Cogent Communications Holdings Inc (NASDAQ:CCOI) declared a quarterly dividend on Wednesday, October 31st, NASDAQ reports. Stockholders 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 dividend 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 increased its dividend payment by an average of 15.4% annually over the last three years and has increased its dividend every year for the last 6 years. Cogent Communications has a dividend payout ratio of 339.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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%.
NASDAQ CCOI opened at $50.05 on Friday. The company has a market cap of $2.40 billion, a PE ratio of 131.71, a PEG ratio of 9.79 and a beta of 0.61. Cogent Communications has a one year low of $35.75 and a one year high of $57.65.
Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, November 1st. The technology company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. The firm had revenue of $130.00 million during the quarter, compared to the consensus estimate of $132.09 million. Cogent Communications had a negative return on equity of 24.22% and a net margin of 2.99%. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.08 EPS. On average, sell-side analysts predict that Cogent Communications will post 0.66 earnings per share for the current fiscal year.
A number of research analysts have recently commented on CCOI shares. BTIG Research downgraded Cogent Communications from a “buy” rating to a “neutral” rating in a research report on Monday, October 8th. They noted that the move was a valuation call. Guggenheim reiterated a “hold” rating and set a $47.00 target price on shares of Cogent Communications in a research report on Friday, August 3rd. William Blair reiterated an “outperform” rating on shares of Cogent Communications in a research report on Monday, October 8th. BidaskClub downgraded Cogent Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. Finally, Zacks Investment Research upgraded Cogent Communications from a “sell” rating to a “hold” rating and set a $61.00 target price for the company in a research report on Monday, October 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $51.14.
In related news, Director Tim Weingarten sold 2,500 shares of the firm’s stock in a transaction on Thursday, November 8th. The stock was sold at an average price of $51.01, for a total value of $127,525.00. Following the completion of the sale, the director now directly owns 21,111 shares in the company, valued at $1,076,872.11. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Blake Bath sold 18,411 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $54.93, for a total value of $1,011,316.23. Following the completion of the sale, the director now owns 34,175 shares of the company’s stock, valued at $1,877,232.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,411 shares of company stock valued at $1,872,326. 10.21% of the stock is owned by corporate insiders.
Cogent Communications Company Profile
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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