Cogent Communications (NASDAQ:CCOI) Posts Quarterly Earnings Results, Beats Estimates By $0.31 EPS

Cogent Communications (NASDAQ:CCOI) posted its earnings results on Thursday. The technology company reported ($0.91) EPS for the quarter, beating the consensus estimate of ($1.22) by $0.31, Zacks reports. The company had revenue of $252.29 million for the quarter, compared to the consensus estimate of $258.49 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%.

Cogent Communications Stock Performance

Shares of CCOI traded down $0.35 during mid-day trading on Friday, reaching $72.11. The company had a trading volume of 143,541 shares, compared to its average volume of 334,157. The stock has a market capitalization of $3.53 billion, a P/E ratio of 92.36 and a beta of 0.40. Cogent Communications has a 52-week low of $50.80 and a 52-week high of $86.76. The stock has a 50 day moving average of $76.72 and a two-hundred day moving average of $77.04. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be given a dividend of $1.005 per share. This represents a $4.02 annualized dividend and a yield of 5.58%. This is an increase from Cogent Communications’s previous quarterly dividend of $1.00. Cogent Communications’s payout ratio is currently 510.26%.

Analysts Set New Price Targets

Separately, UBS Group initiated coverage on shares of Cogent Communications in a report on Thursday, November 14th. They set a “buy” rating and a $102.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $80.25.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, VP Henry W. Kilmer sold 4,800 shares of Cogent Communications stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $75.61, for a total transaction of $362,928.00. Following the completion of the sale, the vice president now directly owns 33,800 shares in the company, valued at $2,555,618. This trade represents a 12.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $81.42, for a total value of $156,326.40. Following the transaction, the executive now directly owns 51,462 shares of the company’s stock, valued at approximately $4,190,036.04. This represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,440 shares of company stock valued at $1,057,910 over the last ninety days. Corporate insiders own 11.40% 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 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.