Cogent Communications (CCOI) Rating Lowered to Buy at BidaskClub

BidaskClub downgraded shares of Cogent Communications (NASDAQ:CCOI) from a strong-buy rating to a buy rating in a report released on Saturday morning.

Other equities research analysts have also issued reports about the company. Cowen restated a hold rating and set a $46.00 price target on shares of Cogent Communications in a research report on Friday, August 4th. Citigroup lowered Cogent Communications from a neutral rating to a sell rating and decreased their price target for the stock from $43.00 to $39.00 in a research report on Thursday, November 2nd. KeyCorp restated a hold rating on shares of Cogent Communications in a research report on Wednesday, October 11th. Royal Bank Of Canada restated a buy rating and set a $48.00 price target on shares of Cogent Communications in a research report on Monday, September 18th. Finally, Zacks Investment Research lowered Cogent Communications from a hold rating to a sell rating in a research report on Friday, August 4th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $43.77.

Shares of Cogent Communications (CCOI) opened at $44.70 on Friday. Cogent Communications has a 12 month low of $36.55 and a 12 month high of $54.85. The firm has a market capitalization of $2,152.99, a P/E ratio of 130.14, a PEG ratio of 12.22 and a beta of 0.58. The company has a quick ratio of 4.22, a current ratio of 4.22 and a debt-to-equity ratio of -8.84.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, November 2nd. The technology company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.06). The company had revenue of $123.00 million during the quarter, compared to the consensus estimate of $123.60 million. Cogent Communications had a net margin of 3.37% and a negative return on equity of 23.86%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.08 earnings per share. sell-side analysts predict that Cogent Communications will post 0.38 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 4th. Shareholders of record on Friday, November 17th were issued a dividend of $0.48 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $1.92 annualized dividend and a yield of 4.30%. Cogent Communications’s dividend payout ratio is currently 533.33%.

In other news, VP Raymond B. Kummer sold 4,000 shares of the stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $46.62, for a total value of $186,480.00. Following the transaction, the vice president now owns 53,340 shares of the company’s stock, valued at approximately $2,486,710.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Robert N. Beury, Jr. sold 3,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $46.51, for a total value of $139,530.00. Following the completion of the transaction, the vice president now directly owns 47,240 shares in the company, valued at approximately $2,197,132.40. The disclosure for this sale can be found here. In the last three months, insiders sold 10,866 shares of company stock worth $509,463. 9.48% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of CCOI. River Road Asset Management LLC raised its stake in Cogent Communications by 215.9% during the 3rd quarter. River Road Asset Management LLC now owns 693,363 shares of the technology company’s stock worth $33,905,000 after buying an additional 473,909 shares during the period. Jennison Associates LLC raised its stake in Cogent Communications by 25.3% during the 3rd quarter. Jennison Associates LLC now owns 2,340,837 shares of the technology company’s stock worth $114,467,000 after buying an additional 473,088 shares during the period. First Trust Advisors LP raised its stake in Cogent Communications by 23.0% during the 2nd quarter. First Trust Advisors LP now owns 1,413,588 shares of the technology company’s stock worth $56,685,000 after buying an additional 264,597 shares during the period. Renaissance Technologies LLC raised its stake in Cogent Communications by 13.5% during the 2nd quarter. Renaissance Technologies LLC now owns 2,058,600 shares of the technology company’s stock worth $82,550,000 after buying an additional 245,100 shares during the period. Finally, BlackRock Inc. raised its stake in Cogent Communications by 3.5% during the 2nd quarter. BlackRock Inc. now owns 5,128,950 shares of the technology company’s stock worth $205,670,000 after buying an additional 172,987 shares during the period. 95.62% of the stock is currently owned by institutional investors and hedge funds.

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About Cogent Communications

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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