Cogent Communications Holdings Inc (NASDAQ:CCOI) declared a quarterly dividend on Wednesday, August 7th, NASDAQ reports. Investors of record on Friday, August 23rd will be given a dividend of 0.62 per share by the technology company on Monday, September 9th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend is Thursday, August 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.60.
Cogent Communications has increased its dividend by an average of 13.2% per year over the last three years and has raised its dividend every year for the last 7 years. Cogent Communications has a payout ratio of 375.8% 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 $0.97 per share next year, which means the company may not be able to cover its $2.48 annual dividend with an expected future payout ratio of 255.7%.
NASDAQ CCOI opened at $59.00 on Wednesday. Cogent Communications has a 12 month low of $42.40 and a 12 month high of $64.24. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 93.65, a PEG ratio of 9.44 and a beta of 0.56. The company’s 50 day moving average is $61.02 and its two-hundred day moving average is $56.25.
A number of research firms have commented on CCOI. CIBC restated a “market perform” rating on shares of Cogent Communications in a research note on Friday, May 10th. Deutsche Bank cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. ValuEngine cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Zacks Investment Research cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a research note on Monday, August 12th. Finally, BidaskClub upgraded shares of Cogent Communications from a “hold” rating to a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $58.17.
In related news, CFO Thaddeus Gerard Weed sold 5,000 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $58.50, for a total value of $292,500.00. Following the completion of the transaction, the chief financial officer now directly owns 73,950 shares of the company’s stock, valued at $4,326,075. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $57.41, for a total transaction of $110,227.20. Following the completion of the transaction, the executive now directly owns 38,802 shares of the company’s stock, valued at $2,227,622.82. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,485 shares of company stock worth $1,142,436. Company insiders own 10.17% of the company’s stock.
About Cogent Communications
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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