Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. lifted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 34.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,430 shares of the technology company’s stock after purchasing an additional 881 shares during the quarter. Federated Hermes Inc.’s holdings in Cogent Communications were worth $261,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of CCOI. Harspring Capital Management LLC lifted its stake in shares of Cogent Communications by 71.1% in the 3rd quarter. Harspring Capital Management LLC now owns 984,000 shares of the technology company’s stock worth $60,910,000 after acquiring an additional 409,000 shares during the period. FMR LLC lifted its position in Cogent Communications by 58.9% in the third quarter. FMR LLC now owns 710,612 shares of the technology company’s stock worth $43,987,000 after purchasing an additional 263,313 shares during the period. Raymond James & Associates boosted its stake in Cogent Communications by 7.0% during the 4th quarter. Raymond James & Associates now owns 630,300 shares of the technology company’s stock valued at $47,941,000 after purchasing an additional 41,104 shares in the last quarter. Jennison Associates LLC increased its position in shares of Cogent Communications by 44.4% during the 3rd quarter. Jennison Associates LLC now owns 565,388 shares of the technology company’s stock valued at $34,998,000 after purchasing an additional 173,796 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Cogent Communications by 1.4% in the 3rd quarter. Northern Trust Corp now owns 545,838 shares of the technology company’s stock worth $33,787,000 after buying an additional 7,746 shares in the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Stock Down 0.7 %

Shares of Cogent Communications stock opened at $63.07 on Monday. Cogent Communications Holdings, Inc. has a 12-month low of $57.35 and a 12-month high of $86.00. The stock has a market capitalization of $2.99 billion, a P/E ratio of 2.36 and a beta of 0.39. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.24. The stock has a 50 day moving average price of $66.41 and a two-hundred day moving average price of $69.49.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.95) by $0.79. The company 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%. Equities analysts expect that Cogent Communications Holdings, Inc. will post -3.35 earnings per share for the current 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 issued a dividend of $0.965 per share. This represents a $3.86 annualized dividend and a dividend yield of 6.12%. The ex-dividend date was Thursday, March 14th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.96. Cogent Communications’s dividend payout ratio (DPR) is presently 14.43%.

Analyst Ratings Changes

CCOI has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lowered their target price on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating on the stock in a report on Wednesday, March 6th. StockNews.com cut Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. Bank of America cut Cogent Communications from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $85.00 to $75.00 in a report on Thursday, March 7th. KeyCorp increased their price target on Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. Finally, TheStreet upgraded shares of Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $77.57.

Insider Buying and Selling

In other news, CEO Dave Schaeffer sold 26,174 shares of the company’s 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 sale, the chief executive officer now directly owns 4,653,203 shares in the company, valued at approximately $298,782,164.63. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Dave Schaeffer sold 26,174 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $64.21, for a total value of $1,680,632.54. Following the transaction, the chief executive officer now directly owns 4,653,203 shares of the company’s stock, valued at $298,782,164.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $73.47, for a total transaction of $176,328.00. Following the sale, the vice president now directly owns 41,000 shares in the company, valued at $3,012,270. The disclosure for this sale can be found here. Insiders sold a total of 69,320 shares of company stock valued at $4,669,997 over the last ninety days. 11.40% of the stock is owned by company 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.