Cogent Communications Holdings Inc (NASDAQ:CCOI) declared a quarterly dividend on Wednesday, October 31st, NASDAQ reports. Investors of record on Friday, November 16th will be given a dividend of 0.56 per share by the technology company on Friday, November 30th. This represents a $2.24 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date is Thursday, November 15th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.54.
Cogent Communications has raised its dividend payment by an average of 15.4% per year over the last three years and has increased its dividend annually for the last 6 consecutive years. Cogent Communications has a payout ratio of 339.4% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Cogent Communications to earn $0.94 per share next year, which means the company may not be able to cover its $2.24 annual dividend with an expected future payout ratio of 238.3%.
Cogent Communications stock opened at $50.05 on Friday. Cogent Communications has a 1-year low of $35.75 and a 1-year high of $57.65. The company has a market capitalization of $2.40 billion, a P/E ratio of 131.71, a price-to-earnings-growth ratio of 9.79 and a beta of 0.61.
In other Cogent Communications news, VP Robert N. Beury, Jr. sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $53.95, for a total value of $161,850.00. Following the completion of the transaction, the vice president now directly owns 47,840 shares of the company’s stock, valued at approximately $2,580,968. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Tim Weingarten sold 2,500 shares of the firm’s stock in a transaction on Thursday, November 8th. The shares were sold at an average price of $51.01, for a total transaction of $127,525.00. Following the completion of the transaction, the director now directly owns 21,111 shares of the company’s stock, valued at $1,076,872.11. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,411 shares of company stock valued at $1,872,326. Insiders own 10.21% of the company’s stock.
CCOI has been the subject of a number of recent research reports. BidaskClub lowered shares of Cogent Communications from a “buy” rating to a “hold” rating in a research note on Saturday, September 22nd. William Blair reiterated an “outperform” rating on shares of Cogent Communications in a research note on Monday, October 8th. BTIG Research lowered shares of Cogent Communications from a “buy” rating to a “neutral” rating in a research note on Monday, October 8th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Cogent Communications from a “sell” rating to a “hold” rating and set a $61.00 price objective for the company in a research note on Monday, October 8th. Finally, Guggenheim reiterated a “hold” rating and issued a $47.00 price objective on shares of Cogent Communications in a research note on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $51.14.
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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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