Cogent Communications (NASDAQ:CCOI) Stock Price Down 4.6% – Here’s Why

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) shares were down 4.6% during mid-day trading on Tuesday . The stock traded as low as $65.53 and last traded at $65.05. Approximately 111,269 shares were traded during trading, a decline of 74% from the average daily volume of 420,704 shares. The stock had previously closed at $68.15.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Cogent Communications to a “sell” rating in a research report on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $80.25.

Cogent Communications Trading Down 2.5 %

The company has a fifty day simple moving average of $74.65 and a two-hundred day simple moving average of $76.70. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. The company has a market cap of $3.02 billion, a PE ratio of 78.85 and a beta of 0.45.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.31. The company had revenue of $252.29 million during the quarter, compared to the consensus estimate of $258.49 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. Analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a $1.005 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $4.02 dividend on an annualized basis and a dividend yield of 6.54%. This is an increase from Cogent Communications’s previous quarterly dividend of $1.00. Cogent Communications’s dividend payout ratio is presently -93.49%.

Insider Transactions at Cogent Communications

In related news, Director Lewis H. Ferguson sold 956 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $69.36, for a total value of $66,308.16. Following the completion of the sale, the director now directly owns 18,652 shares of the company’s stock, valued at $1,293,702.72. This represents a 4.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sheryl Lynn Kennedy sold 1,425 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $72.96, for a total value of $103,968.00. Following the transaction, the director now owns 10,147 shares in the company, valued at $740,325.12. This represents a 12.31 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,681 shares of company stock valued at $840,878. Corporate insiders own 11.40% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

Several large investors have recently modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new stake in Cogent Communications during the 3rd quarter worth $30,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Cogent Communications during the fourth quarter worth about $46,000. Quest Partners LLC purchased a new position in shares of Cogent Communications during the third quarter worth about $46,000. Blue Trust Inc. increased its position in Cogent Communications by 53.8% in the 4th quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock valued at $47,000 after acquiring an additional 218 shares during the period. Finally, BankPlus Trust Department purchased a new stake in Cogent Communications during the 4th quarter valued at approximately $63,000. 92.45% of the stock is owned by institutional investors and hedge funds.

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.