Cogent Communications Holdings Inc (NASDAQ:CCOI) announced a quarterly dividend on Wednesday, October 31st, NASDAQ reports. Shareholders of record on Friday, November 16th will be paid a dividend of 0.56 per share by the technology company on Friday, November 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 4.48%. The ex-dividend date of this dividend is Thursday, November 15th. This is a boost from Cogent Communications’s previous quarterly dividend of $0.54.
Cogent Communications has increased its dividend payment by an average of 15.4% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Cogent Communications has a payout ratio of 339.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Cogent Communications to earn $0.94 per share next year, which means the company may not be able to cover its $2.24 annual dividend with an expected future payout ratio of 238.3%.
Shares of CCOI opened at $50.05 on Friday. Cogent Communications has a 1-year low of $35.75 and a 1-year high of $57.65. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 131.71, a P/E/G ratio of 9.79 and a beta of 0.61.
In other news, VP Robert N. Beury, Jr. sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $53.95, for a total value of $161,850.00. Following the completion of the transaction, the vice president now owns 47,840 shares of the company’s stock, valued at $2,580,968. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $53.55, for a total transaction of $240,975.00. Following the completion of the transaction, the chief financial officer now directly owns 69,050 shares of the company’s stock, valued at approximately $3,697,627.50. The disclosure for this sale can be found here. In the last three months, insiders sold 34,411 shares of company stock valued at $1,872,326. Insiders own 10.21% of the company’s stock.
A number of brokerages have weighed in on CCOI. Wells Fargo & Co lifted their price target on shares of Cogent Communications from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Friday, November 2nd. Citigroup lifted their price target on shares of Cogent Communications from $39.00 to $42.00 and gave the company a “sell” rating in a research report on Friday, November 2nd. BidaskClub upgraded shares of Cogent Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Zacks Investment Research upgraded shares of Cogent Communications from a “sell” rating to a “hold” rating and set a $61.00 price target for the company in a research report on Monday, October 8th. Finally, William Blair reiterated an “outperform” rating on shares of Cogent Communications in a research report on Monday, October 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. Cogent Communications currently has a consensus rating of “Hold” and a consensus price target of $51.14.
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About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.
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