Cogent Communications Holdings Inc (NASDAQ:CCOI) was the recipient of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 2,109,400 shares, a drop of 8.0% from the June 30th total of 2,293,600 shares. Based on an average daily volume of 247,600 shares, the short-interest ratio is presently 8.5 days. Currently, 5.1% of the company’s shares are short sold.
In related news, VP Raymond B. Kummer sold 2,440 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $58.40, for a total transaction of $142,496.00. Following the completion of the sale, the vice president now directly owns 46,800 shares in the company, valued at $2,733,120. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thaddeus Gerard Weed sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $58.50, for a total transaction of $292,500.00. Following the sale, the chief financial officer now owns 73,950 shares of the company’s stock, valued at $4,326,075. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,925 shares of company stock valued at $1,284,932. 10.17% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Nuveen Asset Management LLC purchased a new position in Cogent Communications in the second quarter worth approximately $14,995,000. UBS Asset Management Americas Inc. lifted its stake in Cogent Communications by 6.4% in the second quarter. UBS Asset Management Americas Inc. now owns 34,989 shares of the technology company’s stock worth $2,077,000 after acquiring an additional 2,092 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Cogent Communications by 479.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 29,844 shares of the technology company’s stock worth $1,772,000 after buying an additional 24,690 shares during the last quarter. Jefferies Group LLC purchased a new stake in shares of Cogent Communications during the 2nd quarter worth approximately $351,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Cogent Communications during the 2nd quarter worth approximately $30,000. Institutional investors and hedge funds own 88.41% of the company’s stock.
Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.06). Cogent Communications had a net margin of 5.97% and a negative return on equity of 21.65%. The company had revenue of $134.79 million for the quarter, compared to analyst estimates of $136.12 million. During the same quarter in the prior year, the business earned $0.14 earnings per share. Cogent Communications’s revenue was up 4.2% on a year-over-year basis. Sell-side analysts expect that Cogent Communications will post 0.77 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 9th. Shareholders of record on Friday, August 23rd will be given a dividend of $0.62 per share. The ex-dividend date is Thursday, August 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.60. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.46%. Cogent Communications’s dividend payout ratio (DPR) is currently 380.95%.
Several research firms recently issued reports on CCOI. Wells Fargo & Co restated a “hold” rating on shares of Cogent Communications in a research report on Friday, August 9th. ValuEngine cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Credit Suisse Group started coverage on shares of Cogent Communications in a research report on Friday, May 31st. They set an “outperform” rating and a $68.00 price target for the company. BidaskClub cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Finally, Zacks Investment Research cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a research report on Monday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. Cogent Communications has a consensus rating of “Hold” and an average target price of $58.17.
About Cogent Communications
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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