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Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) saw a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 1,770,000 shares, a decline of 6.3% from the September 15th total of 1,890,000 shares. Approximately 4.2% of the shares of the company are sold short. Based on an average daily volume of 292,300 shares, the short-interest ratio is presently 6.1 days.
Insider Transactions at Cogent Communications
In other news, Director Lewis H. Ferguson sold 940 shares of Cogent Communications stock in a transaction on Monday, September 12th. The stock was sold at an average price of $55.13, for a total transaction of $51,822.20. Following the sale, the director now directly owns 13,471 shares in the company, valued at approximately $742,656.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction on Friday, September 9th. The stock was sold at an average price of $52.35, for a total transaction of $253,897.50. Following the sale, the chief financial officer now directly owns 53,550 shares in the company, valued at approximately $2,803,342.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lewis H. Ferguson sold 940 shares of Cogent Communications stock in a transaction on Monday, September 12th. The stock was sold at an average price of $55.13, for a total value of $51,822.20. Following the sale, the director now owns 13,471 shares in the company, valued at $742,656.23. The disclosure for this sale can be found here. Company insiders own 11.00% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the business. Hennion & Walsh Asset Management Inc. grew its holdings in shares of Cogent Communications by 37.3% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 15,273 shares of the technology company’s stock worth $1,013,000 after purchasing an additional 4,146 shares in the last quarter. Advisor Group Holdings Inc. grew its holdings in shares of Cogent Communications by 6.5% during the first quarter. Advisor Group Holdings Inc. now owns 22,051 shares of the technology company’s stock worth $2,627,000 after purchasing an additional 1,354 shares in the last quarter. Swiss National Bank grew its holdings in shares of Cogent Communications by 7.5% during the first quarter. Swiss National Bank now owns 101,400 shares of the technology company’s stock worth $6,728,000 after purchasing an additional 7,100 shares in the last quarter. Harber Asset Management LLC boosted its stake in Cogent Communications by 150.4% in the first quarter. Harber Asset Management LLC now owns 76,620 shares of the technology company’s stock worth $5,084,000 after buying an additional 46,020 shares in the last quarter. Finally, MQS Management LLC purchased a new stake in Cogent Communications in the first quarter worth approximately $281,000. Hedge funds and other institutional investors own 86.84% of the company’s stock.
Cogent Communications Price Performance
Shares of CCOI traded up $1.55 during midday trading on Monday, hitting $51.90. 272,264 shares of the company traded hands, compared to its average volume of 291,484. The stock has a 50-day moving average of $54.32 and a 200-day moving average of $59.12. Cogent Communications has a one year low of $46.75 and a one year high of $80.50. The firm has a market cap of $2.49 billion, a P/E ratio of 56.00, a PEG ratio of 3.99 and a beta of 0.35.
Cogent Communications (NASDAQ:CCOI – Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The technology company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. Cogent Communications had a negative return on equity of 9.43% and a net margin of 7.44%. The firm had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $150.68 million. During the same period in the prior year, the business posted ($0.05) earnings per share. The company’s revenue was up .4% on a year-over-year basis. Sell-side analysts forecast that Cogent Communications will post 0.8 EPS for the current fiscal year.
Cogent Communications Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Stockholders of record on Thursday, August 18th were issued a dividend of $0.905 per share. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.88. The ex-dividend date was Wednesday, August 17th. This represents a $3.62 annualized dividend and a dividend yield of 6.97%. Cogent Communications’s payout ratio is presently 389.25%.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on CCOI. StockNews.com began coverage on Cogent Communications in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Credit Suisse Group cut Cogent Communications from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $74.00 to $56.00 in a research note on Tuesday, October 11th. Cowen lowered their price objective on Cogent Communications to $62.00 in a research note on Tuesday, August 9th. Finally, KeyCorp upgraded Cogent Communications from a “sector weight” rating to an “overweight” rating and set a $64.00 price objective on the stock in a research note on Tuesday, September 27th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $65.14.
Cogent Communications Company Profile
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Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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.
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