Zacks Investment Research cut shares of Cogent Communications (NASDAQ:CCOI) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Cogent Communications Holdings Inc. specializes in providing businesses with high speed Internet access, Ethernet transport, and colocation services. It offers on-net Internet access services to bandwidth-intensive users and on-net services in carrier-neutral co-location facilities, company controlled data centers, and single-tenant office buildings. In addition, it offers off-net services to businesses that are connected to its network primarily by means of ‘last mile’ access service lines obtained from other carriers primarily in the form of point-to-point carrier Ethernet, TDM, POS, SDH, and/or carrier Ethernet circuits. Cogent Communications Holdings Inc., formerly known as Cogent Communications Group, Inc., is headquartered in Washington, the District of Columbia. “
A number of other equities research analysts also recently weighed in on the stock. Macquarie downgraded shares of Cogent Communications from a neutral rating to an underperform rating in a research note on Friday, November 3rd. Citigroup downgraded shares of Cogent Communications from a neutral rating to a sell rating and reduced their price target for the company from $43.00 to $39.00 in a research note on Thursday, November 2nd. Royal Bank of Canada restated a buy rating and issued a $48.00 price target on shares of Cogent Communications in a research note on Monday, September 18th. Deutsche Bank raised their price target on shares of Cogent Communications from $48.00 to $51.00 and gave the company a buy rating in a research note on Tuesday, October 10th. Finally, SunTrust Banks downgraded shares of Cogent Communications from a buy rating to a hold rating and set a $43.00 price target on the stock. in a research note on Friday, November 3rd. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Cogent Communications has an average rating of Hold and a consensus target price of $43.77.
Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, November 2nd. The technology company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.06). Cogent Communications had a net margin of 3.37% and a negative return on equity of 23.86%. The firm had revenue of $123.00 million during the quarter, compared to the consensus estimate of $123.60 million. During the same period in the prior year, the business earned $0.08 earnings per share. Cogent Communications’s quarterly revenue was up 8.8% compared to the same quarter last year. equities research analysts forecast that Cogent Communications will post 0.38 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, December 4th. Investors of record on Friday, November 17th were given a dividend of $0.48 per share. The ex-dividend date was Thursday, November 16th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.46. This represents a $1.92 annualized dividend and a yield of 4.30%. Cogent Communications’s dividend payout ratio (DPR) is currently 548.57%.
In related news, Director Marc Montagner sold 5,000 shares of Cogent Communications stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $47.00, for a total transaction of $235,000.00. Following the sale, the director now directly owns 40,000 shares in the company, valued at approximately $1,880,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Henry W. Kilmer sold 3,000 shares of Cogent Communications stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $44.54, for a total transaction of $133,620.00. Following the sale, the vice president now owns 33,600 shares in the company, valued at $1,496,544. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,250 shares of company stock worth $611,435. 9.48% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Flinton Capital Management LLC lifted its position in shares of Cogent Communications by 63.4% in the 2nd quarter. Flinton Capital Management LLC now owns 2,640 shares of the technology company’s stock worth $106,000 after purchasing an additional 1,024 shares during the period. Sei Investments Co. lifted its position in shares of Cogent Communications by 29.7% in the 2nd quarter. Sei Investments Co. now owns 2,923 shares of the technology company’s stock worth $117,000 after purchasing an additional 670 shares during the period. Pacad Investment Ltd. acquired a new position in shares of Cogent Communications in the 2nd quarter worth approximately $140,000. PNC Financial Services Group Inc. lifted its position in shares of Cogent Communications by 1,919.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,776 shares of the technology company’s stock worth $151,000 after purchasing an additional 3,589 shares during the period. Finally, Riverhead Capital Management LLC lifted its position in shares of Cogent Communications by 66.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,163 shares of the technology company’s stock worth $167,000 after purchasing an additional 1,663 shares during the period. Hedge funds and other institutional investors own 95.49% of the company’s stock.
About Cogent Communications
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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