A number of other brokerages also recently commented on CCOI. Wells Fargo & Co reaffirmed a hold rating on shares of Cogent Communications in a research note on Friday, August 9th. ValuEngine downgraded shares of Cogent Communications from a buy rating to a hold rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. boosted their price target on shares of Cogent Communications from $59.00 to $61.00 and gave the company a neutral rating in a research note on Friday, November 8th. Zacks Investment Research downgraded shares of Cogent Communications from a hold rating to a sell rating in a research note on Wednesday, October 9th. Finally, TheStreet downgraded shares of Cogent Communications from a b rating to a c+ rating in a research note on Monday, August 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $63.83.
CCOI stock traded up $0.25 during midday trading on Wednesday, hitting $63.05. 324,500 shares of the stock traded hands, compared to its average volume of 221,765. The stock’s fifty day simple moving average is $57.62 and its 200-day simple moving average is $58.77. Cogent Communications has a 1-year low of $42.40 and a 1-year high of $64.91. The firm has a market cap of $2.94 billion, a P/E ratio of 100.08, a PEG ratio of 9.06 and a beta of 0.56.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Friday, November 22nd will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.06%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.62. The ex-dividend date is Thursday, November 21st. Cogent Communications’s payout ratio is 393.65%.
In related news, VP Timothy G. Oneill sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $60.98, for a total transaction of $60,980.00. Following the sale, the vice president now directly owns 37,252 shares of the company’s stock, valued at approximately $2,271,626.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Timothy G. Oneill sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $63.29, for a total transaction of $158,225.00. Following the sale, the vice president now directly owns 34,752 shares in the company, valued at $2,199,454.08. The disclosure for this sale can be found here. Insiders sold a total of 33,580 shares of company stock worth $1,397,737 over the last three months. Insiders own 10.17% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Usca Ria LLC purchased a new stake in Cogent Communications during the 3rd quarter worth approximately $27,000. Point72 Asset Management L.P. purchased a new stake in Cogent Communications during the 2nd quarter worth approximately $30,000. Meeder Asset Management Inc. purchased a new stake in Cogent Communications during the 3rd quarter worth approximately $39,000. Arbor Wealth Management LLC purchased a new stake in Cogent Communications during the 2nd quarter worth approximately $59,000. Finally, Tower Research Capital LLC TRC increased its stake in Cogent Communications by 4,287.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 1,448 shares of the technology company’s stock worth $80,000 after buying an additional 1,415 shares during the period. 83.48% of the stock is currently owned by hedge funds and other institutional investors.
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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