Citigroup Inc. Acquires 11,975 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Citigroup Inc. grew its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) by 31.7% in the 4th quarter, HoldingsChannel reports. The fund owned 49,732 shares of the technology company’s stock after purchasing an additional 11,975 shares during the quarter. Citigroup Inc.’s holdings in Cogent Communications were worth $2,839,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. lifted its position in Cogent Communications by 2.1% during the third quarter. BlackRock Inc. now owns 7,390,862 shares of the technology company’s stock worth $385,506,000 after acquiring an additional 149,238 shares during the last quarter. Vanguard Group Inc. lifted its position in Cogent Communications by 1.8% during the third quarter. Vanguard Group Inc. now owns 5,172,729 shares of the technology company’s stock worth $269,811,000 after acquiring an additional 90,137 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in Cogent Communications by 3.8% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,039,330 shares of the technology company’s stock worth $116,405,000 after acquiring an additional 74,196 shares during the last quarter. State Street Corp lifted its position in Cogent Communications by 2.8% during the second quarter. State Street Corp now owns 1,754,375 shares of the technology company’s stock worth $106,596,000 after acquiring an additional 48,110 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Cogent Communications by 0.5% during the third quarter. Dimensional Fund Advisors LP now owns 944,780 shares of the technology company’s stock worth $49,280,000 after acquiring an additional 4,775 shares during the last quarter. 85.15% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $61.94 on Tuesday. The firm’s fifty day moving average price is $65.06 and its two-hundred day moving average price is $62.61. The stock has a market cap of $2.99 billion, a PE ratio of 281.55 and a beta of 0.44. Cogent Communications Holdings, Inc. has a fifty-two week low of $46.75 and a fifty-two week high of $75.00.

Cogent Communications (NASDAQ:CCOI – Get Rating) last posted its earnings results on Thursday, May 4th. The technology company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The firm had revenue of $116.10 million for the quarter, compared to analysts’ expectations of $153.79 million. Cogent Communications had a net margin of 1.68% and a negative return on equity of 2.48%. The company’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.02 earnings per share. As a group, sell-side analysts predict that Cogent Communications Holdings, Inc. will post 0.38 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 2nd. Shareholders of record on Thursday, May 18th will be paid a dividend of $0.935 per share. This represents a $3.74 dividend on an annualized basis and a dividend yield of 6.04%. The ex-dividend date of this dividend is Wednesday, May 17th. This is a boost from Cogent Communications’s previous quarterly dividend of $0.93. Cogent Communications’s payout ratio is presently 1,700.00%.

Insider Buying and Selling

In related news, VP John B. Chang sold 500 shares of the stock in a transaction on Monday, April 17th. The stock was sold at an average price of $70.00, for a total value of $35,000.00. Following the completion of the sale, the vice president now directly owns 47,360 shares in the company, valued at $3,315,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Sheryl Lynn Kennedy sold 600 shares of the stock in a transaction on Monday, March 13th. The stock was sold at an average price of $61.66, for a total value of $36,996.00. Following the completion of the sale, the director now directly owns 7,209 shares in the company, valued at $444,506.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John B. Chang sold 500 shares of the stock in a transaction dated Monday, April 17th. The stock was sold at an average price of $70.00, for a total value of $35,000.00. Following the sale, the vice president now owns 47,360 shares of the company’s stock, valued at $3,315,200. The disclosure for this sale can be found here. Insiders have sold a total of 64,068 shares of company stock valued at $4,209,866 over the last 90 days. 11.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CCOI has been the subject of a number of analyst reports. Bank of America upgraded shares of Cogent Communications from an “underperform” rating to a “buy” rating and lifted their price target for the company from $45.00 to $85.00 in a research report on Wednesday, May 3rd. JPMorgan Chase & Co. downgraded shares of Cogent Communications from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $72.00 to $70.00 in a research report on Monday, May 8th. Royal Bank of Canada lifted their price target on shares of Cogent Communications from $61.00 to $69.00 and gave the company an “outperform” rating in a research report on Tuesday, March 7th. Credit Suisse Group lifted their price target on shares of Cogent Communications from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, February 24th. Finally, StockNews.com initiated coverage on shares of Cogent Communications in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $67.33.

Cogent Communications Company Profile

(Get Rating)

Cogent Communications Holdings, Inc engages in the provision of Internet access and Internet Protocol (IP) communications solutions. It offers Internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services. The company was founded by David Schaeffer in August 1999 and is headquartered in Washington, DC.