Cogent Communications Group Inc. to Post Q3 2016 Earnings of $0.06 Per Share, William Blair Forecasts (CCOI)
Cogent Communications Group Inc. (NASDAQ:CCOI) – William Blair cut their Q3 2016 earnings estimates for shares of Cogent Communications Group in a research report issued on Friday. William Blair analyst J. Breen now expects that the firm will earn $0.06 per share for the quarter, down from their prior forecast of $0.11. William Blair has a “Outperform” rating on the stock. William Blair also issued estimates for Cogent Communications Group’s FY2016 earnings at $0.31 EPS.
Cogent Communications Group (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.09. The firm earned $110 million during the quarter, compared to analysts’ expectations of $110.88 million. Cogent Communications Group had a net margin of 3.10% and a negative return on equity of 89.73%. Cogent Communications Group’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.02 earnings per share.
Several other equities analysts have also recently issued reports on CCOI. Off Wall Street initiated coverage on shares of Cogent Communications Group in a research report on Monday, June 20th. They issued a “sell” rating for the company. Zacks Investment Research cut shares of Cogent Communications Group from a “hold” rating to a “sell” rating in a research report on Wednesday, July 6th. Citigroup Inc. upped their price target on shares of Cogent Communications Group from $40.00 to $45.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. Drexel Hamilton set a $44.00 price target on shares of Cogent Communications Group and gave the company a “buy” rating in a research report on Friday, August 5th. Finally, JPMorgan Chase & Co. restated a “hold” rating and issued a $40.00 price target on shares of Cogent Communications Group in a research report on Friday, August 5th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $42.70.
Shares of Cogent Communications Group (NASDAQ:CCOI) opened at 34.96 on Monday. The company has a market capitalization of $1.56 billion, a PE ratio of 118.11 and a beta of 0.98. The firm’s 50-day moving average is $35.87 and its 200-day moving average is $38.62. Cogent Communications Group has a 12-month low of $29.24 and a 12-month high of $43.61.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Fund Advisors raised its position in Cogent Communications Group by 133.3% in the first quarter. BlackRock Fund Advisors now owns 2,741,988 shares of the company’s stock worth $107,020,000 after buying an additional 1,566,875 shares during the period. FIL Ltd acquired a new position in Cogent Communications Group during the second quarter worth $25,122,000. Vanguard Group Inc. raised its position in Cogent Communications Group by 9.8% in the second quarter. Vanguard Group Inc. now owns 4,450,687 shares of the company’s stock worth $178,294,000 after buying an additional 398,327 shares during the period. Loomis Sayles & Co. L P raised its position in Cogent Communications Group by 93.0% in the first quarter. Loomis Sayles & Co. L P now owns 678,154 shares of the company’s stock worth $26,468,000 after buying an additional 326,827 shares during the period. Finally, Lord Abbett & CO. LLC raised its position in Cogent Communications Group by 28.4% in the second quarter. Lord Abbett & CO. LLC now owns 1,014,540 shares of the company’s stock worth $40,642,000 after buying an additional 224,705 shares during the period. 98.09% of the stock is currently owned by hedge funds and other institutional investors.
In other Cogent Communications Group news, VP Henry W. Kilmer sold 1,000 shares of the firm’s stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $35.17, for a total value of $35,170.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Tim Weingarten sold 2,822 shares of the firm’s stock in a transaction on Friday, September 16th. The shares were sold at an average price of $35.57, for a total transaction of $100,378.54. Following the completion of the transaction, the director now directly owns 21,479 shares in the company, valued at $764,008.03. The disclosure for this sale can be found here. Corporate insiders own 9.17% of the company’s stock.
About Cogent Communications Group
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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