CyrusOne (NASDAQ:CONE) Lifted to Buy at Bank of America

CyrusOne (NASDAQ:CONE) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Friday, April 12th, Marketbeat.com reports. The firm presently has a $65.00 price target on the real estate investment trust’s stock. Bank of America‘s target price would suggest a potential upside of 6.37% from the company’s previous close.

Several other equities analysts have also recently issued reports on CONE. Morgan Stanley raised CyrusOne to an “in-line” rating in a research note on Monday, December 17th. BidaskClub raised CyrusOne from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 18th. Zacks Investment Research cut CyrusOne from a “hold” rating to a “strong sell” rating in a research note on Monday, February 11th. BMO Capital Markets reissued a “buy” rating and set a $68.00 target price on shares of CyrusOne in a research note on Wednesday, February 20th. Finally, Wells Fargo & Co reaffirmed a “buy” rating on shares of CyrusOne in a research note on Thursday, February 21st. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. CyrusOne presently has an average rating of “Buy” and a consensus price target of $62.55.

NASDAQ:CONE opened at $61.11 on Friday. The company has a market capitalization of $6.62 billion, a P/E ratio of 18.46, a PEG ratio of 1.23 and a beta of 0.87. CyrusOne has a 1-year low of $48.94 and a 1-year high of $69.01. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.25.

CyrusOne (NASDAQ:CONE) last released its earnings results on Wednesday, May 1st. The real estate investment trust reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.05. CyrusOne had a return on equity of 0.06% and a net margin of 0.15%. The company had revenue of $225.00 million during the quarter, compared to the consensus estimate of $231.36 million. During the same quarter in the previous year, the company posted $0.85 EPS. CyrusOne’s quarterly revenue was up 14.4% compared to the same quarter last year. On average, equities analysts forecast that CyrusOne will post 3.17 EPS for the current fiscal year.

In other news, EVP Kevin L. Timmons sold 19,600 shares of the company’s stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $51.14, for a total transaction of $1,002,344.00. Following the transaction, the executive vice president now directly owns 152,965 shares of the company’s stock, valued at $7,822,630.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael Klayko purchased 1,955 shares of the stock in a transaction dated Monday, March 11th. The shares were acquired at an average cost of $51.10 per share, for a total transaction of $99,900.50. Following the completion of the acquisition, the director now owns 12,016 shares of the company’s stock, valued at $614,017.60. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company’s stock.

A number of hedge funds have recently bought and sold shares of CONE. Bank of New York Mellon Corp lifted its holdings in CyrusOne by 3.4% in the third quarter. Bank of New York Mellon Corp now owns 1,435,593 shares of the real estate investment trust’s stock valued at $91,017,000 after acquiring an additional 46,793 shares during the period. Canada Pension Plan Investment Board lifted its holdings in CyrusOne by 14.2% in the third quarter. Canada Pension Plan Investment Board now owns 16,900 shares of the real estate investment trust’s stock valued at $1,071,000 after acquiring an additional 2,100 shares during the period. Dimensional Fund Advisors LP lifted its holdings in CyrusOne by 5.7% in the third quarter. Dimensional Fund Advisors LP now owns 1,406,464 shares of the real estate investment trust’s stock valued at $89,165,000 after acquiring an additional 76,425 shares during the period. Hsbc Holdings PLC lifted its holdings in CyrusOne by 313.2% in the third quarter. Hsbc Holdings PLC now owns 15,663 shares of the real estate investment trust’s stock valued at $993,000 after acquiring an additional 11,872 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in CyrusOne by 91.8% in the third quarter. JPMorgan Chase & Co. now owns 418,581 shares of the real estate investment trust’s stock valued at $26,538,000 after acquiring an additional 200,322 shares during the period. 98.04% of the stock is currently owned by institutional investors.

About CyrusOne

CyrusOne (NASDAQ: CONE) is a high-growth real estate investment trust (REIT) specializing in highly reliable enterprise-class, carrier-neutral data center properties. The Company provides mission-critical data center facilities that protect and ensure the continued operation of IT infrastructure for approximately 1,000 customers, including 211 Fortune 1000 companies.

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Analyst Recommendations for CyrusOne (NASDAQ:CONE)

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