Cogent Communications Holdings, Inc. (NASDAQ:CCOI) – Equities research analysts at Jefferies Group lowered their FY2017 earnings estimates for Cogent Communications Holdings in a report released on Friday. Jefferies Group analyst S. Goldman now expects that the technology company will post earnings per share of $0.39 for the year, down from their previous estimate of $0.46. Jefferies Group has a “Hold” rating and a $43.00 price target on the stock. Jefferies Group also issued estimates for Cogent Communications Holdings’ Q4 2017 earnings at $0.12 EPS, Q1 2018 earnings at $0.10 EPS, Q2 2018 earnings at $0.15 EPS, Q3 2018 earnings at $0.17 EPS and Q4 2018 earnings at $0.22 EPS.
Cogent Communications Holdings (NASDAQ:CCOI) last announced its earnings results on Thursday, November 2nd. The technology company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.06). The company had revenue of $123.00 million for the quarter, compared to the consensus estimate of $123.60 million. Cogent Communications Holdings had a negative return on equity of 23.86% and a net margin of 3.37%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.08 EPS.
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Other equities research analysts have also recently issued reports about the company. Citigroup Inc. cut Cogent Communications Holdings from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $43.00 to $39.00 in a research report on Thursday. Raymond James Financial, Inc. reissued an “underperform” rating on shares of Cogent Communications Holdings in a research report on Friday. SunTrust Banks, Inc. cut Cogent Communications Holdings from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a research report on Friday. Royal Bank Of Canada reissued a “buy” rating and issued a $45.00 price objective on shares of Cogent Communications Holdings in a research report on Sunday, July 9th. Finally, BidaskClub cut Cogent Communications Holdings from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $43.77.
Shares of Cogent Communications Holdings (CCOI) opened at $42.60 on Monday. The company has a debt-to-equity ratio of -8.84, a current ratio of 4.22 and a quick ratio of 4.22. The stock has a market cap of $1,957.68, a price-to-earnings ratio of 118.33, a P/E/G ratio of 10.53 and a beta of 0.65.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its stake in Cogent Communications Holdings by 0.3% during the first quarter. Goldman Sachs Group Inc. now owns 174,471 shares of the technology company’s stock worth $7,511,000 after acquiring an additional 524 shares in the last quarter. Aperio Group LLC raised its stake in Cogent Communications Holdings by 1.1% during the second quarter. Aperio Group LLC now owns 9,168 shares of the technology company’s stock worth $368,000 after acquiring an additional 99 shares in the last quarter. BlackRock Inc. raised its stake in Cogent Communications Holdings by 3.5% during the second quarter. BlackRock Inc. now owns 5,128,950 shares of the technology company’s stock worth $205,670,000 after acquiring an additional 172,987 shares in the last quarter. OppenheimerFunds Inc. raised its stake in Cogent Communications Holdings by 35.3% during the first quarter. OppenheimerFunds Inc. now owns 8,785 shares of the technology company’s stock worth $378,000 after acquiring an additional 2,291 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Cogent Communications Holdings by 6.0% during the first quarter. Geode Capital Management LLC now owns 336,917 shares of the technology company’s stock worth $14,504,000 after acquiring an additional 18,988 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.
In related news, Director Tim Weingarten sold 1,616 shares of the company’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $45.97, for a total value of $74,287.52. Following the completion of the transaction, the director now directly owns 18,686 shares in the company, valued at $858,995.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Raymond B. Kummer sold 2,000 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $45.78, for a total value of $91,560.00. Following the completion of the transaction, the vice president now owns 59,140 shares of the company’s stock, valued at $2,707,429.20. The disclosure for this sale can be found here. Insiders sold 18,216 shares of company stock valued at $850,007 over the last 90 days. 9.48% of the stock is currently owned by corporate insiders.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 4th. Investors of record on Friday, November 17th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.51%. This is a positive change from Cogent Communications Holdings’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Thursday, November 16th. Cogent Communications Holdings’s dividend payout ratio is presently 511.11%.
Cogent Communications Holdings Company Profile
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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