Cogent Communications Holdings, Inc. (CCOI) to Issue Quarterly Dividend of $0.02 on December 8th

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) declared a quarterly dividend on Wednesday, November 5th. Shareholders of record on Friday, November 21st will be paid a dividend of 0.02 per share by the technology company on Monday, December 8th. This represents a c) annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, November 21st.

Cogent Communications has raised its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 14 consecutive years. Cogent Communications has a dividend payout ratio of -3.4% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Cogent Communications to earn ($2.63) per share next year, which means the company may not be able to cover its $0.08 annual dividend with an expected future payout ratio of -3.0%.

Cogent Communications Trading Up 7.1%

Shares of Cogent Communications stock opened at $19.81 on Wednesday. The firm’s 50 day moving average is $37.16 and its 200 day moving average is $42.54. The firm has a market capitalization of $973.09 million, a PE ratio of -4.36 and a beta of 0.77. Cogent Communications has a 1 year low of $15.96 and a 1 year high of $85.18. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 49.06.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 6th. The technology company reported ($0.87) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.15) by $0.28. The firm had revenue of $241.95 million for the quarter, compared to analyst estimates of $246.13 million. Cogent Communications had a negative net margin of 21.57% and a negative return on equity of 117.56%. The company’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter last year, the business posted ($1.33) earnings per share. Equities research analysts forecast that Cogent Communications will post -4.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction on Friday, September 5th. The shares were sold at an average price of $36.99, for a total transaction of $88,776.00. Following the transaction, the vice president directly owned 36,200 shares of the company’s stock, valued at $1,339,038. This represents a 6.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sheryl Lynn Kennedy sold 2,400 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $21.34, for a total transaction of $51,216.00. Following the completion of the sale, the director owned 10,012 shares of the company’s stock, valued at $213,656.08. The trade was a 19.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 6,800 shares of company stock worth $212,692 in the last quarter. 11.40% of the stock is owned by corporate insiders.

Institutional Trading of Cogent Communications

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AlphaQuest LLC bought a new position in Cogent Communications in the first quarter worth approximately $36,000. Quarry LP acquired a new position in shares of Cogent Communications during the third quarter worth approximately $27,000. Farther Finance Advisors LLC raised its position in shares of Cogent Communications by 297.8% during the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock worth $36,000 after purchasing an additional 554 shares during the period. Resources Management Corp CT ADV bought a new position in shares of Cogent Communications in the 1st quarter worth $48,000. Finally, Atlantic Union Bankshares Corp acquired a new stake in Cogent Communications in the 2nd quarter valued at $40,000. 92.45% of the stock is owned by institutional investors.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, 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.