Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Purchased by Advisors Asset Management Inc.

Advisors Asset Management Inc. grew its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 1.7% in the third quarter, HoldingsChannel reports. The fund owned 191,331 shares of the technology company’s stock after buying an additional 3,215 shares during the period. Advisors Asset Management Inc.’s holdings in Cogent Communications were worth $14,526,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. EdgePoint Investment Group Inc. lifted its holdings in Cogent Communications by 46.2% in the second quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock worth $86,759,000 after purchasing an additional 485,628 shares during the period. Harspring Capital Management LLC lifted its stake in shares of Cogent Communications by 6.0% in the 2nd quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock worth $66,402,000 after acquiring an additional 66,500 shares during the period. Thrivent Financial for Lutherans boosted its holdings in shares of Cogent Communications by 0.4% in the third quarter. Thrivent Financial for Lutherans now owns 1,039,458 shares of the technology company’s stock valued at $78,916,000 after acquiring an additional 4,197 shares in the last quarter. Capital World Investors increased its stake in shares of Cogent Communications by 327.7% during the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock valued at $64,129,000 after acquiring an additional 752,133 shares during the period. Finally, Hood River Capital Management LLC raised its holdings in Cogent Communications by 18.9% during the second quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock worth $49,338,000 after purchasing an additional 138,680 shares in the last quarter. Institutional investors own 92.45% of the company’s stock.

Insiders Place Their Bets

In other news, Director Lewis H. Ferguson sold 846 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $81.76, for a total value of $69,168.96. Following the sale, the director now owns 18,354 shares in the company, valued at approximately $1,500,623.04. This trade represents a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP John B. Chang sold 1,400 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the sale, the vice president now directly owns 71,580 shares of the company’s stock, valued at approximately $5,130,138.60. This trade represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,346 shares of company stock valued at $5,077,344 in the last quarter. Insiders own 11.00% of the company’s stock.

Cogent Communications Stock Down 0.1 %

CCOI stock opened at $79.96 on Wednesday. The firm has a market cap of $3.92 billion, a PE ratio of 102.51 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.76. The company has a fifty day simple moving average of $78.54 and a 200 day simple moving average of $68.40. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The business had revenue of $257.20 million for the quarter, compared to analyst estimates of $258.69 million. During the same quarter in the prior year, the firm posted ($1.13) EPS. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis. Sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a $0.995 dividend. The ex-dividend date is Friday, November 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 dividend on an annualized basis and a yield of 4.98%. Cogent Communications’s dividend payout ratio (DPR) is presently 505.13%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CCOI. Royal Bank of Canada restated an “outperform” rating and issued a $74.00 price objective on shares of Cogent Communications in a report on Tuesday, September 3rd. TD Cowen lifted their price objective on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. lifted their price target on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. The Goldman Sachs Group upped their price objective on shares of Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research note on Friday, October 4th. Finally, Bank of America lowered shares of Cogent Communications from a “neutral” rating to an “underperform” rating and cut their price target for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $80.25.

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.