Cogent Communications (CCOI) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

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Cogent Communications (NASDAQ:CCOI) announced its earnings results on Thursday. The technology company reported $0.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01, MarketWatch Earnings reports. Cogent Communications had a net margin of 5.51% and a negative return on equity of 23.57%. The business had revenue of $134.20 million during the quarter, compared to analysts’ expectations of $135.21 million. During the same quarter in the prior year, the company posted $0.15 earnings per share. The firm’s revenue was up 4.3% on a year-over-year basis.

NASDAQ CCOI opened at $54.94 on Friday. Cogent Communications has a 1 year low of $42.40 and a 1 year high of $57.92. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 87.21, a PEG ratio of 7.81 and a beta of 0.70.

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be given a dividend of $0.60 per share. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.58. This represents a $2.40 annualized dividend and a yield of 4.37%. The ex-dividend date is Thursday, May 16th. Cogent Communications’s dividend payout ratio is 368.25%.

Several research analysts recently commented on CCOI shares. Zacks Investment Research upgraded shares of Cogent Communications from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a report on Monday, January 7th. BidaskClub cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a report on Friday, February 8th. ValuEngine cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a report on Wednesday, January 30th. Royal Bank of Canada increased their target price on shares of Cogent Communications from $48.00 to $50.00 and gave the stock a “sector perform” rating in a report on Monday, February 25th. Finally, Deutsche Bank cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three 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 $50.14.

In other Cogent Communications news, VP Timothy G. Oneill sold 2,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $48.96, for a total transaction of $97,920.00. Following the sale, the vice president now directly owns 35,652 shares of the company’s stock, valued at $1,745,521.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Timothy G. Oneill sold 1,000 shares of the stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $50.00, for a total transaction of $50,000.00. Following the completion of the transaction, the vice president now directly owns 37,652 shares in the company, valued at $1,882,600. The disclosure for this sale can be found here. Insiders have sold 24,150 shares of company stock worth $1,229,209 over the last ninety days. Insiders own 10.17% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of CCOI. Norges Bank bought a new position in shares of Cogent Communications in the fourth quarter valued at about $21,046,000. Morgan Stanley raised its position in shares of Cogent Communications by 353.3% in the third quarter. Morgan Stanley now owns 551,606 shares of the technology company’s stock valued at $30,780,000 after purchasing an additional 429,912 shares during the period. WINTON GROUP Ltd raised its position in shares of Cogent Communications by 1,855.1% in the fourth quarter. WINTON GROUP Ltd now owns 440,481 shares of the technology company’s stock valued at $19,914,000 after purchasing an additional 417,951 shares during the period. BlackRock Inc. raised its position in shares of Cogent Communications by 3.2% in the fourth quarter. BlackRock Inc. now owns 6,865,395 shares of the technology company’s stock valued at $310,385,000 after purchasing an additional 210,635 shares during the period. Finally, Federated Investors Inc. PA raised its position in shares of Cogent Communications by 53,122.3% in the third quarter. Federated Investors Inc. PA now owns 162,328 shares of the technology company’s stock valued at $9,058,000 after purchasing an additional 162,023 shares during the period. 90.46% of the stock is currently owned by institutional investors.

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About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

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Earnings History for Cogent Communications (NASDAQ:CCOI)

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