Dimensional Fund Advisors LP raised its position in shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) by 0.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,363,623 shares of the technology company’s stock after purchasing an additional 7,741 shares during the period. Dimensional Fund Advisors LP owned 2.93% of Cogent Communications worth $76,091,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of CCOI. Cambridge Investment Research Advisors Inc. acquired a new position in Cogent Communications during the 3rd quarter valued at about $232,000. Virtu Financial LLC acquired a new position in Cogent Communications during the 3rd quarter valued at about $264,000. Captrust Financial Advisors acquired a new position in Cogent Communications during the 2nd quarter valued at about $266,000. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Cogent Communications during the 2nd quarter valued at about $311,000. Finally, Parametrica Management Ltd acquired a new position in Cogent Communications during the 3rd quarter valued at about $317,000. 91.55% of the stock is owned by hedge funds and other institutional investors.
CCOI stock opened at $45.38 on Tuesday. Cogent Communications Holdings Inc has a 52 week low of $35.75 and a 52 week high of $57.65. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of 119.42, a P/E/G ratio of 8.86 and a beta of 0.55.
Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 1st. The technology company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. Cogent Communications had a net margin of 2.99% and a negative return on equity of 24.22%. The company had revenue of $130.00 million for the quarter, compared to the consensus estimate of $132.09 million. During the same period in the previous year, the firm earned $0.08 EPS. Cogent Communications’s revenue was up 5.7% on a year-over-year basis. On average, sell-side analysts anticipate that Cogent Communications Holdings Inc will post 0.66 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 30th. Shareholders of record on Friday, November 16th were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 4.94%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.54. The ex-dividend date was Thursday, November 15th. Cogent Communications’s payout ratio is 589.47%.
In related news, VP Timothy G. Oneill sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $55.80, for a total value of $55,800.00. Following the sale, the vice president now directly owns 38,652 shares in the company, valued at approximately $2,156,781.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thaddeus Gerard Weed sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, December 14th. The stock was sold at an average price of $46.89, for a total transaction of $140,670.00. Following the completion of the sale, the chief financial officer now owns 66,050 shares in the company, valued at $3,097,084.50. The disclosure for this sale can be found here. Insiders have sold a total of 13,300 shares of company stock worth $649,275 over the last 90 days. 10.21% of the stock is owned by insiders.
CCOI has been the subject of a number of analyst reports. BidaskClub lowered shares of Cogent Communications from a “buy” rating to a “hold” rating in a research note on Saturday, September 22nd. BTIG Research lowered shares of Cogent Communications from a “buy” rating to a “neutral” rating in a research note on Monday, October 8th. They noted that the move was a valuation call. William Blair reissued an “outperform” rating on shares of Cogent Communications in a research note on Monday, October 8th. Zacks Investment Research upgraded shares of Cogent Communications from a “sell” rating to a “hold” rating and set a $61.00 price target on the stock in a research report on Monday, October 8th. Finally, Citigroup boosted their price target on shares of Cogent Communications from $39.00 to $42.00 and gave the stock a “sell” rating in a research report on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $50.71.
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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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