Magnolia Group LLC Purchases 179,126 Shares of Cogent Communications Holdings, Inc. $CCOI

Magnolia Group LLC raised its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 16.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,272,337 shares of the technology company’s stock after acquiring an additional 179,126 shares during the period. Cogent Communications makes up 7.7% of Magnolia Group LLC’s investment portfolio, making the stock its 6th largest holding. Magnolia Group LLC’s holdings in Cogent Communications were worth $48,794,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Yousif Capital Management LLC raised its holdings in Cogent Communications by 1.4% during the second quarter. Yousif Capital Management LLC now owns 15,815 shares of the technology company’s stock worth $762,000 after purchasing an additional 212 shares in the last quarter. Teacher Retirement System of Texas raised its stake in shares of Cogent Communications by 4.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 7,122 shares of the technology company’s stock worth $343,000 after buying an additional 314 shares in the last quarter. Ipswich Investment Management Co. Inc. lifted its holdings in shares of Cogent Communications by 0.8% in the 3rd quarter. Ipswich Investment Management Co. Inc. now owns 44,259 shares of the technology company’s stock valued at $1,697,000 after buying an additional 369 shares during the period. Empowered Funds LLC boosted its stake in shares of Cogent Communications by 10.3% in the first quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock valued at $335,000 after buying an additional 510 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in shares of Cogent Communications by 297.8% in the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock valued at $36,000 after buying an additional 554 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $23.54 on Tuesday. The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 49.06. The company has a market capitalization of $1.16 billion, a P/E ratio of -5.66 and a beta of 0.81. The firm has a 50-day moving average price of $20.92 and a two-hundred day moving average price of $34.01. Cogent Communications Holdings, Inc. has a twelve month low of $15.96 and a twelve month high of $84.06.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, November 6th. The technology company reported ($0.87) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.15) by $0.28. Cogent Communications had a negative net margin of 19.72% and a negative return on equity of 208.70%. The company had revenue of $241.95 million for the quarter, compared to the consensus estimate of $246.13 million. During the same quarter in the prior year, the firm earned ($1.33) earnings per share. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. As a group, research analysts expect that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 8th. Shareholders of record on Friday, November 21st were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Friday, November 21st. This represents a $0.08 annualized dividend and a yield of 0.3%. Cogent Communications’s dividend payout ratio (DPR) is presently -1.96%.

Wall Street Analysts Forecast Growth

CCOI has been the subject of a number of recent analyst reports. The Goldman Sachs Group reduced their target price on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, November 7th. Royal Bank Of Canada reduced their price objective on shares of Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating for the company in a research note on Thursday, November 13th. Citigroup lowered their target price on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $27.00 target price (down from $45.00) on shares of Cogent Communications in a report on Friday, November 7th. Finally, JPMorgan Chase & Co. decreased their price target on Cogent Communications from $37.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, November 13th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $25.71.

Insiders Place Their Bets

In other news, Director Lewis H. Ferguson sold 4,000 shares of the company’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total value of $81,360.00. Following the sale, the director directly owned 19,267 shares in the company, valued at $391,890.78. This represents a 17.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sheryl Lynn Kennedy sold 2,400 shares of Cogent Communications stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $21.34, for a total value of $51,216.00. Following the sale, the director owned 10,012 shares of the company’s stock, valued at approximately $213,656.08. This represents a 19.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 10.20% of the company’s stock.

Cogent Communications Profile

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.