IFM Investors Pty Ltd Purchases New Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

IFM Investors Pty Ltd purchased a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,978 shares of the technology company’s stock, valued at approximately $325,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CCOI. EverSource Wealth Advisors LLC raised its stake in Cogent Communications by 895.0% in the third quarter. EverSource Wealth Advisors LLC now owns 398 shares of the technology company’s stock valued at $25,000 after purchasing an additional 358 shares in the last quarter. SRS Capital Advisors Inc. grew its position in Cogent Communications by 313.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock valued at $38,000 after acquiring an additional 383 shares during the last quarter. Hexagon Capital Partners LLC grew its position in Cogent Communications by 109.9% in the fourth quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock valued at $48,000 after acquiring an additional 333 shares during the last quarter. Strs Ohio grew its position in Cogent Communications by 20.0% in the third quarter. Strs Ohio now owns 1,800 shares of the technology company’s stock valued at $111,000 after acquiring an additional 300 shares during the last quarter. Finally, CI Investments Inc. bought a new position in Cogent Communications in the third quarter valued at about $142,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Trading Up 1.3 %

CCOI stock traded up $0.86 during trading on Friday, hitting $65.79. The company had a trading volume of 283,862 shares, compared to its average volume of 405,683. The business has a 50-day moving average of $67.72 and a 200-day moving average of $69.52. Cogent Communications Holdings, Inc. has a one year low of $57.35 and a one year high of $86.00. The stock has a market cap of $3.12 billion, a PE ratio of 2.46 and a beta of 0.39. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.24.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, February 29th. The technology company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.95) by $0.79. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. The business had revenue of $272.10 million for the quarter, compared to analysts’ expectations of $275.82 million. Research analysts predict that Cogent Communications Holdings, Inc. will post -3.35 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Friday, March 15th were paid a $0.965 dividend. The ex-dividend date was Thursday, March 14th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.96. This represents a $3.86 annualized dividend and a yield of 5.87%. Cogent Communications’s payout ratio is 14.43%.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $76.62, for a total value of $147,110.40. Following the transaction, the executive now directly owns 54,822 shares of the company’s stock, valued at $4,200,461.64. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $73.47, for a total transaction of $176,328.00. Following the transaction, the vice president now directly owns 41,000 shares of the company’s stock, valued at $3,012,270. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $76.62, for a total value of $147,110.40. Following the transaction, the executive now directly owns 54,822 shares in the company, valued at $4,200,461.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 69,320 shares of company stock valued at $4,669,997. 11.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on CCOI. TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a research report on Thursday, February 29th. TD Cowen lifted their target price on Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. Bank of America cut Cogent Communications from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $85.00 to $75.00 in a report on Thursday, March 7th. KeyCorp boosted their price target on Cogent Communications from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Friday, March 1st. Finally, StockNews.com cut Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $77.57.

Cogent Communications Company 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, Oceania, South America, 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.