Susquehanna Fundamental Investments LLC bought a new position in shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 63,766 shares of the technology company’s stock, valued at approximately $2,767,000.
Other institutional investors have also modified their holdings of the company. Teachers Advisors LLC raised its holdings in shares of Cogent Communications by 3.4% during the fourth quarter. Teachers Advisors LLC now owns 77,422 shares of the technology company’s stock worth $3,507,000 after purchasing an additional 2,568 shares during the last quarter. Swiss National Bank raised its holdings in shares of Cogent Communications by 6.3% during the fourth quarter. Swiss National Bank now owns 75,600 shares of the technology company’s stock worth $3,425,000 after purchasing an additional 4,500 shares during the last quarter. MetLife Investment Advisors LLC purchased a new position in shares of Cogent Communications during the fourth quarter worth $887,000. Aperio Group LLC raised its holdings in shares of Cogent Communications by 31.5% during the fourth quarter. Aperio Group LLC now owns 14,270 shares of the technology company’s stock worth $646,000 after purchasing an additional 3,417 shares during the last quarter. Finally, Pinebridge Investments L.P. grew its position in Cogent Communications by 248.7% during the fourth quarter. Pinebridge Investments L.P. now owns 17,893 shares of the technology company’s stock valued at $810,000 after buying an additional 12,762 shares during the period. 90.21% of the stock is owned by hedge funds and other institutional investors.
Shares of Cogent Communications opened at $53.45 on Wednesday, according to MarketBeat. Cogent Communications Holdings Inc has a 52-week low of $35.75 and a 52-week high of $54.85. The stock has a market capitalization of $2.42 billion, a PE ratio of 140.66, a P/E/G ratio of 7.20 and a beta of 0.51. The company has a current ratio of 4.13, a quick ratio of 4.13 and a debt-to-equity ratio of -7.33.
The business also recently announced a quarterly dividend, which was paid on Friday, June 1st. Stockholders of record on Thursday, May 17th were given a $0.52 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Wednesday, May 16th. This represents a $2.08 annualized dividend and a dividend yield of 3.89%. Cogent Communications’s dividend payout ratio (DPR) is 547.37%.
Several analysts recently commented on the stock. Oppenheimer raised their price target on shares of Cogent Communications from $51.00 to $57.00 and gave the company an “outperform” rating in a research report on Monday. Royal Bank of Canada lowered shares of Cogent Communications from an “outperform” rating to a “sector perform” rating and set a $51.00 price target on the stock. in a research report on Tuesday, May 29th. They noted that the move was a valuation call. BidaskClub upgraded shares of Cogent Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 25th. TheStreet upgraded shares of Cogent Communications from a “c+” rating to a “b” rating in a research report on Thursday, May 17th. Finally, ValuEngine upgraded shares of Cogent Communications from a “hold” rating to a “buy” rating in a research report on Monday, May 7th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $45.82.
In other news, Director Tim Weingarten sold 1,700 shares of the firm’s stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $43.60, for a total value of $74,120.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CRO James Bubeck sold 2,000 shares of the firm’s stock in a transaction dated Friday, May 11th. The stock was sold at an average price of $50.36, for a total transaction of $100,720.00. Following the completion of the transaction, the executive now directly owns 33,542 shares in the company, valued at $1,689,175.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,200 shares of company stock worth $1,300,900. Company insiders own 10.35% of the company’s stock.
About Cogent Communications
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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