Ceredex Value Advisors LLC Purchases 63,750 Shares of Cogent Communications Holdings, Inc. $CCOI

Ceredex Value Advisors LLC lifted its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 44.6% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 206,800 shares of the technology company’s stock after buying an additional 63,750 shares during the period. Ceredex Value Advisors LLC owned approximately 0.42% of Cogent Communications worth $9,970,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of CCOI. Magnolia Group LLC purchased a new position in Cogent Communications in the second quarter worth $52,704,000. EdgePoint Investment Group Inc. boosted its holdings in shares of Cogent Communications by 30.4% in the 1st quarter. EdgePoint Investment Group Inc. now owns 2,012,297 shares of the technology company’s stock worth $123,374,000 after buying an additional 469,028 shares during the last quarter. 14B Captial Management LP boosted its holdings in shares of Cogent Communications by 77.8% in the 1st quarter. 14B Captial Management LP now owns 448,000 shares of the technology company’s stock worth $27,467,000 after buying an additional 196,000 shares during the last quarter. BlackBarn Capital Partners LP bought a new position in Cogent Communications during the first quarter valued at about $11,649,000. Finally, Tyro Capital Management LLC increased its holdings in Cogent Communications by 29.4% during the second quarter. Tyro Capital Management LLC now owns 636,895 shares of the technology company’s stock worth $30,705,000 after buying an additional 144,792 shares during the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CCOI. UBS Group reiterated a “neutral” rating and issued a $27.00 target price (down from $50.00) on shares of Cogent Communications in a research note on Friday, November 7th. KeyCorp reduced their price objective on Cogent Communications from $65.00 to $30.00 and set an “overweight” rating for the company in a report on Friday, November 7th. JPMorgan Chase & Co. lowered their target price on Cogent Communications from $37.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, November 13th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Cogent Communications in a research note on Tuesday. Finally, Zacks Research raised Cogent Communications from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $25.71.

Cogent Communications Price Performance

Shares of NASDAQ CCOI opened at $19.11 on Friday. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.31 and a current ratio of 2.31. Cogent Communications Holdings, Inc. has a fifty-two week low of $15.96 and a fifty-two week high of $84.06. The stock has a market cap of $938.46 million, a PE ratio of -4.21 and a beta of 0.77. The stock has a fifty day moving average of $34.13 and a 200-day moving average of $40.77.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 6th. The technology company reported ($0.87) EPS for the quarter, topping the consensus estimate of ($1.15) by $0.28. The business had revenue of $241.95 million during the quarter, compared to the consensus estimate of $246.13 million. Cogent Communications had a negative return on equity of 117.56% and a negative net margin of 21.57%.The firm’s revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the company earned ($1.33) EPS. Equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 8th. Investors of record on Friday, November 21st will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, November 21st. Cogent Communications’s dividend payout ratio is -1.96%.

Cogent Communications announced that its Board of Directors has initiated a share buyback plan on Thursday, August 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the technology company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at Cogent Communications

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 2,400 shares of the firm’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $21.34, for a total value of $51,216.00. Following the completion of the transaction, the director directly owned 10,012 shares of the company’s stock, valued at $213,656.08. This trade represents a 19.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $36.99, for a total transaction of $88,776.00. Following the completion of the transaction, the vice president directly owned 36,200 shares in the company, valued at approximately $1,339,038. The trade was a 6.22% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 11.40% of the company’s stock.

About Cogent Communications

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.