Assenagon Asset Management S.A. cut its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) by 89.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,170 shares of the technology company’s stock after selling 190,171 shares during the period. Assenagon Asset Management S.A.’s holdings in Cogent Communications were worth $1,156,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. McIlrath & Eck LLC increased its position in shares of Cogent Communications by 70.8% during the second quarter. McIlrath & Eck LLC now owns 468 shares of the technology company’s stock valued at $28,000 after purchasing an additional 194 shares during the period. Byrne Asset Management LLC bought a new stake in Cogent Communications in the third quarter valued at $35,000. Northwestern Mutual Wealth Management Co. grew its position in Cogent Communications by 48.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 838 shares of the technology company’s stock valued at $51,000 after acquiring an additional 272 shares during the period. Geneos Wealth Management Inc. bought a new stake in Cogent Communications in the second quarter valued at $53,000. Finally, Fifth Third Bancorp grew its position in Cogent Communications by 66.4% in the third quarter. Fifth Third Bancorp now owns 890 shares of the technology company’s stock valued at $46,000 after acquiring an additional 355 shares during the period. 85.15% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of brokerages have weighed in on CCOI. The Goldman Sachs Group lowered their price target on Cogent Communications from $49.00 to $43.00 and set a “sell” rating on the stock in a research report on Monday, November 7th. Moffett Nathanson upped their price target on Cogent Communications to $93.00 in a research report on Thursday, November 17th. Wells Fargo & Company lowered their price target on Cogent Communications from $55.00 to $53.00 and set an “underweight” rating on the stock in a research report on Friday, November 4th. KeyCorp raised Cogent Communications from a “sector weight” rating to an “overweight” rating and set a $64.00 price objective on the stock in a research note on Tuesday, September 27th. Finally, StockNews.com started coverage on Cogent Communications in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $65.00.
Cogent Communications Stock Up 1.3 %
Shares of NASDAQ:CCOI opened at $65.19 on Friday. Cogent Communications Holdings, Inc. has a 12 month low of $46.75 and a 12 month high of $72.21. The company’s 50-day moving average price is $57.57 and its two-hundred day moving average price is $56.71. The firm has a market cap of $3.13 billion, a P/E ratio of 135.82, a P/E/G ratio of 1.19 and a beta of 0.38.
Cogent Communications (NASDAQ:CCOI – Get Rating) last issued its quarterly earnings data on Thursday, November 3rd. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.36). The company had revenue of $150.00 million for the quarter, compared to the consensus estimate of $149.71 million. Cogent Communications had a negative return on equity of 4.17% and a net margin of 3.83%. As a group, equities analysts predict that Cogent Communications Holdings, Inc. will post 0.27 earnings per share for the current fiscal year.
Cogent Communications Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, December 2nd. Stockholders of record on Friday, November 18th were paid a $0.915 dividend. This represents a $3.66 annualized dividend and a dividend yield of 5.61%. The ex-dividend date was Thursday, November 17th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.91. Cogent Communications’s dividend payout ratio (DPR) is 762.52%.
In other Cogent Communications news, Director Marc Montagner bought 10,000 shares of Cogent Communications stock in a transaction dated Wednesday, November 9th. The shares were bought at an average price of $54.88 per share, with a total value of $548,800.00. Following the purchase, the director now owns 71,212 shares of the company’s stock, valued at $3,908,114.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, VP David Allen Kapp sold 600 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $58.50, for a total value of $35,100.00. Following the sale, the vice president now directly owns 6,000 shares in the company, valued at approximately $351,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Marc Montagner purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 9th. The stock was purchased at an average price of $54.88 per share, for a total transaction of $548,800.00. Following the completion of the transaction, the director now directly owns 71,212 shares in the company, valued at $3,908,114.56. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 27,252 shares of company stock valued at $1,570,982. 11.00% of the stock is currently owned by insiders.
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, 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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