IFM Investors Pty Ltd trimmed its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) by 10.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,023 shares of the technology company's stock after selling 600 shares during the period. IFM Investors Pty Ltd's holdings in Cogent Communications were worth $305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently bought and sold shares of the business. State of Alaska Department of Revenue lifted its holdings in Cogent Communications by 9.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 32,267 shares of the technology company's stock worth $1,960,000 after buying an additional 2,675 shares during the last quarter. Offit Capital Advisors LLC increased its position in shares of Cogent Communications by 12.0% during the first quarter. Offit Capital Advisors LLC now owns 3,325 shares of the technology company's stock worth $221,000 after purchasing an additional 355 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Cogent Communications by 1.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 212,336 shares of the technology company's stock worth $14,088,000 after purchasing an additional 2,602 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Cogent Communications by 20.0% during the first quarter. The Manufacturers Life Insurance Company now owns 408,751 shares of the technology company's stock worth $27,121,000 after purchasing an additional 68,261 shares in the last quarter. Finally, Avalon Investment & Advisory increased its position in shares of Cogent Communications by 12.5% during the first quarter. Avalon Investment & Advisory now owns 64,113 shares of the technology company's stock worth $4,254,000 after purchasing an additional 7,116 shares in the last quarter. 86.84% of the stock is owned by hedge funds and other institutional investors.
Get Cogent Communications alerts:Cogent Communications Trading Up 4.7 %
Shares of NASDAQ CCOI opened at $53.50 on Wednesday. The stock has a fifty day moving average price of $57.09 and a 200 day moving average price of $60.14. The company has a market cap of $2.57 billion, a P/E ratio of 57.53, a P/E/G ratio of 4.11 and a beta of 0.36. Cogent Communications Holdings, Inc. has a 12-month low of $49.01 and a 12-month high of $80.50.
Cogent Communications (NASDAQ:CCOI – Get Rating) last posted its quarterly earnings data on Thursday, August 4th. The technology company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. The company had revenue of $148.50 million during the quarter, compared to analysts' expectations of $150.68 million. Cogent Communications had a net margin of 7.44% and a negative return on equity of 9.43%. The firm's revenue for the quarter was up .4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) EPS. On average, sell-side analysts forecast that Cogent Communications Holdings, Inc. will post 0.8 EPS for the current fiscal year.Cogent Communications Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Thursday, August 18th were given a $0.905 dividend. This is a boost from Cogent Communications's previous quarterly dividend of $0.88. This represents a $3.62 dividend on an annualized basis and a yield of 6.77%. The ex-dividend date of this dividend was Wednesday, August 17th. Cogent Communications's dividend payout ratio is presently 389.25%.
Insider Transactions at Cogent Communications
In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $52.35, for a total transaction of $253,897.50. Following the transaction, the chief financial officer now owns 53,550 shares of the company's stock, valued at $2,803,342.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Lewis H. Ferguson sold 940 shares of the stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $55.13, for a total transaction of $51,822.20. Following the transaction, the director now owns 13,471 shares of the company's stock, valued at $742,656.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $52.35, for a total transaction of $253,897.50. Following the transaction, the chief financial officer now directly owns 53,550 shares in the company, valued at approximately $2,803,342.50. The disclosure for this sale can be found here. Corporate insiders own 11.00% of the company's stock.
Wall Street Analyst Weigh In
CCOI has been the topic of a number of research analyst reports. Credit Suisse Group cut their target price on Cogent Communications to $74.00 in a research report on Tuesday, August 9th. KeyCorp upgraded Cogent Communications from a "sector weight" rating to an "overweight" rating and set a $64.00 target price on the stock in a research report on Tuesday. Cowen dropped their target price on Cogent Communications to $62.00 in a research report on Tuesday, August 9th. Finally, StockNews.com lowered Cogent Communications from a "buy" rating to a "hold" rating in a research note on Saturday, August 13th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Cogent Communications has a consensus rating of "Hold" and a consensus target price of $67.71.
Cogent Communications Company Profile
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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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