Rhumbline Advisers increased its position in Cogent Communications Holdings Inc (NASDAQ:CCOI) by 2.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 113,051 shares of the technology company’s stock after acquiring an additional 2,976 shares during the period. Rhumbline Advisers’ holdings in Cogent Communications were worth $6,037,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CCOI. Brown Advisory Inc. raised its holdings in Cogent Communications by 39.0% in the 1st quarter. Brown Advisory Inc. now owns 2,014,310 shares of the technology company’s stock worth $87,421,000 after acquiring an additional 564,940 shares during the last quarter. Matarin Capital Management LLC purchased a new position in Cogent Communications in the 1st quarter worth approximately $4,381,000. Susquehanna Fundamental Investments LLC purchased a new position in Cogent Communications in the 1st quarter worth approximately $2,767,000. State of New Jersey Common Pension Fund D raised its holdings in Cogent Communications by 12.0% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 560,000 shares of the technology company’s stock worth $24,304,000 after acquiring an additional 60,000 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH raised its holdings in Cogent Communications by 15.2% in the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 386,000 shares of the technology company’s stock worth $16,752,000 after acquiring an additional 51,000 shares during the last quarter. Institutional investors own 90.46% of the company’s stock.

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,500 shares of the business’s stock in a transaction on Monday, June 4th. The shares were sold at an average price of $51.12, for a total transaction of $230,040.00. Following the completion of the sale, the chief financial officer now directly owns 73,550 shares in the company, valued at approximately $3,759,876. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Raymond B. Kummer sold 3,000 shares of the business’s stock in a transaction on Friday, June 15th. The shares were sold at an average price of $53.78, for a total transaction of $161,340.00. Following the sale, the vice president now owns 51,740 shares of the company’s stock, valued at $2,782,577.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,600 shares of company stock valued at $769,336. Company insiders own 10.21% of the company’s stock.

Shares of CCOI opened at $54.35 on Friday. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of 113.44, a P/E/G ratio of 8.31 and a beta of 0.50. The company has a quick ratio of 3.96, a current ratio of 3.96 and a debt-to-equity ratio of -6.22. Cogent Communications Holdings Inc has a 1-year low of $35.75 and a 1-year high of $57.65.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, August 2nd. The technology company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.04). The company had revenue of $129.30 million for the quarter, compared to analysts’ expectations of $131.13 million. Cogent Communications had a net margin of 2.13% and a negative return on equity of 22.38%. Cogent Communications’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.10 earnings per share. sell-side analysts expect that Cogent Communications Holdings Inc will post 0.66 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 31st. Shareholders of record on Friday, August 17th will be paid a dividend of $0.54 per share. The ex-dividend date is Thursday, August 16th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.52. This represents a $2.16 dividend on an annualized basis and a yield of 3.97%. Cogent Communications’s payout ratio is currently 568.42%.

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada lowered shares of Cogent Communications from an “outperform” rating to a “sector perform” rating and set a $51.00 price objective for the company. in a report on Tuesday, May 29th. They noted that the move was a valuation call. Deutsche Bank lowered shares of Cogent Communications from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a report on Thursday, May 3rd. They noted that the move was a valuation call. BidaskClub lowered shares of Cogent Communications from a “buy” rating to a “hold” rating in a report on Tuesday, August 7th. Zacks Investment Research lowered shares of Cogent Communications from a “hold” rating to a “sell” rating in a report on Wednesday, July 4th. Finally, Oppenheimer boosted their target price on shares of Cogent Communications from $51.00 to $57.00 and gave the company an “outperform” rating in a research note on Monday, June 11th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. Cogent Communications currently has a consensus rating of “Hold” and a consensus price target of $47.89.

Cogent Communications Profile

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.

Further Reading: Calculate Your Return on Investment (ROI)

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Institutional Ownership by Quarter for Cogent Communications (NASDAQ:CCOI)

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