Texas Permanent School Fund Corp raised its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Free Report) by 33.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 38,319 shares of the technology company’s stock after acquiring an additional 9,635 shares during the quarter. Texas Permanent School Fund Corp owned approximately 0.08% of Cogent Communications worth $2,442,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Cogent Communications by 1.8% in the third quarter. Vanguard Group Inc. now owns 5,172,729 shares of the technology company’s stock valued at $269,811,000 after purchasing an additional 90,137 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Cogent Communications by 3.8% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,039,330 shares of the technology company’s stock valued at $116,405,000 after purchasing an additional 74,196 shares during the last quarter. State Street Corp increased its stake in Cogent Communications by 2.8% in the second quarter. State Street Corp now owns 1,754,375 shares of the technology company’s stock valued at $106,596,000 after purchasing an additional 48,110 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Cogent Communications by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 934,323 shares of the technology company’s stock valued at $61,990,000 after purchasing an additional 16,205 shares during the last quarter. Finally, Copeland Capital Management LLC increased its stake in Cogent Communications by 5.0% during the first quarter. Copeland Capital Management LLC now owns 928,661 shares of the technology company’s stock worth $59,174,000 after acquiring an additional 44,025 shares during the last quarter. 84.41% of the stock is currently owned by institutional investors and hedge funds.
Cogent Communications Price Performance
Shares of NASDAQ CCOI opened at $61.39 on Friday. Cogent Communications Holdings, Inc. has a 1-year low of $46.75 and a 1-year high of $75.00. The business has a 50-day moving average of $63.84 and a 200-day moving average of $64.87. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 279.06 and a beta of 0.46.
Cogent Communications (NASDAQ:CCOI – Get Free Report) last issued its quarterly earnings results on Thursday, May 4th. The technology company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The firm had revenue of $116.10 million during the quarter, compared to the consensus estimate of $153.79 million. Cogent Communications had a negative return on equity of 2.48% and a net margin of 1.68%. Cogent Communications’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.02 earnings per share. Research analysts expect that Cogent Communications Holdings, Inc. will post 0.41 EPS for the current fiscal year.
Cogent Communications Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 2nd. Shareholders of record on Thursday, May 18th were paid a dividend of $0.935 per share. The ex-dividend date was Wednesday, May 17th. This represents a $3.74 annualized dividend and a yield of 6.09%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.93. Cogent Communications’s dividend payout ratio is presently 1,700.08%.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on the company. Bank of America upgraded Cogent Communications from an “underperform” rating to a “buy” rating and upped their price target for the stock from $45.00 to $85.00 in a research note on Wednesday, May 3rd. 888 restated a “reiterates” rating on shares of Cogent Communications in a research note on Monday, May 22nd. StockNews.com assumed coverage on Cogent Communications in a research note on Thursday, May 18th. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. lowered Cogent Communications from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $72.00 to $70.00 in a research note on Monday, May 8th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $67.33.
Insider Buying and Selling at Cogent Communications
In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 1,100 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $63.14, for a total transaction of $69,454.00. Following the sale, the director now owns 7,565 shares in the company, valued at $477,654.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, VP John B. Chang sold 5,000 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The stock was sold at an average price of $73.00, for a total transaction of $365,000.00. Following the sale, the vice president now directly owns 42,360 shares in the company, valued at approximately $3,092,280. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sheryl Lynn Kennedy sold 1,100 shares of the stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $63.14, for a total value of $69,454.00. Following the sale, the director now owns 7,565 shares in the company, valued at $477,654.10. The disclosure for this sale can be found here. Insiders have sold 75,331 shares of company stock worth $4,901,907 over the last quarter. 11.40% of the stock is owned by corporate insiders.
About Cogent Communications
(Free Report)
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.
Read More
Receive News & Ratings for Cogent Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cogent Communications and related companies with MarketBeat.com's FREE daily email newsletter.