Cogent Communications (NASDAQ:CCOI) Announces Earnings Results

Cogent Communications (NASDAQ:CCOI) posted its quarterly earnings data on Thursday. The technology company reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.12, Briefing.com reports. Cogent Communications had a net margin of 5.97% and a negative return on equity of 20.58%. The business had revenue of $136.94 million for the quarter, compared to analysts’ expectations of $136.50 million. During the same quarter in the previous year, the business posted $0.18 earnings per share. The business’s revenue was up 5.2% compared to the same quarter last year.

Shares of NASDAQ CCOI traded up $1.53 during mid-day trading on Friday, reaching $62.36. The company had a trading volume of 466,300 shares, compared to its average volume of 261,687. Cogent Communications has a 52 week low of $42.40 and a 52 week high of $64.24. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 98.98, a price-to-earnings-growth ratio of 9.38 and a beta of 0.56. The business’s 50-day moving average is $56.78 and its 200-day moving average is $58.57.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Friday, November 22nd will be issued a $0.64 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This is a boost from Cogent Communications’s previous quarterly dividend of $0.62. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.11%. Cogent Communications’s dividend payout ratio is presently 393.65%.

A number of research firms have weighed in on CCOI. ValuEngine cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Wells Fargo & Co reiterated a “hold” rating on shares of Cogent Communications in a research report on Friday, August 9th. TheStreet cut shares of Cogent Communications from a “b” rating to a “c+” rating in a research report on Monday, August 12th. JPMorgan Chase & Co. boosted their price objective on shares of Cogent Communications from $59.00 to $61.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Zacks Investment Research cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $61.33.

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In other news, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $59.90, for a total transaction of $143,760.00. Following the transaction, the vice president now owns 33,600 shares in the company, valued at $2,012,640. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Timothy G. Oneill sold 1,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $60.98, for a total transaction of $60,980.00. Following the transaction, the vice president now owns 37,252 shares in the company, valued at approximately $2,271,626.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,080 shares of company stock worth $1,239,512. Corporate insiders own 10.17% of the company’s stock.

Cogent Communications Company Profile

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.

Further Reading: Investing in Dividend Stocks

Earnings History for Cogent Communications (NASDAQ:CCOI)

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