River Road Asset Management LLC Trims Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

River Road Asset Management LLC reduced its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 3.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 284,662 shares of the technology company’s stock after selling 11,699 shares during the period. River Road Asset Management LLC’s holdings in Cogent Communications were worth $21,612,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. EntryPoint Capital LLC purchased a new position in shares of Cogent Communications during the first quarter worth about $26,000. Blue Trust Inc. lifted its position in Cogent Communications by 204.5% during the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock worth $31,000 after acquiring an additional 272 shares during the period. Hexagon Capital Partners LLC grew its stake in shares of Cogent Communications by 72.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock valued at $41,000 after purchasing an additional 226 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cogent Communications by 127.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock valued at $44,000 after purchasing an additional 441 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Cogent Communications by 207.0% during the third quarter. GAMMA Investing LLC now owns 660 shares of the technology company’s stock worth $50,000 after purchasing an additional 445 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Lewis H. Ferguson sold 1,550 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the sale, the director now owns 17,748 shares of the company’s stock, valued at approximately $1,288,859.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Dave Schaeffer sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total value of $4,369,200.00. Following the completion of the transaction, the chief executive officer now owns 4,373,038 shares of the company’s stock, valued at $318,444,627.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lewis H. Ferguson sold 1,550 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $72.62, for a total transaction of $112,561.00. Following the transaction, the director now directly owns 17,748 shares in the company, valued at $1,288,859.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 64,870 shares of company stock worth $4,716,057 over the last ninety days. 11.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CCOI. JPMorgan Chase & Co. lifted 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. KeyCorp boosted their price target on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Citigroup raised their price objective on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Royal Bank of Canada reissued an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a research note on Tuesday, September 3rd. Finally, TD Cowen upped their price objective on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $77.14.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $81.43 on Tuesday. The business has a 50 day moving average price of $76.19 and a 200 day moving average price of $67.00. The company has a market capitalization of $3.99 billion, a P/E ratio of 89.48 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.00. The company has a debt-to-equity ratio of 4.43, a current ratio of 2.20 and a quick ratio of 2.20.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.59. The business had revenue of $260.40 million during the quarter, compared to analysts’ expectations of $264.32 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.13) earnings per share. Sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were issued a $0.985 dividend. This represents a $3.94 annualized dividend and a dividend yield of 4.84%. The ex-dividend date of this dividend was Thursday, August 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $0.98. Cogent Communications’s dividend payout ratio is 432.97%.

Cogent Communications Company Profile

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.