Profund Advisors LLC grew its holdings in Cogent Communications Holdings Inc (NASDAQ:CCOI) by 18.8% during the fourth quarter, HoldingsChannel reports. The firm owned 45,038 shares of the technology company’s stock after acquiring an additional 7,135 shares during the period. Profund Advisors LLC’s holdings in Cogent Communications were worth $2,040,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Sei Investments Co. boosted its stake in Cogent Communications by 42.4% in the third quarter. Sei Investments Co. now owns 4,163 shares of the technology company’s stock worth $203,000 after purchasing an additional 1,240 shares in the last quarter. Ramsey Quantitative Systems acquired a new position in Cogent Communications in the fourth quarter worth $204,000. Envestnet Asset Management Inc. boosted its stake in Cogent Communications by 225.7% in the third quarter. Envestnet Asset Management Inc. now owns 4,762 shares of the technology company’s stock worth $232,000 after purchasing an additional 3,300 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in Cogent Communications by 1,378.7% in the third quarter. Public Employees Retirement System of Ohio now owns 6,048 shares of the technology company’s stock worth $296,000 after purchasing an additional 5,639 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in Cogent Communications in the fourth quarter worth $310,000. 94.65% of the stock is currently owned by institutional investors.
In other Cogent Communications news, VP Henry W. Kilmer sold 3,000 shares of the stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $43.36, for a total value of $130,080.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Marc Montagner sold 5,000 shares of the stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $47.00, for a total value of $235,000.00. Following the completion of the transaction, the director now directly owns 40,000 shares in the company, valued at approximately $1,880,000. The disclosure for this sale can be found here. Insiders sold 11,300 shares of company stock worth $507,493 in the last three months. Insiders own 9.48% of the company’s stock.
Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, February 22nd. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.01). Cogent Communications had a net margin of 1.21% and a negative return on equity of 21.64%. The firm had revenue of $125.20 million for the quarter, compared to analyst estimates of $126.27 million. During the same period last year, the company earned $0.09 EPS. The company’s revenue was up 8.3% compared to the same quarter last year. analysts forecast that Cogent Communications Holdings Inc will post 0.75 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, March 26th. Shareholders of record on Friday, March 9th will be paid a $0.50 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $2.00 annualized dividend and a yield of 4.44%. Cogent Communications’s dividend payout ratio is presently 1,538.58%.
A number of research firms have commented on CCOI. BidaskClub raised Cogent Communications from a “hold” rating to a “buy” rating in a research note on Thursday, December 14th. Zacks Investment Research raised Cogent Communications from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Monday, January 15th. Finally, Deutsche Bank cut their price target on Cogent Communications from $52.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, February 23rd. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $44.11.
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About Cogent Communications
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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