KLP Kapitalforvaltning AS Acquires Shares of 9,200 Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

KLP Kapitalforvaltning AS acquired a new position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 9,200 shares of the technology company's stock, valued at approximately $709,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CCOI. Raymond James Financial Inc. bought a new position in shares of Cogent Communications during the fourth quarter valued at approximately $39,845,000. Bryn Mawr Capital Management LLC increased its holdings in shares of Cogent Communications by 8,542.8% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 237,678 shares of the technology company's stock valued at $18,318,000 after acquiring an additional 234,928 shares during the period. Reaves W H & Co. Inc. increased its holdings in shares of Cogent Communications by 17.1% in the 4th quarter. Reaves W H & Co. Inc. now owns 698,518 shares of the technology company's stock valued at $53,835,000 after acquiring an additional 101,956 shares during the period. Madison Investment Advisors LLC bought a new position in shares of Cogent Communications in the 4th quarter worth $6,332,000. Finally, FMR LLC boosted its position in Cogent Communications by 11.0% during the third quarter. FMR LLC now owns 800,758 shares of the technology company's stock valued at $60,793,000 after purchasing an additional 79,474 shares in the last quarter. 92.45% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Cogent Communications to a "sell" rating in a report on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $80.25.

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Insider Activity

In other news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $72.57, for a total value of $174,168.00. Following the sale, the vice president now owns 41,000 shares in the company, valued at $2,975,370. This represents a 5.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $72.06, for a total transaction of $353,094.00. Following the transaction, the chief financial officer now directly owns 103,000 shares of the company's stock, valued at approximately $7,422,180. This trade represents a 4.54 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,681 shares of company stock valued at $840,878. Company insiders own 11.40% of the company's stock.

Cogent Communications Stock Performance

Shares of Cogent Communications stock traded down $3.16 during midday trading on Friday, hitting $56.92. The company had a trading volume of 818,965 shares, compared to its average volume of 437,554. The company has a fifty day simple moving average of $72.81 and a 200 day simple moving average of $76.22. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 72.97 and a beta of 0.69. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.76.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.22) by $0.31. The business had revenue of $252.29 million during the quarter, compared to analysts' expectations of $258.49 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. As a group, analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a dividend of $1.005 per share. This represents a $4.02 annualized dividend and a yield of 7.06%. The ex-dividend date of this dividend was Thursday, March 13th. This is an increase from Cogent Communications's previous quarterly dividend of $1.00. Cogent Communications's payout ratio is presently -93.49%.

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.