IFM Investors Pty Ltd acquired a new position in Cogent Communications Holdings, Inc. (NASDAQ: CCOI – Get a rating) in the first quarter, according to the company in its latest filing with the Securities and Exchange Commission (SEC). The fund bought 5,623 shares of the technology company, valued at around $373,000.
A number of other institutional investors have also recently changed their stock holdings. CHICAGO TRUST Co NA increased its stake in Cogent Communications by 2.2% in the fourth quarter. CHICAGO TRUST Co NA now owns 9,271 shares of the technology company worth $679,000 after acquiring 200 additional shares in the last quarter. Maryland State Retirement & Pension System increased its stake in Cogent Communications by 1.3% in the fourth quarter. Maryland State Retirement & Pension System now owns 16,915 shares of the technology company worth $1,238,000 after acquiring 223 additional shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Cogent Communications by 41.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 792 shares of the technology company worth $59,000 after acquiring 233 additional shares in the last quarter. Taylor Frigon Capital Management LLC increased its stake in Cogent Communications by 2.0% in the fourth quarter. Taylor Frigon Capital Management LLC now owns 18,656 shares of the technology company worth $1,365,000 after acquiring 359 additional shares in the last quarter. Finally, Pitcairn Co. increased its stake in Cogent Communications by 4.6% during the fourth quarter. Pitcairn Co. now owns 9,708 shares of the technology company worth $710,000 after buying 427 additional shares in the last quarter. Institutional investors hold 86.06% of the company’s shares.
In other news from Cogent Communications, Director Lewis H. Ferguson sold 950 shares of the company in a trade on Tuesday, May 31. The shares were sold at an average price of $60.72, for a total transaction of $57,684.00. As a result of the sale, the administrator now directly owns 12,887 shares of the company, valued at approximately $782,498.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available via the SEC website. Additionally, Vice Chairman Henry W. Kilmer sold 2,400 shares of the company in a trade on Tuesday, June 7. The stock was sold at an average price of $59.20, for a total transaction of $142,080.00. Following the sale, the vice president now owns 33,600 shares of the company, valued at $1,989,120. Disclosure of this sale can be found here. During the last quarter, insiders sold 10,370 shares of the company worth $625,898. 11.00% of the shares are currently held by insiders.
NASDAQ: CCOI opened at $61.70 on Friday. The company’s fifty-day moving average price is $59.61 and its 200-day moving average price is $63.70. Cogent Communications Holdings, Inc. has a 1-year low of $55.16 and a 1-year high of $80.50. The company has a market capitalization of $2.96 billion, a price-earnings ratio of 96.41 and a beta of 0.31.
Relevant communications (NASDAQ: CCOI – Get a rating) last released its quarterly earnings data on Friday, April 29. The tech company reported earnings per share of $0.02 for the quarter, missing analyst consensus estimates of $0.20 per ($0.18). Cogent Communications posted a net margin of 5.15% and a negative return on equity of 6.39%. The company posted revenue of $149.20 million in the quarter, compared to $149.10 million expected by analysts. In the same quarter last year, the company earned earnings per share of $0.41. The company’s quarterly revenue increased 1.6% year over year. As a group, equity research analysts expect Cogent Communications Holdings, Inc. to post earnings per share of 0.78 for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 27. Investors of record on Friday, May 13 received a dividend of $0.88. This represents a dividend of $3.52 on an annualized basis and a yield of 5.71%. This is a positive change from Cogent Communications’ previous quarterly dividend of $0.86. The ex-dividend date was Thursday, May 12. Cogent Communications’ dividend payout ratio (DPR) is 550.01%.
CCOI has been the subject of a number of research analyst reports. Citigroup cut its price target on Cogent Communications shares from $73.00 to $70.00 in a Monday, May 2 report. TheStreet upgraded shares of Cogent Communications from a “b-” rating to a “c” rating in a Friday, April 29 report. To finish, StockNews.com cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a Tuesday, June 28 report. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned the stock a buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $70.80.
Profile Cogent Communications (Get a rating)
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private networking, and data center colocation space services in North America, Europe, Asia, South America South, Australia and Africa. The Company provides Internet access and online private network services to law firms, financial services companies, and advertising and marketing companies, as well as healthcare providers, educational institutions and other professional services companies, other Internet service providers, telephone companies, cable companies, television companies, web hosting companies, media service providers, mobile phone operators, network companies content delivery and commercial content and application service providers.
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