Blair William & Co. IL Has $11.40 Million Holdings in Cogent Communications Holdings, Inc. $CCOI

Blair William & Co. IL raised its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 16.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 236,520 shares of the technology company’s stock after acquiring an additional 33,223 shares during the quarter. Blair William & Co. IL’s holdings in Cogent Communications were worth $11,403,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Ipswich Investment Management Co. Inc. increased its holdings in shares of Cogent Communications by 0.6% during the first quarter. Ipswich Investment Management Co. Inc. now owns 42,739 shares of the technology company’s stock valued at $2,620,000 after acquiring an additional 260 shares in the last quarter. GAMMA Investing LLC boosted its position in Cogent Communications by 35.4% in the first quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company’s stock worth $64,000 after purchasing an additional 274 shares during the last quarter. Xponance Inc. boosted its position in Cogent Communications by 9.7% in the first quarter. Xponance Inc. now owns 3,497 shares of the technology company’s stock worth $214,000 after purchasing an additional 308 shares during the last quarter. Covestor Ltd boosted its position in Cogent Communications by 56.3% in the first quarter. Covestor Ltd now owns 1,035 shares of the technology company’s stock worth $64,000 after purchasing an additional 373 shares during the last quarter. Finally, Prairieview Wealth Partners LLC boosted its position in Cogent Communications by 3.7% in the first quarter. Prairieview Wealth Partners LLC now owns 11,142 shares of the technology company’s stock worth $683,000 after purchasing an additional 400 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Performance

Shares of CCOI opened at $42.05 on Friday. The stock’s 50-day simple moving average is $38.24 and its 200 day simple moving average is $46.50. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of -9.26 and a beta of 0.77. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.31 and a current ratio of 2.31. Cogent Communications Holdings, Inc. has a 52-week low of $29.61 and a 52-week high of $86.76.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, August 7th. The technology company reported ($1.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.28). The company had revenue of $246.25 million for the quarter, compared to analysts’ expectations of $247.79 million. Cogent Communications had a negative return on equity of 117.56% and a negative net margin of 21.57%.The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period last year, the company posted ($0.68) EPS. Research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Thursday, August 21st were paid a $1.015 dividend. The ex-dividend date was Thursday, August 21st. This represents a $4.06 dividend on an annualized basis and a yield of 9.7%. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s dividend payout ratio is currently -89.43%.

Cogent Communications declared that its Board of Directors has approved a stock repurchase plan on Thursday, August 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase up to 4.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

CCOI has been the topic of a number of recent research reports. Wells Fargo & Company raised Cogent Communications from an “underweight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research report on Monday, August 18th. Citigroup cut Cogent Communications from a “buy” rating to a “neutral” rating and dropped their price target for the company from $67.00 to $33.00 in a research report on Tuesday, August 12th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $40.00 price target (down previously from $74.00) on shares of Cogent Communications in a research report on Friday, August 8th. Weiss Ratings reissued a “sell (d)” rating on shares of Cogent Communications in a report on Wednesday. Finally, The Goldman Sachs Group began coverage on Cogent Communications in a report on Tuesday, September 2nd. They set a “neutral” rating and a $40.00 price objective on the stock. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $46.60.

Insiders Place Their Bets

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $36.35, for a total value of $72,700.00. Following the transaction, the director directly owned 10,017 shares in the company, valued at $364,117.95. This represents a 16.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $36.99, for a total value of $88,776.00. Following the transaction, the vice president owned 36,200 shares in the company, valued at $1,339,038. This trade represents a 6.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,663,978 shares of company stock worth $82,687,283 in the last ninety days. 11.40% of the stock is currently owned by insiders.

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.