Millennium Management LLC increased its holdings in shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) by 93.1% during the third quarter, HoldingsChannel reports. The firm owned 426,167 shares of the technology company’s stock after buying an additional 205,502 shares during the period. Millennium Management LLC’s holdings in Cogent Communications were worth $23,481,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also added to or reduced their stakes in CCOI. Bank of Montreal Can raised its stake in Cogent Communications by 0.5% during the 2nd quarter. Bank of Montreal Can now owns 37,673 shares of the technology company’s stock valued at $2,236,000 after buying an additional 201 shares during the last quarter. Mason Street Advisors LLC grew its holdings in shares of Cogent Communications by 1.6% in the third quarter. Mason Street Advisors LLC now owns 14,148 shares of the technology company’s stock worth $780,000 after acquiring an additional 220 shares during the period. Chesley Taft & Associates LLC increased its position in Cogent Communications by 1.5% during the third quarter. Chesley Taft & Associates LLC now owns 15,450 shares of the technology company’s stock valued at $851,000 after acquiring an additional 225 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in Cogent Communications by 1.9% during the second quarter. Oregon Public Employees Retirement Fund now owns 16,500 shares of the technology company’s stock valued at $979,000 after acquiring an additional 300 shares during the last quarter. Finally, Arizona State Retirement System increased its position in Cogent Communications by 0.6% during the second quarter. Arizona State Retirement System now owns 64,724 shares of the technology company’s stock valued at $3,842,000 after acquiring an additional 377 shares during the last quarter. 85.18% of the stock is currently owned by institutional investors.
Several research analysts have issued reports on CCOI shares. ValuEngine cut Cogent Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada upped their price target on shares of Cogent Communications from $54.00 to $65.00 and gave the company a “sector perform” rating in a research report on Wednesday, November 13th. BidaskClub upgraded shares of Cogent Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, November 13th. Wells Fargo & Co reissued a “hold” rating on shares of Cogent Communications in a report on Friday, August 9th. Finally, Zacks Investment Research lowered shares of Cogent Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $64.40.
Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 7th. The technology company reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.12. Cogent Communications had a negative return on equity of 21.84% and a net margin of 6.91%. The business had revenue of $136.94 million during the quarter, compared to analyst estimates of $136.50 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. Cogent Communications’s revenue for the quarter was up 5.2% on a year-over-year basis. Sell-side analysts anticipate that Cogent Communications Holdings Inc will post 0.87 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.64 per share. This is a boost from Cogent Communications’s previous quarterly dividend of $0.62. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date is Thursday, November 21st. Cogent Communications’s payout ratio is presently 406.35%.
In other news, VP Timothy G. Oneill sold 2,500 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $63.29, for a total transaction of $158,225.00. Following the sale, the vice president now directly owns 34,752 shares in the company, valued at approximately $2,199,454.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mike Slessor sold 14,835 shares of Cogent Communications stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $18.03, for a total transaction of $267,475.05. Over the last quarter, insiders have sold 28,580 shares of company stock valued at $1,103,678. 10.17% of the stock is currently owned by corporate insiders.
About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.
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