Mackenzie Financial Corp Purchases Shares of 2,650 Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Mackenzie Financial Corp acquired a new position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the 4th quarter, Holdings Channel.com reports. The fund acquired 2,650 shares of the technology company’s stock, valued at approximately $202,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CCOI. EverSource Wealth Advisors LLC boosted its stake in Cogent Communications by 895.0% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 398 shares of the technology company’s stock worth $25,000 after purchasing an additional 358 shares during the period. Strs Ohio lifted its holdings in shares of Cogent Communications by 20.0% in the third quarter. Strs Ohio now owns 1,800 shares of the technology company’s stock valued at $111,000 after purchasing an additional 300 shares in the last quarter. CI Investments Inc. acquired a new position in shares of Cogent Communications during the third quarter worth about $142,000. Fifth Third Bancorp boosted its position in shares of Cogent Communications by 56.7% during the fourth quarter. Fifth Third Bancorp now owns 2,026 shares of the technology company’s stock worth $154,000 after buying an additional 733 shares during the period. Finally, SteelPeak Wealth LLC bought a new position in shares of Cogent Communications during the third quarter worth about $206,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Stock Up 0.3 %

Shares of CCOI stock opened at $65.99 on Tuesday. Cogent Communications Holdings, Inc. has a 52-week low of $57.35 and a 52-week high of $86.00. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of 2.47 and a beta of 0.39. The firm’s 50-day moving average is $67.50 and its 200-day moving average is $69.54. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.38 and a current ratio of 1.38.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, February 29th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.95) by $0.79. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. The firm had revenue of $272.10 million for the quarter, compared to analyst estimates of $275.82 million. Sell-side analysts predict that Cogent Communications Holdings, Inc. will post -3.35 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Friday, March 15th were issued a dividend of $0.965 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.86 annualized dividend and a yield of 5.85%. Cogent Communications’s dividend payout ratio (DPR) is currently 14.43%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. KeyCorp upped their price target on Cogent Communications from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Friday, March 1st. TheStreet upgraded shares of Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. StockNews.com lowered shares of Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. Bank of America downgraded shares of Cogent Communications from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $85.00 to $75.00 in a research note on Thursday, March 7th. Finally, TD Cowen lifted their target price on Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and a consensus target price of $77.57.

Insiders Place Their Bets

In other news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $73.47, for a total value of $176,328.00. Following the transaction, the vice president now directly owns 41,000 shares of the company’s stock, valued at $3,012,270. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $76.62, for a total value of $147,110.40. Following the transaction, the executive now owns 54,822 shares of the company’s stock, valued at $4,200,461.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $73.47, for a total value of $176,328.00. Following the transaction, the vice president now owns 41,000 shares in the company, valued at approximately $3,012,270. The disclosure for this sale can be found here. Insiders sold a total of 69,320 shares of company stock valued at $4,669,997 over the last ninety days. 11.00% of the stock is currently owned by company insiders.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.