Headlands Technologies LLC Makes New $136,000 Investment in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Headlands Technologies LLC acquired a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 2,075 shares of the technology company’s stock, valued at approximately $136,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. SRS Capital Advisors Inc. increased its stake in shares of Cogent Communications by 313.9% during the 4th quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock worth $38,000 after purchasing an additional 383 shares during the last quarter. Hexagon Capital Partners LLC increased its position in Cogent Communications by 109.9% during the fourth quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock worth $48,000 after buying an additional 333 shares during the last quarter. Fifth Third Bancorp raised its stake in Cogent Communications by 56.7% in the fourth quarter. Fifth Third Bancorp now owns 2,026 shares of the technology company’s stock valued at $154,000 after buying an additional 733 shares during the period. Strs Ohio lifted its position in shares of Cogent Communications by 16.7% in the fourth quarter. Strs Ohio now owns 2,100 shares of the technology company’s stock valued at $159,000 after buying an additional 300 shares during the last quarter. Finally, Mackenzie Financial Corp bought a new position in shares of Cogent Communications during the 4th quarter worth approximately $202,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on CCOI. StockNews.com cut Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. JPMorgan Chase & Co. cut their target price on shares of Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, May 13th. TD Cowen lowered their price target on shares of Cogent Communications from $84.00 to $78.00 and set a “buy” rating on the stock in a report on Friday, May 10th. KeyCorp reduced their price objective on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Finally, The Goldman Sachs Group initiated coverage on Cogent Communications in a research note on Monday, July 1st. They set a “neutral” rating and a $56.00 target price on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Cogent Communications presently has an average rating of “Hold” and a consensus price target of $73.57.

Insider Activity

In related news, CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $51.78, for a total transaction of $3,106,800.00. Following the sale, the chief executive officer now owns 4,433,038 shares in the company, valued at approximately $229,542,707.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Lewis H. Ferguson sold 2,000 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $58.90, for a total value of $117,800.00. Following the completion of the transaction, the director now owns 17,623 shares of the company’s stock, valued at $1,037,994.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $51.78, for a total transaction of $3,106,800.00. Following the completion of the sale, the chief executive officer now owns 4,433,038 shares in the company, valued at $229,542,707.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 178,440 shares of company stock worth $9,828,016. 11.40% of the stock is currently owned by corporate insiders.

Cogent Communications Price Performance

Shares of CCOI stock traded up $1.05 during trading on Wednesday, hitting $70.33. The company had a trading volume of 34,790 shares, compared to its average volume of 465,802. The firm has a market capitalization of $3.45 billion, a P/E ratio of 2.74 and a beta of 0.41. Cogent Communications Holdings, Inc. has a one year low of $50.80 and a one year high of $86.00. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.12 and a current ratio of 1.12. The stock’s 50-day moving average price is $57.23 and its 200 day moving average price is $65.72.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, May 9th. The technology company reported ($1.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.10) by ($0.19). Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The company had revenue of $266.17 million for the quarter, compared to analyst estimates of $274.13 million. Equities analysts expect that Cogent Communications Holdings, Inc. will post -4.81 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Thursday, May 23rd were issued a $0.975 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.97. This represents a $3.90 annualized dividend and a yield of 5.55%. The ex-dividend date of this dividend was Wednesday, May 22nd. Cogent Communications’s dividend payout ratio (DPR) is currently 15.45%.

About Cogent Communications

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.