Meyer Handelman Co. Invests $284,000 in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Meyer Handelman Co. bought a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,689 shares of the technology company's stock, valued at approximately $284,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Itau Unibanco Holding S.A. acquired a new position in shares of Cogent Communications in the 3rd quarter valued at $30,000. Blue Trust Inc. grew its stake in Cogent Communications by 204.5% in the third quarter. Blue Trust Inc. now owns 405 shares of the technology company's stock valued at $31,000 after acquiring an additional 272 shares during the period. Hexagon Capital Partners LLC increased its holdings in shares of Cogent Communications by 72.9% in the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company's stock worth $41,000 after acquiring an additional 226 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Cogent Communications during the third quarter worth about $46,000. Finally, GAMMA Investing LLC raised its position 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 period. Institutional investors own 92.45% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. The Goldman Sachs Group increased their target price on Cogent Communications from $62.00 to $71.00 and gave the stock a "neutral" rating in a research note on Friday, October 4th. UBS Group started coverage on shares of Cogent Communications in a report on Thursday, November 14th. They set a "buy" rating and a $102.00 price objective on the stock. Two analysts have rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cogent Communications currently has an average rating of "Hold" and an average price target of $80.25.

Insider Activity

In related news, Director Blake Bath sold 6,220 shares of Cogent Communications stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $83.69, for a total transaction of $520,551.80. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at approximately $836,900. This trade represents a 38.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sheryl Lynn Kennedy sold 1,350 shares of the company's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $80.58, for a total value of $108,783.00. Following the completion of the sale, the director now owns 10,318 shares in the company, valued at $831,424.44. This represents a 11.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,136 shares of company stock valued at $1,939,749. 11.00% of the stock is owned by insiders.

Cogent Communications Stock Down 1.1 %

CCOI traded down $0.82 during trading hours on Thursday, hitting $72.20. 359,188 shares of the company's stock were exchanged, compared to its average volume of 419,169. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of 92.56 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.76. The stock's 50-day moving average is $77.80 and its two-hundred day moving average is $74.17. 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 (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, topping analysts' consensus estimates of ($1.34) by $0.01. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The company had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. During the same period in the prior year, the business posted ($1.13) EPS. The company's quarterly revenue was down 6.6% on a year-over-year basis. Sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a dividend of $0.995 per share. The ex-dividend date was Friday, November 22nd. This represents a $3.98 dividend on an annualized basis and a dividend yield of 5.51%. This is a boost from Cogent Communications's previous quarterly dividend of $0.99. Cogent Communications's dividend payout ratio is currently 510.26%.

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.