Schwab Charles Investment Management Inc. increased its position in shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) by 6.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 276,692 shares of the technology company’s stock after acquiring an additional 16,817 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.60% of Cogent Communications worth $14,776,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in CCOI. SG Americas Securities LLC acquired a new stake in shares of Cogent Communications during the first quarter valued at approximately $152,000. Quantbot Technologies LP purchased a new position in Cogent Communications during the first quarter valued at approximately $216,000. Sei Investments Co. grew its position in Cogent Communications by 29.7% during the first quarter. Sei Investments Co. now owns 5,344 shares of the technology company’s stock valued at $232,000 after purchasing an additional 1,223 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Cogent Communications during the second quarter valued at approximately $311,000. Finally, Koch Industries Inc. purchased a new position in Cogent Communications during the first quarter valued at approximately $317,000. Institutional investors and hedge funds own 90.46% of the company’s stock.
CCOI stock opened at $54.95 on Monday. The company has a quick ratio of 3.96, a current ratio of 3.96 and a debt-to-equity ratio of -6.22. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of 144.61, a price-to-earnings-growth ratio of 8.37 and a beta of 0.60. Cogent Communications Holdings Inc has a 12 month low of $35.75 and a 12 month high of $57.65.
Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, August 2nd. The technology company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.04). The business had revenue of $129.30 million during the quarter, compared to the consensus estimate of $131.13 million. Cogent Communications had a negative return on equity of 22.38% and a net margin of 2.13%. The business’s revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.10 earnings per share. equities research analysts predict that Cogent Communications Holdings Inc will post 0.66 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 31st. Shareholders of record on Friday, August 17th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 3.93%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.52. The ex-dividend date was Thursday, August 16th. Cogent Communications’s payout ratio is currently 568.42%.
In other news, VP Timothy G. Oneill sold 1,000 shares of the business’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $51.95, for a total value of $51,950.00. Following the completion of the sale, the vice president now directly owns 40,652 shares in the company, valued at $2,111,871.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Blake Bath sold 18,411 shares of the business’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $54.93, for a total transaction of $1,011,316.23. Following the completion of the sale, the director now owns 34,175 shares of the company’s stock, valued at $1,877,232.75. The disclosure for this sale can be found here. Insiders sold 35,011 shares of company stock valued at $1,908,947 over the last three months. Insiders own 10.21% of the company’s stock.
A number of brokerages recently commented on CCOI. Royal Bank of Canada downgraded shares of Cogent Communications from an “outperform” rating to a “sector perform” rating and set a $51.00 price objective on the stock. in a research report on Tuesday, May 29th. They noted that the move was a valuation call. BidaskClub downgraded shares of Cogent Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, August 7th. Zacks Investment Research downgraded shares of Cogent Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, July 4th. Oppenheimer boosted their price objective on shares of Cogent Communications from $51.00 to $57.00 and gave the company an “outperform” rating in a research report on Monday, June 11th. Finally, Guggenheim reaffirmed a “hold” rating and set a $47.00 price objective on shares of Cogent Communications in a research report on Friday, August 3rd. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $47.89.
Cogent Communications Company Profile
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.
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