Cogent Communications Holdings, Inc. (NASDAQ:CCOI) is MIG Capital LLC's Largest Position

MIG Capital LLC lowered its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 8.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,156,508 shares of the technology company's stock after selling 103,303 shares during the period. Cogent Communications accounts for approximately 9.2% of MIG Capital LLC's investment portfolio, making the stock its biggest holding. MIG Capital LLC owned approximately 2.36% of Cogent Communications worth $89,132,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Cogent Communications by 4.3% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,196 shares of the technology company's stock worth $400,000 after purchasing an additional 212 shares in the last quarter. Blue Trust Inc. increased its holdings in Cogent Communications by 53.8% in the 4th quarter. Blue Trust Inc. now owns 623 shares of the technology company's stock valued at $47,000 after buying an additional 218 shares during the period. Royce & Associates LP raised its position in shares of Cogent Communications by 0.6% in the 4th quarter. Royce & Associates LP now owns 33,883 shares of the technology company's stock valued at $2,611,000 after buying an additional 218 shares in the last quarter. Franklin Resources Inc. increased its stake in Cogent Communications by 5.8% in the fourth quarter. Franklin Resources Inc. now owns 4,835 shares of the technology company's stock valued at $373,000 after acquiring an additional 263 shares during the last quarter. Finally, Xponance Inc. lifted its position in shares of Cogent Communications by 10.9% during the 4th quarter. Xponance Inc. now owns 3,189 shares of the technology company's stock worth $246,000 after buying an additional 313 shares during the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

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Insider Activity

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,900 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $72.06, for a total transaction of $353,094.00. Following the completion of the sale, the chief financial officer now owns 103,000 shares in the company, valued at approximately $7,422,180. The trade was a 4.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Lewis H. Ferguson sold 956 shares of the company's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $69.36, for a total transaction of $66,308.16. Following the completion of the sale, the director now owns 18,652 shares in the company, valued at $1,293,702.72. This represents a 4.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,681 shares of company stock worth $840,878 in the last quarter. 11.40% of the stock is owned by corporate insiders.

Cogent Communications Trading Down 0.0 %

Shares of Cogent Communications stock traded down $0.01 during trading on Friday, hitting $50.63. The company's stock had a trading volume of 195,754 shares, compared to its average volume of 452,803. The stock has a 50-day moving average price of $70.06 and a two-hundred day moving average price of $75.31. Cogent Communications Holdings, Inc. has a 52 week low of $47.54 and a 52 week high of $86.76. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of 65.11 and a beta of 0.69. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The technology company reported ($0.91) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $252.29 million during the quarter, compared to analyst estimates of $258.49 million. Equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were given a dividend of $1.005 per share. This is an increase from Cogent Communications's previous quarterly dividend of $1.00. The ex-dividend date was Thursday, March 13th. This represents a $4.02 annualized dividend and a dividend yield of 7.94%. Cogent Communications's dividend payout ratio (DPR) is -93.49%.

Analyst Upgrades and Downgrades

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

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.