Cogent Communications Holdings Inc (NASDAQ:CCOI) announced a quarterly dividend on Wednesday, October 31st, NASDAQ reports. Shareholders 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 annualized dividend and a yield of 4.48%. The ex-dividend date is Thursday, November 15th. This is a boost from Cogent Communications’s previous quarterly dividend of $0.54.
Cogent Communications has raised its dividend payment by an average of 15.4% per year over the last three years and has raised its dividend annually for the last 6 consecutive years. Cogent Communications has a 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. Equities 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%.
Cogent Communications stock opened at $50.05 on Friday. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 131.71, a price-to-earnings-growth ratio of 9.79 and a beta of 0.61. Cogent Communications has a twelve month low of $35.75 and a twelve month high of $57.65.
Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, November 1st. The technology company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.01. The business had revenue of $130.00 million during the quarter, compared to the consensus estimate of $132.09 million. Cogent Communications had a net margin of 2.99% and a negative return on equity of 24.22%. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.08 earnings per share. On average, equities analysts anticipate that Cogent Communications will post 0.66 EPS for the current fiscal year.
CCOI has been the subject of several recent research reports. BidaskClub downgraded shares of Cogent Communications from a “buy” rating to a “hold” rating in a research note on Saturday, September 22nd. William Blair reissued an “outperform” rating on shares of Cogent Communications in a research note on Monday, October 8th. BTIG Research downgraded shares of Cogent Communications from a “buy” rating to a “neutral” rating in a research note on Monday, October 8th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Cogent Communications from a “sell” rating to a “hold” rating and set a $61.00 price target for the company in a research note on Monday, October 8th. Finally, Guggenheim reissued a “hold” rating and issued a $47.00 price target on shares of Cogent Communications in a research note on Friday, August 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $51.14.
In other Cogent Communications news, VP Robert N. Beury, Jr. sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $53.95, for a total value of $161,850.00. Following the transaction, the vice president now owns 47,840 shares in the company, valued at $2,580,968. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Timothy G. Oneill sold 1,000 shares of the business’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $55.80, for a total transaction of $55,800.00. Following the completion of the transaction, the vice president now owns 38,652 shares in the company, valued at approximately $2,156,781.60. The disclosure for this sale can be found here. Insiders sold 34,411 shares of company stock worth $1,872,326 in the last 90 days. Corporate insiders own 10.21% of the company’s stock.
About Cogent Communications
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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