Magnolia Group LLC lifted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Free Report) by 3.5% during the 1st quarter, HoldingsChannel reports. The firm owned 1,290,204 shares of the technology company’s stock after purchasing an additional 43,867 shares during the quarter. Cogent Communications comprises 4.5% of Magnolia Group LLC’s investment portfolio, making the stock its 6th biggest position. Magnolia Group LLC’s holdings in Cogent Communications were worth $24,307,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in CCOI. Quarry LP acquired a new stake in shares of Cogent Communications in the third quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd purchased a new stake in Cogent Communications in the 4th quarter valued at $28,000. Hantz Financial Services Inc. grew its holdings in Cogent Communications by 313.9% in the 4th quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock valued at $32,000 after buying an additional 1,127 shares in the last quarter. Strs Ohio acquired a new stake in shares of Cogent Communications in the 1st quarter worth $104,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Cogent Communications in the 4th quarter worth $43,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $16.79, for a total value of $81,431.50. Following the sale, the chief financial officer directly owned 197,900 shares of the company’s stock, valued at approximately $3,322,741. The trade was a 2.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $17.01, for a total transaction of $40,824.00. Following the completion of the transaction, the vice president owned 38,600 shares in the company, valued at approximately $656,586. This represents a 5.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 4.20% of the company’s stock.
Cogent Communications Stock Down 9.0%
Cogent Communications (NASDAQ:CCOI – Get Free Report) last released its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.20. The business had revenue of $239.19 million during the quarter, compared to analysts’ expectations of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The company’s revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.09) EPS. Sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current fiscal year.
Cogent Communications Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were given a $0.02 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.08 dividend on an annualized basis and a yield of 0.6%. Cogent Communications’s dividend payout ratio is presently -2.25%.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on CCOI shares. JPMorgan Chase & Co. reissued a “neutral” rating and set a $22.00 price target on shares of Cogent Communications in a research report on Friday, May 29th. Royal Bank Of Canada cut their price objective on shares of Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a research report on Wednesday, May 6th. UBS Group reduced their target price on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 5th. Wells Fargo & Company decreased their target price on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. Finally, Weiss Ratings cut shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 20th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $24.90.
View Our Latest Report on Cogent Communications
Cogent Communications Profile
Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.
In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.
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