Brokerages expect Cogent Communications Holdings Inc (NASDAQ:CCOI) to post earnings of $0.22 per share for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Cogent Communications’ earnings. The lowest EPS estimate is $0.19 and the highest is $0.26. Cogent Communications reported earnings per share of $0.14 during the same quarter last year, which suggests a positive year-over-year growth rate of 57.1%. The firm is expected to report its next earnings report on Thursday, August 1st.
On average, analysts expect that Cogent Communications will report full-year earnings of $0.89 per share for the current year, with EPS estimates ranging from $0.82 to $0.99. For the next year, analysts expect that the business will report earnings of $1.19 per share, with EPS estimates ranging from $0.95 to $1.48. Zacks’ EPS averages are a mean average based on a survey of sell-side analysts that follow Cogent Communications.
Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, May 2nd. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01. The business had revenue of $134.20 million for the quarter, compared to analysts’ expectations of $135.21 million. Cogent Communications had a negative return on equity of 22.47% and a net margin of 5.92%. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.15 EPS.
CCOI has been the topic of several recent research reports. ValuEngine raised Cogent Communications from a “hold” rating to a “buy” rating in a report on Thursday, March 14th. BidaskClub raised Cogent Communications from a “sell” rating to a “hold” rating in a report on Tuesday, March 26th. Zacks Investment Research raised Cogent Communications from a “sell” rating to a “hold” rating in a report on Tuesday, April 30th. Deutsche Bank downgraded Cogent Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, Oppenheimer downgraded Cogent Communications from an “outperform” rating to a “market perform” rating in a research report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $51.71.
Shares of CCOI traded down $0.50 during mid-day trading on Wednesday, hitting $58.17. 5,590 shares of the stock were exchanged, compared to its average volume of 253,847. The stock has a market cap of $2.74 billion, a P/E ratio of 92.17, a PEG ratio of 8.28 and a beta of 0.57. Cogent Communications has a 52-week low of $42.40 and a 52-week high of $61.43. The stock has a 50-day simple moving average of $58.42.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 4.13%. The ex-dividend date of this dividend was Thursday, May 16th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.58. Cogent Communications’s dividend payout ratio is 380.95%.
In other news, VP Timothy G. Oneill sold 1,000 shares of the stock in a transaction on Friday, May 31st. The stock was sold at an average price of $57.52, for a total transaction of $57,520.00. Following the transaction, the vice president now owns 42,252 shares of the company’s stock, valued at approximately $2,430,335.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Thaddeus Gerard Weed sold 1,400 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $60.84, for a total value of $85,176.00. Following the transaction, the chief financial officer now directly owns 72,550 shares in the company, valued at approximately $4,413,942. The disclosure for this sale can be found here. Insiders have sold a total of 36,425 shares of company stock worth $2,116,309 in the last three months. Corporate insiders own 10.17% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of CCOI. Norges Bank purchased a new stake in shares of Cogent Communications during the 4th quarter worth $21,046,000. FMR LLC lifted its stake in shares of Cogent Communications by 33.2% during the 1st quarter. FMR LLC now owns 1,488,748 shares of the technology company’s stock worth $80,764,000 after purchasing an additional 370,945 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Cogent Communications by 3.2% during the 4th quarter. BlackRock Inc. now owns 6,865,395 shares of the technology company’s stock worth $310,385,000 after purchasing an additional 210,635 shares during the last quarter. TimesSquare Capital Management LLC lifted its stake in shares of Cogent Communications by 36.5% during the 1st quarter. TimesSquare Capital Management LLC now owns 701,570 shares of the technology company’s stock worth $38,060,000 after purchasing an additional 187,725 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Cogent Communications by 141.7% during the 1st quarter. JPMorgan Chase & Co. now owns 249,038 shares of the technology company’s stock worth $13,512,000 after purchasing an additional 145,987 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.
About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.
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