Cibc World Markets Corp Invests $318,000 in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Cibc World Markets Corp purchased a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 4,121 shares of the technology company's stock, valued at approximately $318,000.

Several other institutional investors also recently bought and sold shares of CCOI. Intech Investment Management LLC lifted its position in shares of Cogent Communications by 85.7% in the third quarter. Intech Investment Management LLC now owns 16,908 shares of the technology company's stock valued at $1,284,000 after acquiring an additional 7,803 shares in the last quarter. PEAK6 Investments LLC acquired a new stake in Cogent Communications during the 3rd quarter worth $1,720,000. Citigroup Inc. grew its holdings in shares of Cogent Communications by 56.8% during the third quarter. Citigroup Inc. now owns 56,595 shares of the technology company's stock worth $4,297,000 after buying an additional 20,510 shares in the last quarter. Verition Fund Management LLC lifted its stake in shares of Cogent Communications by 136.5% in the third quarter. Verition Fund Management LLC now owns 145,223 shares of the technology company's stock worth $11,025,000 after buying an additional 83,816 shares in the last quarter. Finally, Atom Investors LP acquired a new position in Cogent Communications during the third quarter worth about $4,565,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Lewis H. Ferguson sold 956 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $69.36, for a total value of $66,308.16. Following the sale, the director now directly owns 18,652 shares in the company, valued at approximately $1,293,702.72. This trade represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the business's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $72.57, for a total value of $174,168.00. Following the transaction, the vice president now directly owns 41,000 shares of the company's stock, valued at $2,975,370. The trade was a 5.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,681 shares of company stock worth $840,878 over the last three months. Company insiders own 11.40% of the company's stock.

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Analysts Set New Price Targets

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

Cogent Communications Trading Down 1.3 %

Shares of CCOI traded down $0.79 during trading on Thursday, reaching $62.28. 151,172 shares of the company traded hands, compared to its average volume of 422,647. The stock has a 50-day simple moving average of $74.65 and a 200-day simple moving average of $76.70. 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 twelve month low of $50.80 and a twelve month high of $86.76. The stock has a market cap of $3.05 billion, a PE ratio of 79.85 and a beta of 0.45.

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

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be given a $1.005 dividend. This is an increase from Cogent Communications's previous quarterly dividend of $1.00. This represents a $4.02 annualized dividend and a yield of 6.45%. The ex-dividend date is Thursday, March 13th. Cogent Communications's payout ratio is currently -93.49%.

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.