Cogent Communications Holdings Inc (CCOI) Declares Quarterly Dividend of $0.56

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.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, November 1st. The technology company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. Cogent Communications had a net margin of 2.99% and a negative return on equity of 24.22%. The business had revenue of $130.00 million during the quarter, compared to analysts’ expectations of $132.09 million. During the same period last year, the business earned $0.08 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities research analysts anticipate that Cogent Communications will post 0.66 EPS for the current year.

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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Dividend History for Cogent Communications (NASDAQ:CCOI)

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