure for this sale can be found here. Insiders have sold a total of 11,120 shares of company stock worth $673,574 in the last quarter. 11.00% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of the business. Offit Capital Advisors LLC increased its position in shares of Cogent Communications by 12.0% during the 1st quarter. Offit Capital Advisors LLC now owns 3,325 shares of the technology company’s stock worth $221,000 after purchasing an additional 355 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cogent Communications by 1.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 212,336 shares of the technology company’s stock worth $14,088,000 after acquiring an additional 2,602 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Cogent Communications by 20.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 408,751 shares of the technology company’s stock worth $27,121,000 after acquiring an additional 68,261 shares during the period. Avalon Investment & Advisory boosted its stake in shares of Cogent Communications by 12.5% during the 1st quarter. Avalon Investment & Advisory now owns 64,113 shares of the technology company’s stock worth $4,254,000 after acquiring an additional 7,116 shares during the period. Finally, Advisors Asset Management Inc. boosted its stake in shares of Cogent Communications by 4.6% during the 1st quarter. Advisors Asset Management Inc. now owns 217,841 shares of the technology company’s stock worth $14,454,000 after acquiring an additional 9,617 shares during the period. 86.06% of the stock is currently owned by hedge funds and other institutional investors.

Cogent Communications Company Profile (NASDAQ:CCOI)

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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