Gotham Asset Management LLC purchased a new stake in shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 8,110 shares of the technology company’s stock, valued at approximately $367,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Quantamental Technologies LLC purchased a new stake in shares of Cogent Communications during the fourth quarter worth $69,000. Advisor Group Inc. increased its position in Cogent Communications by 43.3% during the fourth quarter. Advisor Group Inc. now owns 1,609 shares of the technology company’s stock worth $72,000 after buying an additional 486 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Cogent Communications by 16.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,895 shares of the technology company’s stock worth $131,000 after buying an additional 408 shares during the last quarter. Pacer Advisors Inc. acquired a new position in Cogent Communications during the third quarter worth $218,000. Finally, Neuberger Berman Group LLC acquired a new position in Cogent Communications during the third quarter worth $241,000. 90.45% of the stock is owned by hedge funds and other institutional investors.
In other Cogent Communications news, VP Raymond B. Kummer sold 3,000 shares of the firm’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $56.10, for a total transaction of $168,300.00. Following the completion of the transaction, the vice president now owns 43,240 shares in the company, valued at $2,425,764. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Timothy G. Oneill sold 2,000 shares of the firm’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 transaction, the vice president now owns 35,652 shares of the company’s stock, valued at approximately $1,745,521.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,150 shares of company stock worth $1,229,209. 10.17% of the stock is owned by company insiders.
Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, February 21st. The technology company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). Cogent Communications had a negative return on equity of 23.57% and a net margin of 5.51%. The firm had revenue of $132.05 million for the quarter, compared to analyst estimates of $132.63 million. During the same period last year, the business earned ($0.14) earnings per share. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. Sell-side analysts predict that Cogent Communications Holdings Inc will post 0.88 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were given a dividend of $0.58 per share. The ex-dividend date was Thursday, March 7th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 4.20%. Cogent Communications’s dividend payout ratio (DPR) is 368.25%.
Several research firms have commented on CCOI. BidaskClub raised shares of Cogent Communications from a “sell” rating to a “hold” rating in a research report on Tuesday, March 26th. Zacks Investment Research downgraded shares of Cogent Communications from a “buy” rating to a “sell” rating in a research report on Wednesday, February 20th. ValuEngine raised shares of Cogent Communications from a “hold” rating to a “buy” rating in a research report on Thursday, March 14th. Finally, Royal Bank of Canada increased their target price on shares of Cogent Communications from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research report on Monday, February 25th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $50.14.
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About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.
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