Cogent Communications Holdings Inc (NASDAQ:CCOI) VP Raymond B. Kummer sold 3,000 shares of Cogent Communications stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $52.30, for a total transaction of $156,900.00. Following the transaction, the vice president now owns 46,440 shares of the company’s stock, valued at approximately $2,428,812. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Shares of NASDAQ:CCOI traded up $1.36 during trading on Thursday, reaching $52.82. The stock had a trading volume of 381,725 shares, compared to its average volume of 270,360. The firm has a market cap of $2.39 billion, a PE ratio of 83.84, a P/E/G ratio of 7.29 and a beta of 0.69. Cogent Communications Holdings Inc has a fifty-two week low of $41.60 and a fifty-two week high of $57.65.
Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, February 21st. The technology company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). The firm had revenue of $132.05 million during the quarter, compared to analyst estimates of $132.63 million. Cogent Communications had a net margin of 5.51% and a negative return on equity of 23.57%. The business’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.14) EPS. Equities analysts expect that Cogent Communications Holdings Inc will post 0.88 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 8th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date is Thursday, March 7th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.56. Cogent Communications’s payout ratio is currently 368.25%.
Several large investors have recently bought and sold shares of the company. MUFG Securities EMEA plc acquired a new position in Cogent Communications during the fourth quarter worth approximately $1,230,000. Geode Capital Management LLC increased its position in Cogent Communications by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 467,491 shares of the technology company’s stock worth $21,135,000 after purchasing an additional 27,584 shares during the last quarter. Norges Bank acquired a new position in Cogent Communications during the fourth quarter worth approximately $21,046,000. Amalgamated Bank acquired a new position in Cogent Communications during the fourth quarter worth approximately $297,000. Finally, Public Employees Retirement System of Ohio increased its position in Cogent Communications by 129.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 19,746 shares of the technology company’s stock worth $893,000 after purchasing an additional 11,157 shares during the last quarter. 89.38% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have issued reports on CCOI. ValuEngine upgraded shares of Cogent Communications from a “hold” rating to a “buy” rating in a research report on Thursday, March 14th. Royal Bank of Canada lifted their target price on shares of Cogent Communications from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research report on Monday, February 25th. Zacks Investment Research cut shares of Cogent Communications from a “buy” rating to a “sell” rating in a research report on Wednesday, February 20th. BidaskClub lowered shares of Cogent Communications from a “hold” rating to a “sell” rating in a research report on Friday, February 8th. Finally, Deutsche Bank raised shares of Cogent Communications from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research report on Monday, December 17th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $50.14.
About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.
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