Cogent Communications (NASDAQ:CCOI) Hits New 52-Week Low – What’s Next?

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) reached a new 52-week low during trading on Wednesday . The company traded as low as $14.59 and last traded at $14.5140, with a volume of 734297 shares traded. The stock had previously closed at $15.81.

Wall Street Analyst Weigh In

CCOI has been the subject of a number of recent analyst reports. Williams Trading set a $40.00 target price on shares of Cogent Communications in a research note on Monday, February 23rd. Weiss Ratings cut shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 20th. TD Cowen reduced their price target on shares of Cogent Communications from $40.00 to $34.00 and set a “buy” rating for the company in a research report on Tuesday, May 5th. Wells Fargo & Company reduced their price target on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating for the company in a research report on Thursday, May 7th. Finally, KeyCorp reduced their price target on shares of Cogent Communications from $30.00 to $25.00 and set an “overweight” rating for the company in a research report on Monday, February 23rd. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Cogent Communications currently has an average rating of “Hold” and an average target price of $24.90.

Cogent Communications Stock Down 8.5%

The company has a market cap of $724.16 million, a price-to-earnings ratio of -4.07 and a beta of 0.77. The company’s 50-day moving average is $19.49 and its 200 day moving average is $21.00.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) EPS for the quarter, beating the consensus estimate of ($1.03) by $0.20. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The company had revenue of $239.19 million for the quarter, compared to analyst estimates of $241.31 million. During the same quarter last year, the business earned ($1.09) earnings per share. The firm’s revenue was down 3.2% on a year-over-year basis. Analysts predict that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current fiscal year.

Cogent Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Monday, May 18th were paid a $0.02 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.08 dividend on an annualized basis and a yield of 0.6%. Cogent Communications’s dividend payout ratio (DPR) is currently -2.25%.

Institutional Investors Weigh In On Cogent Communications

A number of institutional investors have recently added to or reduced their stakes in CCOI. Turtle Creek Asset Management Inc. grew its stake in Cogent Communications by 64.9% in the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock valued at $176,561,000 after acquiring an additional 1,811,222 shares during the period. Park West Asset Management LLC acquired a new stake in Cogent Communications in the 4th quarter valued at $30,380,000. Bank of America Corp DE grew its stake in Cogent Communications by 551.2% in the 3rd quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock valued at $43,965,000 after acquiring an additional 970,367 shares during the period. MIG Capital LLC acquired a new stake in Cogent Communications in the 4th quarter valued at $12,272,000. Finally, First Trust Advisors LP grew its stake in Cogent Communications by 86.8% in the 4th quarter. First Trust Advisors LP now owns 1,177,398 shares of the technology company’s stock valued at $25,385,000 after acquiring an additional 547,188 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.