Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Announces $0.02 Quarterly Dividend

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) declared a quarterly dividend on Friday, February 20th. Shareholders of record on Friday, March 6th will be given a dividend of 0.02 per share by the technology company on Friday, March 20th. This represents a c) annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, March 6th.

Cogent Communications has increased its dividend by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 14 consecutive years. Cogent Communications has a dividend payout ratio of -3.4% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Cogent Communications to earn ($2.63) per share next year, which means the company may not be able to cover its $0.08 annual dividend with an expected future payout ratio of -3.0%.

Cogent Communications Stock Performance

CCOI stock traded down $7.73 during mid-day trading on Friday, hitting $18.58. 7,028,475 shares of the company were exchanged, compared to its average volume of 1,114,275. Cogent Communications has a 1-year low of $15.96 and a 1-year high of $82.00. The stock has a market capitalization of $912.67 million, a PE ratio of -4.55 and a beta of 0.81. The business has a 50 day simple moving average of $23.53 and a 200-day simple moving average of $30.36. The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 49.06.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Friday, February 20th. The technology company reported ($0.64) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.09) by $0.45. The company had revenue of $240.52 million for the quarter, compared to analyst estimates of $243.82 million. Cogent Communications had a negative return on equity of 208.70% and a negative net margin of 19.72%.The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.91) earnings per share. On average, equities analysts forecast that Cogent Communications will post -4.55 earnings per share for the current year.

Insider Activity

In other news, Director Lewis H. Ferguson sold 4,000 shares of the business’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total transaction of $81,360.00. Following the completion of the transaction, the director owned 19,267 shares of the company’s stock, valued at approximately $391,890.78. The trade was a 17.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.40% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

A number of institutional investors and hedge funds have recently bought and sold shares of CCOI. Yousif Capital Management LLC boosted its stake in shares of Cogent Communications by 1.4% during the second quarter. Yousif Capital Management LLC now owns 15,815 shares of the technology company’s stock valued at $762,000 after purchasing an additional 212 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Cogent Communications by 3.6% in the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 7,534 shares of the technology company’s stock valued at $289,000 after buying an additional 262 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Cogent Communications by 4.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 7,122 shares of the technology company’s stock worth $343,000 after buying an additional 314 shares during the period. Ipswich Investment Management Co. Inc. boosted its position in Cogent Communications by 0.8% during the 3rd quarter. Ipswich Investment Management Co. Inc. now owns 44,259 shares of the technology company’s stock worth $1,697,000 after buying an additional 369 shares during the period. Finally, Keybank National Association OH grew its holdings in Cogent Communications by 5.7% during the 3rd quarter. Keybank National Association OH now owns 6,835 shares of the technology company’s stock worth $262,000 after acquiring an additional 370 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.