Cogent Communications Group Inc. (CCOI) Shares Bought by California Public Employees Retirement System
California Public Employees Retirement System increased its stake in shares of Cogent Communications Group Inc. (NASDAQ:CCOI) by 2.5% during the third quarter, according to its most recent disclosure with the SEC. The firm owned 110,600 shares of the company’s stock after buying an additional 2,700 shares during the period. California Public Employees Retirement System owned approximately 0.25% of Cogent Communications Group worth $4,071,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of CCOI. Stanley Laman Group Ltd. bought a new position in shares of Cogent Communications Group during the second quarter valued at about $743,000. Jennison Associates LLC increased its stake in Cogent Communications Group by 1.2% in the second quarter. Jennison Associates LLC now owns 1,810,658 shares of the company’s stock valued at $72,535,000 after buying an additional 21,347 shares during the period. Emerald Acquisition Ltd. acquired a new stake in Cogent Communications Group during the second quarter valued at approximately $1,445,000. Suntrust Banks Inc. increased its stake in Cogent Communications Group by 6.4% in the second quarter. Suntrust Banks Inc. now owns 73,498 shares of the company’s stock valued at $2,944,000 after buying an additional 4,423 shares during the period. Finally, Columbus Circle Investors acquired a new stake in Cogent Communications Group during the second quarter valued at approximately $763,000. Institutional investors and hedge funds own 97.09% of the company’s stock.
Shares of Cogent Communications Group Inc. (NASDAQ:CCOI) traded down 1.54% during trading on Tuesday, hitting $38.25. 375,896 shares of the stock were exchanged. The stock has a 50-day moving average of $37.35 and a 200 day moving average of $38.43. Cogent Communications Group Inc. has a 12-month low of $29.65 and a 12-month high of $43.61. The stock has a market cap of $1.70 billion, a P/E ratio of 126.24 and a beta of 0.82.
Cogent Communications Group (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, November 3rd. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by $0.02. The business earned $113.10 million during the quarter, compared to analyst estimates of $113.25 million. Cogent Communications Group had a negative return on equity of 53.79% and a net margin of 3.10%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.07 EPS. Equities analysts predict that Cogent Communications Group Inc. will post $0.37 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Tuesday, November 22nd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend is Friday, November 18th. This is an increase from Cogent Communications Group’s previous quarterly dividend of $0.38. Cogent Communications Group’s payout ratio is currently 516.13%.
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CCOI has been the subject of several research reports. JPMorgan Chase & Co. initiated coverage on shares of Cogent Communications Group in a research report on Monday, September 26th. They issued a “neutral” rating for the company. TheStreet downgraded shares of Cogent Communications Group from a “buy” rating to a “hold” rating in a research report on Monday, August 22nd. Off Wall Street reiterated a “sell” rating on shares of Cogent Communications Group in a research report on Friday, November 4th. William Blair reiterated an “outperform” rating on shares of Cogent Communications Group in a research report on Friday, October 14th. Finally, Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $45.00 price target on shares of Cogent Communications Group in a research report on Wednesday, August 10th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $43.38.
In other Cogent Communications Group news, CRO James Bubeck sold 800 shares of Cogent Communications Group stock in a transaction on Wednesday, November 9th. The shares were sold at an average price of $39.76, for a total value of $31,808.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Henry W. Kilmer sold 1,000 shares of Cogent Communications Group stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $36.17, for a total transaction of $36,170.00. The disclosure for this sale can be found here. 9.17% of the stock is currently owned by company insiders.
Cogent Communications Group Company Profile
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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