Northwest & Ethical Investments L.P. Has $1.29 Million Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Northwest & Ethical Investments L.P. reduced its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 5.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 16,987 shares of the technology company’s stock after selling 889 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Cogent Communications were worth $1,290,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans lifted its stake in shares of Cogent Communications by 2,739.1% in the second quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock worth $58,430,000 after buying an additional 998,796 shares during the last quarter. EdgePoint Investment Group Inc. lifted its position in Cogent Communications by 46.2% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock worth $86,759,000 after acquiring an additional 485,628 shares during the last quarter. Hood River Capital Management LLC boosted 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 valued at $49,338,000 after acquiring an additional 138,680 shares during the period. AYAL Capital Advisors Ltd acquired a new stake in shares of Cogent Communications in the second quarter valued at about $6,372,000. Finally, FMR LLC increased its stake in shares of Cogent Communications by 11.0% in the third quarter. FMR LLC now owns 800,758 shares of the technology company’s stock worth $60,793,000 after purchasing an additional 79,474 shares during the period. Institutional investors own 92.45% of the company’s stock.

Analyst Ratings Changes

CCOI has been the topic of a number of research analyst reports. KeyCorp raised their target price on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a research note on Tuesday, September 3rd. Citigroup raised their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. JPMorgan Chase & Co. upped their price objective on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Finally, The Goldman Sachs Group lifted their target price on Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a research report on Friday, October 4th. Two 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 company. According to MarketBeat, Cogent Communications has an average rating of “Hold” and an average target price of $80.25.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $82.19 on Friday. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.76. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The stock has a market cap of $4.03 billion, a P/E ratio of 105.37 and a beta of 0.40. The company’s 50-day simple moving average is $80.14 and its 200 day simple moving average is $69.31.

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

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.995 per share. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 annualized dividend and a yield of 4.84%. The ex-dividend date is Friday, November 22nd. Cogent Communications’s dividend payout ratio is currently 510.26%.

Insider Buying and Selling at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 1,350 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $80.58, for a total transaction of $108,783.00. Following the completion of the sale, the director now directly owns 10,318 shares of the company’s stock, valued at $831,424.44. This trade represents a 11.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the completion of the transaction, the executive now directly owns 50,982 shares in the company, valued at approximately $3,557,014.14. This represents a 3.63 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,016 shares of company stock valued at $1,116,135. 11.40% of the stock is currently 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.