JPMorgan Chase & Co. Has $20.70 Million Position in Cogent Communications Holdings, Inc. $CCOI

JPMorgan Chase & Co. boosted its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 369.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 539,770 shares of the technology company’s stock after buying an additional 424,746 shares during the quarter. JPMorgan Chase & Co.’s holdings in Cogent Communications were worth $20,700,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Cogent Communications by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,362,821 shares of the technology company’s stock valued at $205,664,000 after purchasing an additional 270,975 shares during the last quarter. Turtle Creek Asset Management Inc. increased its holdings in shares of Cogent Communications by 64.9% during the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock valued at $176,561,000 after acquiring an additional 1,811,222 shares during the last quarter. EdgePoint Investment Group Inc. increased its holdings in shares of Cogent Communications by 13.3% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 2,279,440 shares of the technology company’s stock valued at $109,892,000 after acquiring an additional 267,143 shares during the last quarter. State Street Corp raised its stake in shares of Cogent Communications by 0.8% in the 2nd quarter. State Street Corp now owns 1,788,235 shares of the technology company’s stock valued at $86,211,000 after acquiring an additional 13,510 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Cogent Communications by 39.8% in the 3rd quarter. Invesco Ltd. now owns 1,402,612 shares of the technology company’s stock valued at $53,790,000 after acquiring an additional 399,339 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 3,300 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $22.99, for a total transaction of $75,867.00. Following the completion of the transaction, the director directly owned 10,100 shares in the company, valued at $232,199. This represents a 24.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $22.63, for a total transaction of $109,755.50. Following the completion of the sale, the chief financial officer directly owned 202,750 shares of the company’s stock, valued at approximately $4,588,232.50. This trade represents a 2.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 12,756 shares of company stock worth $292,467. Insiders own 10.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Wells Fargo & Company decreased their target price on Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating for the company in a research report on Thursday, March 5th. Oppenheimer dropped their price target on shares of Cogent Communications from $40.00 to $30.00 and set an “outperform” rating on the stock in a research report on Monday, February 23rd. Williams Trading set a $40.00 price objective on shares of Cogent Communications in a research note on Monday, February 23rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Cogent Communications in a report on Monday, December 22nd. Finally, KeyCorp lowered their target price on shares of Cogent Communications from $30.00 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, February 23rd. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $26.67.

Cogent Communications Price Performance

NASDAQ CCOI opened at $18.27 on Wednesday. The stock has a 50-day simple moving average of $22.60 and a 200 day simple moving average of $27.47. Cogent Communications Holdings, Inc. has a twelve month low of $15.96 and a twelve month high of $68.10. The stock has a market capitalization of $914.60 million, a PE ratio of -4.80 and a beta of 0.84. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.04 and a current ratio of 2.04.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Friday, February 20th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.09) by $0.45. The firm had revenue of $240.52 million for the quarter, compared to analyst estimates of $243.82 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 18.67%.The company’s revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.91) EPS. Research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Friday, March 6th. Cogent Communications’s dividend payout ratio is currently -2.10%.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.