First Trust Advisors LP decreased its position in shares of Cogent Communications Group Inc. (NASDAQ:CCOI) by 2.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,327 shares of the company’s stock after selling 540 shares during the period. First Trust Advisors LP’s holdings in Cogent Communications Group were worth $774,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the stock. Texas Permanent School Fund acquired a new position in shares of Cogent Communications Group during the first quarter valued at $1,284,000. Aperio Group LLC boosted its stake in Cogent Communications Group by 8.0% in the first quarter. Aperio Group LLC now owns 9,508 shares of the company’s stock valued at $371,000 after buying an additional 706 shares during the last quarter. Teachers Advisors Inc. boosted its stake in Cogent Communications Group by 1.2% in the first quarter. Teachers Advisors Inc. now owns 81,124 shares of the company’s stock valued at $3,166,000 after buying an additional 928 shares during the last quarter. Prudential Financial Inc. purchased a new stake in Cogent Communications Group during the first quarter valued at about $3,887,000. Finally, BlackRock Inc. boosted its stake in Cogent Communications Group by 115.5% in the first quarter. BlackRock Inc. now owns 3,205 shares of the company’s stock valued at $126,000 after buying an additional 1,718 shares during the last quarter. Institutional investors and hedge funds own 98.24% of the company’s stock.
Shares of Cogent Communications Group Inc. (NASDAQ:CCOI) traded up 0.41% during mid-day trading on Friday, reaching $34.67. The company’s stock had a trading volume of 471,724 shares. Cogent Communications Group Inc. has a 1-year low of $28.77 and a 1-year high of $43.61. The firm’s 50 day moving average price is $36.09 and its 200-day moving average price is $38.74. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 117.13 and a beta of 0.98.
Cogent Communications Group (NASDAQ:CCOI) last issued its earnings results on Thursday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.09. Cogent Communications Group had a net margin of 3.10% and a negative return on equity of 89.73%. The company earned $110 million during the quarter, compared to analysts’ expectations of $110.88 million. During the same period last year, the company posted $0.02 earnings per share. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, analysts predict that Cogent Communications Group Inc. will post $0.40 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, August 19th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.38%. This is a boost from Cogent Communications Group’s previous quarterly dividend of $0.37. The ex-dividend date was Wednesday, August 17th. Cogent Communications Group’s dividend payout ratio (DPR) is 506.67%.
Several research firms recently issued reports on CCOI. Zacks Investment Research cut Cogent Communications Group from a “hold” rating to a “sell” rating in a report on Wednesday. JPMorgan Chase & Co. assumed coverage on Cogent Communications Group in a report on Monday, September 26th. They set a “neutral” rating on the stock. TheStreet cut Cogent Communications Group from a “buy” rating to a “hold” rating in a report on Monday, August 22nd. Citigroup Inc. lowered their target price on Cogent Communications Group from $45.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, August 12th. Finally, Oppenheimer Holdings Inc. restated an “outperform” rating and set a $45.00 target price on shares of Cogent Communications Group in a report on Wednesday, August 10th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $42.70.
In related news, Director Tim Weingarten sold 2,822 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $35.57, for a total transaction of $100,378.54. Following the sale, the director now owns 21,479 shares in the company, valued at $764,008.03. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Henry W. Kilmer sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $42.15, for a total transaction of $42,150.00. The disclosure for this sale can be found here. Insiders own 9.17% of the company’s stock.
About Cogent Communications Group
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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