Cogent Communications (CCOI) Hits New 52-Week High at $58.70
Cogent Communications Holdings Inc (NASDAQ:CCOI)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $58.70 and last traded at $58.70, with a volume of 5986 shares changing hands. The stock had previously closed at $57.98.
Several equities analysts recently commented on the stock. Zacks Investment Research upgraded shares of Cogent Communications from a “sell” rating to a “hold” rating in a research note on Monday, May 6th. Deutsche Bank cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. CIBC reiterated a “market perform” rating on shares of Cogent Communications in a research note on Friday, May 10th. BidaskClub raised shares of Cogent Communications from a “sell” rating to a “hold” rating in a report on Tuesday, March 26th. Finally, Oppenheimer lowered shares of Cogent Communications from an “outperform” rating to a “market perform” rating in a report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $50.14.
The firm has a market cap of $2.69 billion, a PE ratio of 92.94, a price-to-earnings-growth ratio of 8.10 and a beta of 0.70.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 4.10%. The ex-dividend date is Thursday, May 16th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.58. Cogent Communications’s payout ratio is 380.95%.
In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $48.99, for a total transaction of $94,060.80. Following the sale, the executive now owns 31,372 shares of the company’s stock, valued at approximately $1,536,914.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Blake Bath sold 10,000 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $57.88, for a total transaction of $578,800.00. Following the sale, the director now directly owns 18,425 shares in the company, valued at approximately $1,066,439. The disclosure for this sale can be found here. Insiders sold a total of 37,090 shares of company stock worth $1,986,170 in the last three months. Insiders own 10.17% of the company’s stock.
A number of large investors have recently modified their holdings of the business. FMR LLC grew its holdings in 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 acquiring an additional 370,945 shares during the last quarter. BlueMountain Capital Management LLC bought a new stake in Cogent Communications during the 1st quarter worth about $42,000. CWM Advisors LLC bought a new stake in Cogent Communications during the 1st quarter worth about $209,000. MIG Capital LLC grew its holdings in Cogent Communications by 13.0% during the 1st quarter. MIG Capital LLC now owns 989,801 shares of the technology company’s stock worth $53,697,000 after acquiring an additional 113,801 shares during the last quarter. Finally, Zebra Capital Management LLC grew its holdings in Cogent Communications by 5.3% during the 1st quarter. Zebra Capital Management LLC now owns 5,393 shares of the technology company’s stock worth $293,000 after acquiring an additional 271 shares during the last quarter. 91.26% of the stock is currently owned by hedge funds and other institutional investors.
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Cogent Communications Company Profile (NASDAQ:CCOI)
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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