Cowen and Company Reiterates “Buy” Rating for CyrusOne Inc (NASDAQ:CONE)

Cowen and Company reiterated their buy rating on shares of CyrusOne Inc (NASDAQ:CONE) in a research note released on Friday, July 28th. Cowen and Company currently has a $72.00 price target on the real estate investment trust’s stock.

Several other brokerages have also recently issued reports on CONE. Jefferies Group LLC reiterated a buy rating and set a $63.00 target price on shares of CyrusOne in a report on Tuesday, July 25th. Stifel Nicolaus reiterated a buy rating on shares of CyrusOne in a report on Wednesday, July 19th. BidaskClub cut shares of CyrusOne from a strong-buy rating to a buy rating in a report on Thursday, June 29th. Macquarie reiterated an outperform rating and set a $58.00 target price on shares of CyrusOne in a report on Tuesday, July 4th. Finally, Zacks Investment Research upgraded shares of CyrusOne from a hold rating to a buy rating and set a $62.00 target price on the stock in a report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the stock. The stock has an average rating of Buy and an average target price of $59.29.

Shares of CyrusOne (NASDAQ CONE) traded down 1.04% on Friday, reaching $57.98. 1,118,875 shares of the company were exchanged. The stock’s market capitalization is $4.64 billion. CyrusOne has a 52 week low of $38.80 and a 52 week high of $60.55.

CyrusOne (NASDAQ:CONE) last posted its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.03. CyrusOne had a negative net margin of 4.35% and a positive return on equity of 1.30%. The firm had revenue of $166.90 million for the quarter, compared to analysts’ expectations of $165.71 million. During the same period in the prior year, the business posted $0.67 earnings per share. The business’s revenue for the quarter was up 28.3% on a year-over-year basis. Equities research analysts forecast that CyrusOne will post ($0.11) EPS for the current year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Thursday, September 28th. CyrusOne’s dividend payout ratio is presently -541.92%.

In other CyrusOne news, insider Gary J. Wojtaszek sold 80,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $57.79, for a total transaction of $4,623,200.00. Following the completion of the transaction, the insider now directly owns 511,621 shares of the company’s stock, valued at approximately $29,566,577.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gary J. Wojtaszek sold 38,294 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $58.01, for a total transaction of $2,221,434.94. Following the transaction, the chief executive officer now directly owns 511,621 shares of the company’s stock, valued at $29,679,134.21. The disclosure for this sale can be found here. Insiders have sold a total of 126,894 shares of company stock valued at $7,342,489 over the last three months. 1.64% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its stake in shares of CyrusOne by 20.5% in the first quarter. PNC Financial Services Group Inc. now owns 2,280 shares of the real estate investment trust’s stock worth $116,000 after buying an additional 388 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its stake in shares of CyrusOne by 21.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 2,725 shares of the real estate investment trust’s stock worth $152,000 after buying an additional 484 shares during the last quarter. Perigon Wealth Management LLC boosted its stake in shares of CyrusOne by 941.7% in the first quarter. Perigon Wealth Management LLC now owns 3,125 shares of the real estate investment trust’s stock worth $162,000 after buying an additional 2,825 shares during the last quarter. Comerica Bank purchased a new stake in shares of CyrusOne during the fourth quarter worth approximately $203,000. Finally, Pitcairn Co. purchased a new stake in shares of CyrusOne during the first quarter worth approximately $204,000. 99.34% of the stock is owned by institutional investors.

About CyrusOne

CyrusOne Inc is a real estate investment trust. The Company is an owner, operator and developer of enterprise-class, carrier-neutral, multi-tenant data center properties. The Company’s data centers are generally purpose-built facilities with redundant power and cooling. The CyrusOne National IX Platform (the National IX Platform) delivers interconnection across states and between metro-enabled sites within its footprint and beyond.