Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Get Free Report) shares reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $12.12 and last traded at $12.19, with a volume of 1424533 shares changing hands. The stock had previously closed at $12.99.
Wall Street Analyst Weigh In
CCOI has been the subject of a number of research analyst reports. Weiss Ratings lowered Cogent Communications from a "sell (d+)" rating to a "sell (d)" rating in a report on Wednesday, May 20th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $22.00 price objective on shares of Cogent Communications in a research note on Friday, May 29th. TD Cowen reaffirmed a "buy" rating on shares of Cogent Communications in a research report on Monday, June 22nd. Wells Fargo & Company cut their target price on shares of Cogent Communications from $23.00 to $18.00 and set an "equal weight" rating for the company in a research note on Thursday, May 7th. Finally, Citigroup reduced their price target on shares of Cogent Communications from $22.00 to $20.00 and set a "neutral" rating for the company in a report on Tuesday, May 19th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $24.90.
Get Our Latest Research Report on Cogent Communications
Cogent Communications Stock Down 6.2%
The stock has a market capitalization of $610.48 million, a P/E ratio of -3.43 and a beta of 0.80. The firm has a 50-day moving average of $16.84 and a 200 day moving average of $20.19.
Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.03) by $0.20. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The firm had revenue of $239.19 million for the quarter, compared to analyst estimates of $241.31 million. During the same quarter in the previous year, the firm posted ($1.09) EPS. The business's revenue for the quarter was down 3.2% on a year-over-year basis. Analysts predict that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current fiscal year.
Cogent Communications Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Monday, May 18th were given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Monday, May 18th. Cogent Communications's dividend payout ratio is -2.25%.
Insider Transactions at Cogent Communications
In related news, CFO Thaddeus Gerard Weed sold 4,850 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total transaction of $81,431.50. Following the completion of the transaction, the chief financial officer owned 197,900 shares in the company, valued at $3,322,741. This trade represents a 2.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the business's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $17.01, for a total value of $40,824.00. Following the completion of the sale, the vice president directly owned 38,600 shares in the company, valued at approximately $656,586. This represents a 5.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.20% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Cogent Communications by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company's stock worth $120,311,000 after purchasing an additional 217,450 shares during the last quarter. Turtle Creek Asset Management Inc. boosted its position in Cogent Communications by 64.9% in the third quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company's stock valued at $176,561,000 after buying an additional 1,811,222 shares in the last quarter. State Street Corp grew its stake in Cogent Communications by 6.8% during the fourth quarter. State Street Corp now owns 2,070,132 shares of the technology company's stock worth $44,632,000 after buying an additional 132,454 shares during the last quarter. Park West Asset Management LLC bought a new stake in Cogent Communications during the fourth quarter worth about $30,380,000. Finally, Invesco Ltd. increased its holdings in shares of Cogent Communications by 39.8% during the third quarter. Invesco Ltd. now owns 1,402,612 shares of the technology company's stock worth $53,790,000 after buying an additional 399,339 shares in the last quarter. 92.45% of the stock is owned by institutional investors.
Cogent Communications Company Profile
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Cogent Communications NASDAQ: CCOI is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent's core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.
In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.
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