SG Capital Management LLC Has $15.56 Million Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

SG Capital Management LLC raised its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 105.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 201,916 shares of the technology company’s stock after buying an additional 103,498 shares during the period. Cogent Communications makes up 1.5% of SG Capital Management LLC’s investment portfolio, making the stock its 20th biggest position. SG Capital Management LLC’s holdings in Cogent Communications were worth $15,562,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Cogent Communications by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company’s stock valued at $394,182,000 after acquiring an additional 43,523 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Cogent Communications by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 509,344 shares of the technology company’s stock worth $39,255,000 after purchasing an additional 11,858 shares in the last quarter. Alliancebernstein L.P. raised its position in Cogent Communications by 0.6% in the fourth quarter. Alliancebernstein L.P. now owns 52,770 shares of the technology company’s stock valued at $4,067,000 after purchasing an additional 327 shares during the last quarter. Norges Bank bought a new position in Cogent Communications in the fourth quarter valued at about $4,994,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Cogent Communications by 3.1% during the fourth quarter. Principal Financial Group Inc. now owns 206,196 shares of the technology company’s stock valued at $15,892,000 after purchasing an additional 6,235 shares in the last quarter. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Performance

Shares of CCOI stock opened at $50.41 on Friday. The stock has a market capitalization of $2.49 billion, a PE ratio of 64.63 and a beta of 0.76. The business’s 50 day simple moving average is $57.51 and its 200 day simple moving average is $70.70. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. Cogent Communications Holdings, Inc. has a one year low of $45.00 and a one year high of $86.76.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.04). Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm had revenue of $247.05 million during the quarter, compared to analyst estimates of $250.81 million. During the same quarter last year, the firm posted ($1.38) EPS. The firm’s revenue for the quarter was down 7.2% on a year-over-year basis. As a group, research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd will be given a dividend of $1.01 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.04 dividend on an annualized basis and a yield of 8.01%. This is a boost from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s dividend payout ratio is -100.75%.

Insiders Place Their Bets

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 1,425 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $72.96, for a total value of $103,968.00. Following the transaction, the director now directly owns 10,147 shares of the company’s stock, valued at approximately $740,325.12. The trade was a 12.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $72.57, for a total value of $174,168.00. Following the transaction, the vice president now owns 41,000 shares in the company, valued at $2,975,370. The trade was a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,681 shares of company stock worth $840,878. Company insiders own 11.40% of the company’s stock.

Analyst Ratings Changes

CCOI has been the subject of several recent research reports. The Goldman Sachs Group lowered their price objective on Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. StockNews.com upgraded shares of Cogent Communications to a “sell” rating in a research report on Monday, March 3rd. Finally, UBS Group dropped their price target on shares of Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $75.75.

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.