Cogent Communications (NASDAQ:CCOI) posted its earnings results on Thursday. The technology company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.12, Briefing.com reports. The company had revenue of $136.94 million during the quarter, compared to analyst estimates of $136.50 million. Cogent Communications had a negative return on equity of 20.58% and a net margin of 5.97%. Cogent Communications’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.18 earnings per share.
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Shares of CCOI traded up $1.53 during midday trading on Friday, hitting $62.36. 466,300 shares of the company’s stock traded hands, compared to its average volume of 261,687. The firm’s fifty day moving average is $56.78 and its 200-day moving average is $58.57. The stock has a market capitalization 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. Cogent Communications has a 1 year low of $42.40 and a 1 year high of $64.24.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 4.11%. The ex-dividend date is Thursday, November 21st. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.62. Cogent Communications’s dividend payout ratio is currently 393.65%.
CCOI has been the subject of a number of analyst reports. BidaskClub upgraded Cogent Communications from a “sell” rating to a “hold” rating in a report on Wednesday, October 9th. Wells Fargo & Co restated a “hold” rating on shares of Cogent Communications in a report on Friday, August 9th. ValuEngine lowered Cogent Communications from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Zacks Investment Research lowered Cogent Communications from a “hold” rating to a “sell” rating in a report on Wednesday, October 9th. Finally, TheStreet lowered Cogent Communications from a “b” rating to a “c+” rating in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $61.33.
In other news, CEO Mike Slessor sold 14,835 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $18.03, for a total transaction of $267,475.05. Also, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $59.90, for a total value of $143,760.00. Following the sale, the vice president now owns 33,600 shares in the company, valued at $2,012,640. The disclosure for this sale can be found here. Insiders have sold a total of 31,080 shares of company stock worth $1,239,512 over the last ninety days. 10.17% of the stock is owned by insiders.
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.
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