Cogent Communications (NASDAQ:CCOI) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Cogent Communications (NASDAQ:CCOI) posted its quarterly earnings data on Thursday. The technology company reported ($1.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.01, Briefing.com reports. The company had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The firm’s revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.13) EPS.

Cogent Communications Stock Down 1.7 %

CCOI traded down $1.46 during midday trading on Friday, reaching $83.89. The company’s stock had a trading volume of 182,493 shares, compared to its average volume of 439,634. The stock’s 50-day moving average is $77.11 and its 200-day moving average is $67.50. Cogent Communications has a 1 year low of $50.80 and a 1 year high of $86.76. The firm has a market capitalization of $4.11 billion, a price-to-earnings ratio of 107.91 and a beta of 0.40. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 4.43.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.995 per share. This is a boost from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications’s dividend payout ratio (DPR) is 510.26%.

Insider Transactions at Cogent Communications

In other news, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total transaction of $4,369,200.00. Following the completion of the transaction, the chief executive officer now directly owns 4,373,038 shares in the company, valued at $318,444,627.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total value of $4,369,200.00. Following the completion of the sale, the chief executive officer now owns 4,373,038 shares of the company’s stock, valued at approximately $318,444,627.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP John B. Chang sold 1,400 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the transaction, the vice president now directly owns 71,580 shares in the company, valued at approximately $5,130,138.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 64,870 shares of company stock valued at $4,716,057 in the last ninety days. 11.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CCOI shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $74.00 price objective on shares of Cogent Communications in a report on Tuesday, September 3rd. JPMorgan Chase & Co. lifted their price target on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. KeyCorp increased their target price on shares of Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Bank of America downgraded shares of Cogent Communications from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $75.00 to $65.00 in a research note on Wednesday, August 21st. Finally, TD Cowen raised their price objective on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Cogent Communications currently has an average rating of “Hold” and an average target price of $77.14.

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, Oceania, South America, 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.