Capital Impact Advisors LLC increased its position in shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) by 6.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,880 shares of the technology company’s stock after buying an additional 2,413 shares during the quarter. Capital Impact Advisors LLC owned 0.09% of Cogent Communications worth $2,293,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in shares of Cogent Communications by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 831,540 shares of the technology company’s stock worth $44,404,000 after acquiring an additional 3,752 shares in the last quarter. Perigon Wealth Management LLC bought a new position in Cogent Communications in the 2nd quarter worth approximately $332,000. BlackRock Inc. raised its position in Cogent Communications by 4.7% in the 2nd quarter. BlackRock Inc. now owns 6,421,881 shares of the technology company’s stock worth $342,928,000 after purchasing an additional 287,668 shares during the last quarter. Segall Bryant & Hamill LLC bought a new position in Cogent Communications in the 2nd quarter worth approximately $1,466,000. Finally, Zebra Capital Management LLC bought a new position in Cogent Communications in the 2nd quarter worth approximately $431,000. 90.36% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cogent Communications stock traded down $1.20 on Friday, hitting $50.05. 273,093 shares of the company’s stock traded hands, compared to its average volume of 347,655. The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of 131.71, a PEG ratio of 9.79 and a beta of 0.61. Cogent Communications Holdings Inc has a one year low of $35.75 and a one year high of $57.65.
Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 1st. The technology company reported $0.18 EPS for the quarter, beating the 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 net margin of 2.99% and a negative return on equity of 24.22%. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.08 EPS. On average, research analysts forecast that Cogent Communications Holdings Inc will post 0.66 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Friday, November 16th will be given a dividend of $0.56 per share. This is a boost from Cogent Communications’s previous quarterly dividend of $0.54. The ex-dividend date is Thursday, November 15th. This represents a $2.24 annualized dividend and a dividend yield of 4.48%. Cogent Communications’s payout ratio is presently 568.42%.
In related news, CFO Thaddeus Gerard Weed sold 4,500 shares of the company’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $53.55, for a total value of $240,975.00. Following the completion of the sale, the chief financial officer now owns 69,050 shares in the company, valued at approximately $3,697,627.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Robert N. Beury, Jr. sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $53.95, for a total transaction of $161,850.00. Following the completion of the sale, the vice president now owns 47,840 shares of the company’s stock, valued at approximately $2,580,968. The disclosure for this sale can be found here. Insiders have sold a total of 34,411 shares of company stock valued at $1,872,326 in the last quarter. Corporate insiders own 10.21% of the company’s stock.
CCOI has been the subject of several research analyst reports. BidaskClub cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a research report on Saturday, September 22nd. William Blair restated an “outperform” rating on shares of Cogent Communications in a research report on Monday, October 8th. BTIG Research cut shares of Cogent Communications from a “buy” rating to a “neutral” rating in a research report on Monday, October 8th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Cogent Communications from a “sell” rating to a “hold” rating and set a $61.00 price objective for the company in a research report on Monday, October 8th. Finally, Citigroup boosted their price objective on shares of Cogent Communications from $39.00 to $42.00 and gave the stock a “sell” rating in a research report on Friday, November 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $51.14.
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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