Equities researchers at JPMorgan Chase & Co. started coverage on shares of Cogent Communications Group Inc. (NASDAQ:CCOI) in a report issued on Monday, StockTargetPrices.com reports. The brokerage set a “neutral” rating on the stock.
CCOI has been the subject of several other reports. Zacks Investment Research raised Cogent Communications Group from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Monday, August 1st. Citigroup Inc. boosted their target price on Cogent Communications Group from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, July 27th. Raymond James Financial Inc. downgraded Cogent Communications Group from an “outperform” rating to a “market perform” rating in a report on Monday, August 8th. BTIG Research reissued a “buy” rating and issued a $43.00 target price on shares of Cogent Communications Group in a report on Monday, August 8th. Finally, Off Wall Street assumed coverage on Cogent Communications Group in a report on Monday, June 20th. They issued a “sell” rating for the company. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $42.70.
Shares of Cogent Communications Group (NASDAQ:CCOI) opened at 37.13 on Monday. The firm has a 50-day moving average price of $36.41 and a 200 day moving average price of $38.82. Cogent Communications Group has a one year low of $26.13 and a one year high of $43.61. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of 125.44 and a beta of 0.97.
Cogent Communications Group (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.09. The company earned $110 million during the quarter, compared to the consensus estimate of $110.88 million. Cogent Communications Group had a negative return on equity of 89.73% and a net margin of 3.10%. Cogent Communications Group’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.02 EPS. Equities analysts forecast that Cogent Communications Group will post $0.40 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Friday, August 19th were issued a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.09%. This is a boost from Cogent Communications Group’s previous quarterly dividend of $0.37. Cogent Communications Group’s dividend payout ratio is currently 506.67%.
In other Cogent Communications Group news, Director Tim Weingarten sold 2,822 shares of the stock in a transaction on Friday, September 16th. The stock was sold at an average price of $35.57, for a total transaction of $100,378.54. Following the sale, the director now owns 21,479 shares in the company, valued at approximately $764,008.03. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Timothy G. Oneill sold 1,000 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $42.64, for a total value of $42,640.00. The disclosure for this sale can be found here. 9.17% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of Cogent Communications Group by 115.5% in the first quarter. BlackRock Inc. now owns 3,205 shares of the company’s stock worth $126,000 after buying an additional 1,718 shares during the period. US Bancorp DE boosted its stake in shares of Cogent Communications Group by 2.8% in the second quarter. US Bancorp DE now owns 3,427 shares of the company’s stock worth $137,000 after buying an additional 93 shares during the period. Gilder Gagnon Howe & Co. LLC boosted its stake in shares of Cogent Communications Group by 113.6% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 3,546 shares of the company’s stock worth $142,000 after buying an additional 1,886 shares during the period. Riverhead Capital Management LLC bought a new stake in shares of Cogent Communications Group during the first quarter worth approximately $165,000. Finally, O Shaughnessy Asset Management LLC boosted its stake in shares of Cogent Communications Group by 306.9% in the second quarter. O Shaughnessy Asset Management LLC now owns 5,025 shares of the company’s stock worth $201,000 after buying an additional 3,790 shares during the period. Hedge funds and other institutional investors own 98.24% of the company’s stock.
Cogent Communications Group 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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