Texas Permanent School Fund lifted its stake in shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) by 4.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 27,370 shares of the technology company’s stock after acquiring an additional 1,064 shares during the period. Texas Permanent School Fund’s holdings in Cogent Communications were worth $1,237,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in shares of Cogent Communications by 3.2% during the fourth quarter. BlackRock Inc. now owns 6,865,395 shares of the technology company’s stock valued at $310,385,000 after buying an additional 210,635 shares in the last quarter. Renaissance Technologies LLC grew its stake in Cogent Communications by 2.5% in the third quarter. Renaissance Technologies LLC now owns 3,371,900 shares of the technology company’s stock valued at $188,152,000 after purchasing an additional 82,500 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Cogent Communications by 0.6% in the third quarter. Dimensional Fund Advisors LP now owns 1,363,623 shares of the technology company’s stock valued at $76,091,000 after purchasing an additional 7,741 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Cogent Communications by 3.5% in the third quarter. Bank of New York Mellon Corp now owns 860,985 shares of the technology company’s stock valued at $48,043,000 after purchasing an additional 29,445 shares in the last quarter. Finally, Morgan Stanley grew its stake in Cogent Communications by 353.3% in the third quarter. Morgan Stanley now owns 551,606 shares of the technology company’s stock valued at $30,780,000 after purchasing an additional 429,912 shares in the last quarter. Institutional investors and hedge funds own 89.23% of the company’s stock.
A number of research analysts have commented on CCOI shares. Deutsche Bank upgraded Cogent Communications from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research note on Monday, December 17th. Zacks Investment Research upgraded Cogent Communications from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a research note on Monday, January 7th. ValuEngine downgraded Cogent Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, January 30th. BidaskClub downgraded Cogent Communications from a “hold” rating to a “sell” rating in a research note on Friday, February 8th. Finally, Royal Bank of Canada boosted their target price on Cogent Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a research note on Monday, February 25th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. Cogent Communications has a consensus rating of “Hold” and an average price target of $50.14.
In other news, VP Timothy G. Oneill sold 2,000 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $48.96, for a total transaction of $97,920.00. Following the completion of the sale, the vice president now owns 35,652 shares in the company, valued at approximately $1,745,521.92. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $48.92, for a total value of $117,408.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,150 shares of company stock valued at $748,704. 10.21% of the stock is currently owned by corporate insiders.
Shares of CCOI traded up $0.64 during trading hours on Friday, hitting $51.67. 3,732 shares of the company were exchanged, compared to its average volume of 264,838. The company has a market cap of $2.37 billion, a PE ratio of 82.08, a price-to-earnings-growth ratio of 7.09 and a beta of 0.69. Cogent Communications Holdings Inc has a 52 week low of $41.60 and a 52 week high of $57.65.
Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, February 21st. The technology company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.02). The company had revenue of $132.05 million for the quarter, compared to the consensus estimate of $132.63 million. Cogent Communications had a negative return on equity of 23.57% and a net margin of 5.51%. The business’s revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.14) EPS. On average, research analysts predict that Cogent Communications Holdings Inc will post 0.88 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 8th will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 4.49%. The ex-dividend date is Thursday, March 7th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.56. Cogent Communications’s dividend payout ratio is 368.25%.
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About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.
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