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Exchange Traded Concepts LLC Acquires 220 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Defense World · Oct 3, 2022 05:21

Exchange Traded Concepts LLC raised its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) by 2.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,484 shares of the technology company's stock after purchasing an additional 220 shares during the quarter. Exchange Traded Concepts LLC's holdings in Cogent Communications were worth $637,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Capital Insight Partners LLC grew its stake in Cogent Communications by 2.7% in the second quarter. Capital Insight Partners LLC now owns 55,072 shares of the technology company's stock valued at $3,346,000 after purchasing an additional 1,444 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in Cogent Communications by 55.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 23,762 shares of the technology company's stock valued at $1,444,000 after purchasing an additional 8,489 shares during the last quarter. State of Alaska Department of Revenue grew its stake in Cogent Communications by 9.0% in the second quarter. State of Alaska Department of Revenue now owns 32,267 shares of the technology company's stock valued at $1,960,000 after purchasing an additional 2,675 shares during the last quarter. Offit Capital Advisors LLC grew its stake in Cogent Communications by 12.0% in the first quarter. Offit Capital Advisors LLC now owns 3,325 shares of the technology company's stock valued at $221,000 after purchasing an additional 355 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Cogent Communications by 1.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 212,336 shares of the technology company's stock valued at $14,088,000 after purchasing an additional 2,602 shares during the last quarter. Hedge funds and other institutional investors own 86.84% of the company's stock.

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Analyst Ratings Changes

Several research firms have issued reports on CCOI. 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 note on Tuesday, September 27th. Credit Suisse Group dropped their price target on Cogent Communications to $74.00 in a research note on Tuesday, August 9th. Cowen dropped their price target on Cogent Communications to $62.00 in a research note 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 investment analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Cogent Communications has a consensus rating of "Hold" and a consensus price target of $67.71.

Cogent Communications Price Performance

CCOI stock opened at $52.16 on Monday. Cogent Communications Holdings, Inc. has a 1 year low of $49.01 and a 1 year high of $80.50. The firm has a market capitalization of $2.50 billion, a P/E ratio of 56.09, a P/E/G ratio of 4.14 and a beta of 0.36. The business's 50-day moving average is $56.53 and its two-hundred day moving average is $59.92.

Cogent Communications (NASDAQ:CCOI – Get Rating) last announced its earnings results on Thursday, August 4th. The technology company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. The company had revenue of $148.50 million for the quarter, compared to the consensus estimate of $150.68 million. Cogent Communications had a negative return on equity of 9.43% and a net margin of 7.44%. The company's revenue was up .4% on a year-over-year basis. During the same period last year, the business posted ($0.05) EPS. On average, analysts expect that Cogent Communications Holdings, Inc. will post 0.8 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Thursday, August 18th were paid a dividend of $0.905 per share. The ex-dividend date of this dividend was Wednesday, August 17th. This is a positive change from Cogent Communications's previous quarterly dividend of $0.88. This represents a $3.62 annualized dividend and a yield of 6.94%. Cogent Communications's dividend payout ratio is currently 389.25%.

Insider Activity

In other Cogent Communications news, Director Lewis H. Ferguson sold 940 shares of the stock in a transaction that occurred on Monday, September 12th. The stock was 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 approximately $742,656.23. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction on 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Lewis H. Ferguson sold 940 shares of the firm's stock in a transaction on Monday, September 12th. The stock was sold at an average price of $55.13, for a total value of $51,822.20. Following the sale, the director now directly owns 13,471 shares of the company's stock, valued at $742,656.23. The disclosure for this sale can be found here. Insiders own 11.00% of the company's stock.

About Cogent Communications

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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.