Cogent Communications Holdings Inc (NASDAQ:CCOI) declared 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 4.58%. The ex-dividend date of this dividend is Thursday, November 15th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.54.

Cogent Communications has raised its dividend by an average of 15.4% annually over the last three years and has raised its dividend every year for the last 6 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. 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 NASDAQ CCOI opened at $48.86 on Wednesday. The firm has a market cap of $2.28 billion, a price-to-earnings ratio of 128.58, a P/E/G ratio of 9.28 and a beta of 0.61. Cogent Communications has a 52-week low of $35.75 and a 52-week high of $57.65.

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

A number of research analysts have issued reports on the company. BidaskClub cut Cogent Communications from a “buy” rating to a “hold” rating in a report on Saturday, September 22nd. Citigroup lifted their price target on Cogent Communications from $39.00 to $42.00 and gave the company a “sell” rating in a report on Friday, November 2nd. Wells Fargo & Co lifted their price target on Cogent Communications from $48.00 to $50.00 and gave the company a “market perform” rating in a report on Friday, November 2nd. Zacks Investment Research raised Cogent Communications from a “sell” rating to a “hold” rating and set a $61.00 price target for the company in a report on Monday, October 8th. Finally, William Blair reaffirmed an “outperform” rating on shares of Cogent Communications in a report on Monday, October 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $51.14.

In related news, Director Tim Weingarten sold 2,500 shares of Cogent Communications stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $51.01, for a total value of $127,525.00. Following the completion of the transaction, the director now directly owns 21,111 shares of the company’s stock, valued at $1,076,872.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Timothy G. Oneill sold 1,000 shares of Cogent Communications stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $55.80, for a total value of $55,800.00. Following the completion of the sale, the vice president now owns 38,652 shares of the company’s stock, valued at $2,156,781.60. The disclosure for this sale can be found here. Insiders sold 34,411 shares of company stock valued at $1,872,326 over the last ninety days. 10.21% of the stock is currently owned by company insiders.

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Cogent Communications Company Profile

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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