State of Alaska Department of Revenue lessened its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) by 1.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,592 shares of the technology company’s stock after selling 450 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cogent Communications were worth $1,963,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in CCOI. Morgan Stanley increased its holdings in Cogent Communications by 36.1% in the 3rd quarter. Morgan Stanley now owns 234,053 shares of the technology company’s stock valued at $16,580,000 after buying an additional 62,096 shares during the period. LPL Financial LLC increased its holdings in Cogent Communications by 13.9% in the 3rd quarter. LPL Financial LLC now owns 17,733 shares of the technology company’s stock valued at $1,256,000 after buying an additional 2,168 shares during the period. Voloridge Investment Management LLC bought a new stake in shares of Cogent Communications in the 3rd quarter worth about $1,202,000. BNP Paribas Arbitrage SA grew its holdings in shares of Cogent Communications by 279.8% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 61,561 shares of the technology company’s stock worth $4,361,000 after purchasing an additional 45,352 shares during the last quarter. Finally, UBS Asset Management Americas Inc. grew its holdings in shares of Cogent Communications by 5.5% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 53,958 shares of the technology company’s stock worth $3,822,000 after purchasing an additional 2,812 shares during the last quarter. 86.06% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ CCOI opened at $61.70 on Friday. The firm’s 50-day simple moving average is $59.61 and its 200 day simple moving average is $63.78. The company has a market cap of $2.96 billion, a price-to-earnings ratio of 96.41 and a beta of 0.31. Cogent Communications Holdings, Inc. has a 12-month low of $55.16 and a 12-month high of $80.50.
Cogent Communications (NASDAQ:CCOI – Get Rating) last issued its quarterly earnings results on Friday, April 29th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.18). Cogent Communications had a negative return on equity of 6.39% and a net margin of 5.15%. The company had revenue of $149.20 million for the quarter, compared to analyst estimates of $149.10 million. During the same quarter last year, the company earned $0.41 EPS. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. On average, research analysts predict that Cogent Communications Holdings, Inc. will post 0.78 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, May 27th. Shareholders of record on Friday, May 13th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Thursday, May 12th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.86. This represents a $3.52 dividend on an annualized basis and a yield of 5.71%. Cogent Communications’s dividend payout ratio is currently 550.01%.
Several equities research analysts have recently weighed in on the stock. StockNews.com lowered shares of Cogent Communications from a “buy” rating to a “hold” rating in a report on Tuesday. Citigroup lowered their target price on shares of Cogent Communications from $73.00 to $70.00 in a report on Monday, May 2nd. Finally, TheStreet lowered shares of Cogent Communications from a “b-” rating to a “c” rating in a report on Friday, April 29th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $70.80.
In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $59.20, for a total transaction of $142,080.00. Following the transaction, the vice president now directly owns 33,600 shares in the company, valued at approximately $1,989,120. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lewis H. Ferguson sold 950 shares of the company’s stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $60.72, for a total value of $57,684.00. Following the completion of the sale, the director now directly owns 12,887 shares of the company’s stock, valued at $782,498.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,370 shares of company stock worth $625,898. Corporate insiders own 11.00% of the company’s stock.
Cogent Communications Company Profile (Get Rating)
Cogent Communications Holdings, Inc., through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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.
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