IFM Investors Pty Ltd bought a new stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,623 shares of the technology company’s stock, valued at approximately $373,000.
Several other institutional investors also recently bought and sold shares of the company. Prospera Financial Services Inc purchased a new position in shares of Cogent Communications in the first quarter valued at approximately $45,000. Tyler Stone Wealth Management purchased a new position in Cogent Communications in the 4th quarter valued at approximately $51,000. Rosenberg Matthew Hamilton acquired a new position in shares of Cogent Communications in the first quarter worth $53,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Cogent Communications by 41.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 792 shares of the technology company’s stock worth $59,000 after acquiring an additional 233 shares during the period. Finally, Lazard Asset Management LLC acquired a new stake in shares of Cogent Communications in the fourth quarter valued at $64,000. 86.06% of the stock is owned by institutional investors and hedge funds.
Cogent Communications Stock Up 0.3 %
Shares of Cogent Communications stock opened at $59.16 on Tuesday. Cogent Communications Holdings, Inc. has a 52 week low of $55.16 and a 52 week high of $80.50. The firm’s 50 day moving average is $60.75 and its two-hundred day moving average is $62.27. The firm has a market capitalization of $2.84 billion, a P/E ratio of 63.61 and a beta of 0.30.
Cogent Communications (NASDAQ:CCOI – Get Rating) last posted its earnings results on Thursday, August 4th. The technology company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Cogent Communications had a net margin of 7.44% and a negative return on equity of 9.43%. The firm had revenue of $148.50 million for the quarter, compared to the consensus estimate of $150.68 million. During the same period last year, the firm posted ($0.05) EPS. The company’s revenue was up .4% on a year-over-year basis. As a group, research analysts expect that Cogent Communications Holdings, Inc. will post 0.76 earnings per share for the current fiscal year.
Cogent Communications Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Thursday, August 18th will be issued a $0.905 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $0.88. This represents a $3.62 annualized dividend and a dividend yield of 6.12%. The ex-dividend date of this dividend is Wednesday, August 17th. Cogent Communications’s payout ratio is presently 378.50%.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on CCOI shares. Citigroup cut their price target on Cogent Communications from $73.00 to $70.00 in a report on Monday, May 2nd. StockNews.com raised shares of Cogent Communications from a “hold” rating to a “buy” rating in a report on Friday. Finally, TheStreet cut shares of Cogent Communications from a “b-” rating to a “c” rating in a report on Friday, April 29th. Two research analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. According to MarketBeat, Cogent Communications currently has an average rating of “Hold” and an average target price of $70.80.
Insider Activity at Cogent Communications
In other Cogent Communications news, Director Lewis H. Ferguson sold 950 shares of Cogent Communications stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $60.72, for a total transaction of $57,684.00. Following the transaction, the director now owns 12,887 shares of the company’s stock, valued at $782,498.64. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $60.49, for a total value of $293,376.50. Following the transaction, the chief financial officer now directly owns 58,400 shares in the company, valued at $3,532,616. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lewis H. Ferguson sold 950 shares of the company’s stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $60.72, for a total transaction of $57,684.00. Following the completion of the sale, the director now directly owns 12,887 shares of the company’s stock, valued at $782,498.64. The disclosure for this sale can be found here. Insiders sold a total of 10,120 shares of company stock valued at $608,398 in the last three months. 11.00% of the stock is currently owned by company insiders.
Cogent Communications 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, Asia, South America, Australia, 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.
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