Mirae Asset Global Investments Co. Ltd. increased its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) by 1.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 212,336 shares of the technology company’s stock after purchasing an additional 2,602 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Cogent Communications were worth $14,088,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also made changes to their positions in CCOI. Prospera Financial Services Inc purchased a new position in shares of Cogent Communications in the first quarter valued at $45,000. Tyler Stone Wealth Management bought a new position in Cogent Communications during the 4th quarter valued at $51,000. Rosenberg Matthew Hamilton bought a new position in Cogent Communications during the 1st quarter valued at $53,000. Picton Mahoney Asset Management bought a new position in Cogent Communications during the 1st quarter valued at $214,000. Finally, Hightower 6M Holding LLC bought a new position in Cogent Communications during the 1st quarter valued at $220,000. 86.84% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research firms have commented on CCOI. Credit Suisse Group reduced their price objective on shares of Cogent Communications to $74.00 in a research note on Tuesday, August 9th. StockNews.com downgraded shares of Cogent Communications from a “buy” rating to a “hold” rating in a research note on Saturday, August 13th. Finally, Cowen reduced their price objective on shares of Cogent Communications to $62.00 in a research note on Tuesday, August 9th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $68.33.
Cogent Communications Stock Performance
Cogent Communications (NASDAQ:CCOI – Get Rating) last issued its earnings results on Thursday, August 4th. The technology company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. The company had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $150.68 million. Cogent Communications had a net margin of 7.44% and a negative return on equity of 9.43%. The firm’s revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.05) earnings per share. Sell-side analysts expect that Cogent Communications Holdings, Inc. will post 0.8 EPS for the current fiscal year.
Cogent Communications Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Thursday, August 18th were issued a $0.905 dividend. This represents a $3.62 dividend on an annualized basis and a dividend yield of 6.73%. The ex-dividend date was Wednesday, August 17th. This is a boost from Cogent Communications’s previous quarterly dividend of $0.88. Cogent Communications’s dividend payout ratio (DPR) is 389.25%.
Insider Buying and Selling
In related news, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $52.35, for a total value of $253,897.50. Following the sale, the chief financial officer now owns 53,550 shares of the company’s stock, valued at approximately $2,803,342.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Lewis H. Ferguson sold 940 shares of the stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $55.13, for a total value of $51,822.20. Following the completion of the transaction, the director now owns 13,471 shares in the company, valued at approximately $742,656.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $52.35, for a total transaction of $253,897.50. Following the completion of the transaction, the chief financial officer now owns 53,550 shares of the company’s stock, valued at approximately $2,803,342.50. The disclosure for this sale can be found here. Corporate insiders own 11.00% of the company’s stock.
About Cogent Communications
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.
- Get a free copy of the StockNews.com research report on Cogent Communications (CCOI)
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