SunTrust Banks Comments on CyrusOne Inc’s Q3 2017 Earnings (CONE)
CyrusOne Inc (NASDAQ:CONE) – Equities research analysts at SunTrust Banks lifted their Q3 2017 earnings per share (EPS) estimates for shares of CyrusOne in a research note issued to investors on Thursday. SunTrust Banks analyst G. Miller now expects that the real estate investment trust will earn $0.77 per share for the quarter, up from their previous forecast of $0.76. SunTrust Banks also issued estimates for CyrusOne’s Q4 2017 earnings at $0.82 EPS, FY2017 earnings at $3.09 EPS, Q2 2018 earnings at $0.83 EPS, Q3 2018 earnings at $0.91 EPS, Q4 2018 earnings at $0.93 EPS and FY2018 earnings at $3.46 EPS.
CONE has been the topic of several other reports. Zacks Investment Research raised shares of CyrusOne from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a report on Tuesday, July 11th. TheStreet downgraded shares of CyrusOne from a “b-” rating to a “c” rating in a report on Wednesday, May 3rd. Cowen and Company upped their price objective on shares of CyrusOne from $65.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, June 23rd. Stifel Nicolaus reaffirmed a “buy” rating on shares of CyrusOne in a report on Tuesday, April 25th. Finally, Mitsubishi UFJ Financial Group began coverage on shares of CyrusOne in a report on Tuesday, April 25th. They set a “neutral” rating and a $54.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $59.29.
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Shares of CyrusOne (NASDAQ:CONE) opened at 58.59 on Monday. The firm’s market capitalization is $4.69 billion. CyrusOne has a 52 week low of $38.80 and a 52 week high of $60.55.
CyrusOne (NASDAQ:CONE) last issued its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.03. CyrusOne had a negative net margin of 4.35% and a positive return on equity of 1.30%. The business had revenue of $166.90 million during the quarter, compared to analysts’ expectations of $165.71 million. During the same quarter in the previous year, the company earned $0.67 EPS. The business’s revenue was up 28.3% on a year-over-year basis.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend is Thursday, September 28th. CyrusOne’s payout ratio is -541.92%.
In other news, insider Kevin L. Timmons sold 8,600 shares of the stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $57.89, for a total value of $497,854.00. Following the sale, the insider now directly owns 170,137 shares of the company’s stock, valued at $9,849,230.93. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Gary J. Wojtaszek sold 80,000 shares of the stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $57.79, for a total transaction of $4,623,200.00. Following the completion of the sale, the insider now directly owns 511,621 shares in the company, valued at $29,566,577.59. The disclosure for this sale can be found here. Over the last three months, insiders sold 126,894 shares of company stock worth $7,342,489. Insiders own 1.64% of the company’s stock.
Large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its stake in shares of CyrusOne by 20.5% in the first quarter. PNC Financial Services Group Inc. now owns 2,280 shares of the real estate investment trust’s stock worth $116,000 after buying an additional 388 shares during the last quarter. Public Employees Retirement Association of Colorado increased its stake in shares of CyrusOne by 21.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 2,725 shares of the real estate investment trust’s stock worth $152,000 after buying an additional 484 shares in the last quarter. Perigon Wealth Management LLC increased its stake in shares of CyrusOne by 941.7% in the first quarter. Perigon Wealth Management LLC now owns 3,125 shares of the real estate investment trust’s stock worth $162,000 after buying an additional 2,825 shares in the last quarter. Comerica Bank bought a new stake in shares of CyrusOne during the fourth quarter worth $203,000. Finally, Pitcairn Co. bought a new stake in shares of CyrusOne during the first quarter worth $204,000. 99.34% of the stock is currently owned by hedge funds and other institutional investors.
CyrusOne Inc is a real estate investment trust. The Company is an owner, operator and developer of enterprise-class, carrier-neutral, multi-tenant data center properties. The Company’s data centers are generally purpose-built facilities with redundant power and cooling. The CyrusOne National IX Platform (the National IX Platform) delivers interconnection across states and between metro-enabled sites within its footprint and beyond.
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