Cogent Communications (CCOI) Reaches New 52-Week High at $57.92

Cogent Communications Holdings Inc (NASDAQ:CCOI) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $57.92 and last traded at $56.89, with a volume of 2413 shares. The stock had previously closed at $57.44.

CCOI has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Cogent Communications from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research note on Monday, January 7th. ValuEngine downgraded shares of Cogent Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, January 30th. BidaskClub downgraded shares of Cogent Communications from a “hold” rating to a “sell” rating in a research note on Friday, February 8th. Finally, Royal Bank of Canada lifted their price target on shares of Cogent Communications from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Monday, February 25th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $50.14.

The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of 90.41, a P/E/G ratio of 8.04 and a beta of 0.71.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, February 21st. The technology company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.02). The company had revenue of $132.05 million for the quarter, compared to analysts’ expectations of $132.63 million. Cogent Communications had a negative return on equity of 23.57% and a net margin of 5.51%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.14) EPS. On average, sell-side analysts predict that Cogent Communications Holdings Inc will post 0.88 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend was Thursday, March 7th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.56. Cogent Communications’s payout ratio is currently 368.25%.

In other news, VP Timothy G. Oneill sold 1,000 shares of the business’s stock in a transaction that occurred on 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 sale, the vice president now owns 37,652 shares in the company, valued at approximately $1,882,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lewis H. Ferguson sold 580 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $48.60, for a total transaction of $28,188.00. Following the sale, the director now owns 2,120 shares of the company’s stock, valued at approximately $103,032. The disclosure for this sale can be found here. Insiders have sold a total of 24,150 shares of company stock valued at $1,229,209 in the last 90 days. Insiders own 10.17% of the company’s stock.

Several large investors have recently modified their holdings of the company. Capital Insight Partners LLC increased its holdings in shares of Cogent Communications by 1.1% in the 1st quarter. Capital Insight Partners LLC now owns 23,805 shares of the technology company’s stock valued at $1,291,000 after acquiring an additional 259 shares during the period. Teachers Advisors LLC increased its holdings in shares of Cogent Communications by 2.1% in the 3rd quarter. Teachers Advisors LLC now owns 109,507 shares of the technology company’s stock valued at $6,110,000 after acquiring an additional 2,277 shares during the period. Emerald Advisers LLC increased its holdings in shares of Cogent Communications by 18.8% in the 4th quarter. Emerald Advisers LLC now owns 357,321 shares of the technology company’s stock valued at $16,154,000 after acquiring an additional 56,514 shares during the period. Ranger Investment Management L.P. increased its holdings in shares of Cogent Communications by 7.4% in the 4th quarter. Ranger Investment Management L.P. now owns 599,560 shares of the technology company’s stock valued at $27,106,000 after acquiring an additional 41,377 shares during the period. Finally, Jane Street Group LLC acquired a new position in shares of Cogent Communications in the 3rd quarter valued at $327,000. Institutional investors and hedge funds own 90.35% of the company’s stock.

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About Cogent Communications (NASDAQ:CCOI)

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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