Cogent Communications Holdings, Inc. (NASDAQ:CCOI) to Issue Quarterly Dividend of $1.00

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) announced a quarterly dividend on Thursday, November 7th,Zacks Dividends reports. Shareholders of record on Friday, November 22nd will be paid a dividend of 0.995 per share by the technology company on Friday, December 6th. This represents a $3.98 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date of this dividend is Friday, November 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99.

Cogent Communications has raised its dividend payment by an average of 10.7% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. Cogent Communications has a dividend payout ratio of -111.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Cogent Communications to earn ($3.33) per share next year, which means the company may not be able to cover its $3.94 annual dividend with an expected future payout ratio of -118.3%.

Cogent Communications Stock Performance

CCOI traded down $0.35 during trading on Friday, hitting $85.00. 34,924 shares of the company traded hands, compared to its average volume of 438,986. Cogent Communications has a one year low of $50.80 and a one year high of $86.76. The stock’s fifty day moving average is $77.11 and its 200 day moving average is $67.50. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 4.43. The firm has a market cap of $4.17 billion, a P/E ratio of 93.79 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.01. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The company had revenue of $257.20 million during the quarter, compared to analyst estimates of $258.69 million. During the same quarter last year, the firm posted ($1.13) EPS. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis. As a group, equities analysts predict that Cogent Communications will post -4.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CCOI shares. The Goldman Sachs Group upped their price target on shares of Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a report on Friday, October 4th. TD Cowen increased their target price on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a report on Friday, August 9th. Bank of America cut shares of Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $75.00 to $65.00 in a research report on Wednesday, August 21st. KeyCorp raised their price target on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. increased their target price on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and an average price target of $77.14.

Insider Buying and Selling

In other Cogent Communications news, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the sale, the vice president now owns 71,580 shares of the company’s stock, valued at approximately $5,130,138.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Lewis H. Ferguson sold 1,550 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $72.62, for a total value of $112,561.00. Following the completion of the sale, the director now owns 17,748 shares in the company, valued at approximately $1,288,859.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John B. Chang sold 1,400 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the sale, the vice president now directly owns 71,580 shares in the company, valued at $5,130,138.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 64,870 shares of company stock valued at $4,716,057 over the last 90 days. Company insiders own 11.00% of the company’s stock.

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.