Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Holdings Lifted by Beaconlight Capital LLC

Beaconlight Capital LLC increased its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 8.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 288,224 shares of the technology company’s stock after purchasing an additional 22,777 shares during the quarter. Cogent Communications makes up 8.9% of Beaconlight Capital LLC’s investment portfolio, making the stock its 2nd largest position. Beaconlight Capital LLC’s holdings in Cogent Communications were worth $21,882,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Harbor Capital Advisors Inc. boosted its stake in shares of Cogent Communications by 289.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 10,020 shares of the technology company’s stock worth $566,000 after acquiring an additional 7,448 shares in the last quarter. Westwood Holdings Group Inc. grew its stake in shares of Cogent Communications by 16.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock valued at $48,257,000 after purchasing an additional 105,164 shares during the period. Intech Investment Management LLC bought a new stake in shares of Cogent Communications in the 2nd quarter valued at approximately $514,000. Consolidated Planning Corp bought a new stake in shares of Cogent Communications in the 3rd quarter valued at approximately $630,000. Finally, Boston Financial Mangement LLC grew its stake in shares of Cogent Communications by 2.8% in the 3rd quarter. Boston Financial Mangement LLC now owns 609,821 shares of the technology company’s stock valued at $46,298,000 after purchasing an additional 16,527 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. TD Cowen upped their price objective on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Royal Bank of Canada restated an “outperform” rating and set a $74.00 price target on shares of Cogent Communications in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. increased their price target on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Citigroup increased their price target on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Finally, Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $80.25.

Cogent Communications Trading Up 1.7 %

Shares of CCOI stock traded up $1.39 during trading hours on Wednesday, reaching $83.89. The company had a trading volume of 17,331 shares, compared to its average volume of 439,030. The company has a 50 day moving average of $79.45 and a 200 day moving average of $68.96. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The firm has a market cap of $4.11 billion, a price-to-earnings ratio of 105.77 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.

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

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.995 per share. This represents a $3.98 annualized dividend and a yield of 4.74%. The ex-dividend date of this dividend is Friday, November 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s dividend payout ratio (DPR) is presently 510.26%.

Insider Buying and Selling

In other Cogent Communications news, Director Lewis H. Ferguson sold 846 shares of Cogent Communications stock in a transaction dated Monday, November 18th. The stock was 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 of the company’s stock, valued at $1,500,623.04. This trade represents a 4.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $69.77, for a total value of $133,958.40. Following the completion of the sale, the executive now directly owns 50,982 shares in the company, valued at $3,557,014.14. This represents a 3.63 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,016 shares of company stock valued at $1,116,135. 11.00% of the stock is owned by company insiders.

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.