Cogent Communications Holdings Inc (CCOI) to Issue Quarterly Dividend of $0.60

Cogent Communications Holdings Inc (NASDAQ:CCOI) declared a quarterly dividend on Wednesday, May 1st, NASDAQ reports. Shareholders of record on Friday, May 17th will be paid a dividend of 0.60 per share by the technology company on Friday, May 31st. This represents a $2.40 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend is Thursday, May 16th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.58.

Cogent Communications has raised its dividend by an average of 13.2% per year over the last three years and has increased its dividend annually for the last 7 consecutive years. Cogent Communications has a payout ratio of 351.5% indicating that 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 $1.21 per share next year, which means the company may not be able to cover its $2.32 annual dividend with an expected future payout ratio of 191.7%.

Shares of CCOI stock opened at $57.63 on Friday. Cogent Communications has a fifty-two week low of $42.40 and a fifty-two week high of $58.10. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of 91.48, a PEG ratio of 8.23 and a beta of 0.70.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, May 2nd. The technology company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.01. Cogent Communications had a negative return on equity of 22.47% and a net margin of 5.92%. The company had revenue of $134.20 million for the quarter, compared to analyst estimates of $135.21 million. During the same period in the prior year, the firm posted $0.15 EPS. The business’s revenue was up 4.3% compared to the same quarter last year. Sell-side analysts anticipate that Cogent Communications will post 0.88 earnings per share for the current year.

In related news, CFO Thaddeus Gerard Weed sold 5,000 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $50.00, for a total transaction of $250,000.00. Following the completion of the sale, the chief financial officer now owns 61,050 shares in the company, valued at approximately $3,052,500. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Timothy G. Oneill sold 1,000 shares of the stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $50.00, for a total value of $50,000.00. Following the sale, the vice president now owns 37,652 shares of the company’s stock, valued at approximately $1,882,600. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,650 shares of company stock valued at $1,893,674. 10.17% of the stock is owned by corporate insiders.

Several analysts have recently issued reports on CCOI shares. CIBC reiterated a “market perform” rating on shares of Cogent Communications in a research note on Friday. Oppenheimer downgraded Cogent Communications from an “outperform” rating to a “market perform” rating in a research note on Friday. BidaskClub upgraded Cogent Communications from a “hold” rating to a “buy” rating in a research note on Friday. Zacks Investment Research upgraded Cogent Communications from a “sell” rating to a “hold” rating in a research note on Monday, May 6th. Finally, Deutsche Bank downgraded Cogent Communications from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $50.14.

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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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Dividend History for Cogent Communications (NASDAQ:CCOI)

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