Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) saw a significant growth in short interest in the month of July. As of July 15th, there was short interest totaling 1,720,000 shares, a growth of 42.1% from the June 30th totaling 1,210,000 shares. Currently, 4.0% of the shares of the company are short sold. Based on an average daily volume of 282,100 shares, the days-to-cover ratio is presently 6.1 days.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the company. Citigroup cut their target price on Cogent Communications from $73.00 to $70.00 in a research report on Monday, May 2nd. TheStreet lowered Cogent Communications from a “b-” rating to a “c” rating in a research report on Friday, April 29th. Finally, StockNews.com lowered Cogent Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, June 28th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $70.80.
Insider Buying and Selling at Cogent Communications
In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $59.20, for a total value of $142,080.00. Following the sale, the vice president now owns 33,600 shares in the company, valued at $1,989,120. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Lewis H. Ferguson sold 950 shares of the firm’s stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $60.72, for a total transaction of $57,684.00. Following the transaction, the director now owns 12,887 shares in the company, valued at $782,498.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $59.20, for a total transaction of $142,080.00. Following the transaction, the vice president now owns 33,600 shares in the company, valued at approximately $1,989,120. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,120 shares of company stock worth $608,398. 11.00% of the stock is owned by company insiders.
Institutional Trading of Cogent Communications
Several large investors have recently made changes to their positions in CCOI. McIlrath & Eck LLC boosted its stake in shares of Cogent Communications by 70.8% during the 2nd quarter. McIlrath & Eck LLC now owns 468 shares of the technology company’s stock worth $28,000 after acquiring an additional 194 shares in the last quarter. Prospera Financial Services Inc bought a new stake in shares of Cogent Communications during the 1st quarter worth about $45,000. Tyler Stone Wealth Management bought a new stake in shares of Cogent Communications during the 4th quarter worth about $51,000. Rosenberg Matthew Hamilton bought a new stake in Cogent Communications during the 1st quarter valued at approximately $53,000. Finally, Geneos Wealth Management Inc. bought a new stake in Cogent Communications during the 2nd quarter valued at approximately $53,000. Institutional investors own 86.06% of the company’s stock.
Cogent Communications Price Performance
Shares of CCOI stock opened at $63.81 on Friday. Cogent Communications has a fifty-two week low of $55.16 and a fifty-two week high of $80.50. The stock’s 50-day moving average is $60.46 and its two-hundred day moving average is $62.33. The firm has a market cap of $3.06 billion, a P/E ratio of 99.70 and a beta of 0.29.
Cogent Communications (NASDAQ:CCOI – Get Rating) last issued its earnings results on Friday, April 29th. The technology company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.18). Cogent Communications had a negative return on equity of 6.39% and a net margin of 5.15%. The firm had revenue of $149.20 million during the quarter, compared to analyst estimates of $149.10 million. During the same period in the previous year, the company earned $0.41 earnings per share. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. As a group, research analysts expect that Cogent Communications will post 0.78 EPS for the current year.
Cogent Communications Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, May 27th. Stockholders of record on Friday, May 13th were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 5.52%. The ex-dividend date of this dividend was Thursday, May 12th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.86. Cogent Communications’s dividend payout ratio is 550.01%.
Cogent Communications Company Profile
Cogent Communications Holdings, Inc., through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.
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