Capital World Investors Buys New Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Capital World Investors purchased a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOIFree Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 229,490 shares of the technology company’s stock, valued at approximately $17,455,000. Capital World Investors owned approximately 0.47% of Cogent Communications as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CCOI. Harspring Capital Management LLC boosted its stake in shares of Cogent Communications by 71.1% during the 3rd quarter. Harspring Capital Management LLC now owns 984,000 shares of the technology company’s stock valued at $60,910,000 after purchasing an additional 409,000 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Cogent Communications by 46.6% during the 4th quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock worth $63,028,000 after acquiring an additional 263,276 shares during the period. FMR LLC raised its position in shares of Cogent Communications by 58.9% in the 3rd quarter. FMR LLC now owns 710,612 shares of the technology company’s stock worth $43,987,000 after acquiring an additional 263,313 shares in the last quarter. Norges Bank purchased a new position in shares of Cogent Communications in the 4th quarter valued at approximately $50,430,000. Finally, Raymond James & Associates boosted its position in shares of Cogent Communications by 7.0% during the fourth quarter. Raymond James & Associates now owns 630,300 shares of the technology company’s stock valued at $47,941,000 after purchasing an additional 41,104 shares in the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. TheStreet raised Cogent Communications from a “c+” rating to a “b” rating in a research report on Thursday, February 29th. Bank of America cut shares of Cogent Communications from a “buy” rating to a “neutral” rating and lowered their price target for the company from $85.00 to $75.00 in a research report on Thursday, March 7th. KeyCorp cut their price objective on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. JPMorgan Chase & Co. lowered their target price on shares of Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, May 13th. Finally, TD Cowen cut their price target on Cogent Communications from $84.00 to $78.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Cogent Communications has an average rating of “Hold” and a consensus target price of $75.14.

Get Our Latest Report on Cogent Communications

Cogent Communications Trading Down 2.8 %

Shares of NASDAQ:CCOI opened at $55.11 on Friday. The stock’s 50-day simple moving average is $61.79 and its two-hundred day simple moving average is $68.48. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of 2.18 and a beta of 0.41. Cogent Communications Holdings, Inc. has a 52-week low of $54.34 and a 52-week high of $86.00. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.12 and a current ratio of 1.12.

Cogent Communications (NASDAQ:CCOIGet Free Report) last posted its quarterly earnings data on Thursday, May 9th. The technology company reported ($1.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.19). Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The business had revenue of $266.17 million during the quarter, compared to analysts’ expectations of $274.13 million. Analysts expect that Cogent Communications Holdings, Inc. will post -4.63 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Thursday, May 23rd were paid a $0.975 dividend. This represents a $3.90 annualized dividend and a dividend yield of 7.08%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend was Wednesday, May 22nd. Cogent Communications’s dividend payout ratio is 15.45%.

Insider Buying and Selling

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $56.00, for a total transaction of $134,400.00. Following the completion of the sale, the vice president now owns 38,600 shares of the company’s stock, valued at $2,161,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Dave Schaeffer sold 30,000 shares of Cogent Communications stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $67.52, for a total transaction of $2,025,600.00. Following the transaction, the chief executive officer now owns 4,679,377 shares in the company, valued at approximately $315,951,535.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $56.00, for a total value of $134,400.00. Following the completion of the sale, the vice president now owns 38,600 shares of the company’s stock, valued at approximately $2,161,600. The disclosure for this sale can be found here. In the last three months, insiders have sold 112,214 shares of company stock valued at $7,025,208. 11.40% of the stock is owned by company insiders.

Cogent Communications Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Cogent Communications (NASDAQ:CCOI)

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