Mackenzie Financial Corp Makes New $202,000 Investment in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Mackenzie Financial Corp purchased a new stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,650 shares of the technology company’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CCOI. EverSource Wealth Advisors LLC lifted its holdings in shares of Cogent Communications by 895.0% in the third quarter. EverSource Wealth Advisors LLC now owns 398 shares of the technology company’s stock valued at $25,000 after purchasing an additional 358 shares in the last quarter. Strs Ohio lifted its stake in Cogent Communications by 20.0% in the 3rd quarter. Strs Ohio now owns 1,800 shares of the technology company’s stock worth $111,000 after acquiring an additional 300 shares in the last quarter. CI Investments Inc. acquired a new stake in Cogent Communications during the 3rd quarter worth about $142,000. Fifth Third Bancorp grew its stake in Cogent Communications by 56.7% during the 4th quarter. Fifth Third Bancorp now owns 2,026 shares of the technology company’s stock valued at $154,000 after acquiring an additional 733 shares in the last quarter. Finally, SteelPeak Wealth LLC acquired a new position in shares of Cogent Communications in the 3rd quarter valued at about $206,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Cogent Communications Price Performance

NASDAQ CCOI opened at $65.99 on Tuesday. The firm has a market cap of $3.13 billion, a P/E ratio of 2.47 and a beta of 0.39. The stock’s 50-day moving average is $67.50 and its two-hundred day moving average is $69.54. Cogent Communications Holdings, Inc. has a fifty-two week low of $57.35 and a fifty-two week high of $86.00. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.38 and a quick ratio of 1.38.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, February 29th. The technology company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.79. The business had revenue of $272.10 million for the quarter, compared to the consensus estimate of $275.82 million. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. On average, analysts anticipate that Cogent Communications Holdings, Inc. will post -3.35 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Friday, March 15th were paid a $0.965 dividend. This represents a $3.86 dividend on an annualized basis and a dividend yield of 5.85%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Thursday, March 14th. Cogent Communications’s payout ratio is presently 14.43%.

Analysts Set New Price Targets

A number of research analysts recently commented on CCOI shares. TheStreet raised shares of Cogent Communications from a “c+” rating to a “b” rating in a research report on Thursday, February 29th. JPMorgan Chase & Co. dropped their price target on shares of Cogent Communications from $74.00 to $73.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 6th. Bank of America lowered Cogent Communications from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $85.00 to $75.00 in a report on Thursday, March 7th. StockNews.com downgraded Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. Finally, TD Cowen raised their price target on Cogent Communications from $81.00 to $84.00 and gave the stock an “outperform” rating in a research note on Friday, March 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $77.57.

Insider Activity at Cogent Communications

In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $76.62, for a total transaction of $147,110.40. Following the completion of the transaction, the executive now owns 54,822 shares of the company’s stock, valued at approximately $4,200,461.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $76.62, for a total value of $147,110.40. Following the sale, the executive now owns 54,822 shares of the company’s stock, valued at approximately $4,200,461.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Dave Schaeffer sold 26,174 shares of Cogent Communications stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $64.21, for a total value of $1,680,632.54. Following the completion of the transaction, the chief executive officer now directly owns 4,653,203 shares in the company, valued at $298,782,164.63. The disclosure for this sale can be found here. In the last three months, insiders have sold 69,320 shares of company stock worth $4,669,997. 11.00% of the stock is owned by insiders.

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, Oceania, South America, 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.