Ceredex Value Advisors LLC Decreases Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Ceredex Value Advisors LLC cut its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 11.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 189,714 shares of the technology company's stock after selling 24,100 shares during the period. Ceredex Value Advisors LLC owned about 0.39% of Cogent Communications worth $14,403,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. M&G Plc acquired a new position in shares of Cogent Communications during the first quarter worth $27,942,000. Capital World Investors grew its stake in shares of Cogent Communications by 327.7% in the first quarter. Capital World Investors now owns 981,623 shares of the technology company's stock worth $64,129,000 after purchasing an additional 752,133 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of Cogent Communications by 289.6% in the second quarter. Harbor Capital Advisors Inc. now owns 10,020 shares of the technology company's stock worth $566,000 after purchasing an additional 7,448 shares during the last quarter. Westwood Holdings Group Inc. grew its stake in shares of Cogent Communications by 16.6% in the first quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company's stock worth $48,257,000 after purchasing an additional 105,164 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its stake in shares of Cogent Communications by 55.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 23,015 shares of the technology company's stock worth $1,467,000 after purchasing an additional 8,223 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Stock Up 1.7 %

Shares of CCOI stock traded up $1.34 on Friday, reaching $81.62. 339,805 shares of the company were exchanged, compared to its average volume of 440,241. The company has a market cap of $4.00 billion, a price-to-earnings ratio of 89.69 and a beta of 0.41. The company has a 50-day moving average of $76.19 and a 200-day moving average of $66.93. The company has a debt-to-equity ratio of 4.43, a current ratio of 2.20 and a quick ratio of 2.20. Cogent Communications Holdings, Inc. has a one year low of $50.80 and a one year high of $86.00.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.27) by $0.59. The company had revenue of $260.40 million for the quarter, compared to analysts' expectations of $264.32 million. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The business's revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.13) EPS. Analysts anticipate that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were issued a $0.985 dividend. This represents a $3.94 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date of this dividend was Thursday, August 22nd. This is a positive change from Cogent Communications's previous quarterly dividend of $0.98. Cogent Communications's dividend payout ratio is currently 432.97%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. KeyCorp boosted their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 27th. Citigroup boosted their price objective on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a "buy" rating in a research note on Monday, August 19th. JPMorgan Chase & Co. upped their price target on shares of Cogent Communications from $70.00 to $76.00 and gave the company a "neutral" rating in a research report on Monday, August 12th. The Goldman Sachs Group upped their price target on shares of Cogent Communications from $62.00 to $71.00 and gave the company a "neutral" rating in a research report on Friday, October 4th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $74.00 price target on shares of Cogent Communications in a research report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $77.14.

Insider Buying and Selling

In related news, VP John B. Chang sold 1,400 shares of the company's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the sale, the vice president now owns 71,580 shares in the company, valued at $5,130,138.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total value of $4,369,200.00. Following the completion of the sale, the chief executive officer now owns 4,373,038 shares in the company, valued at approximately $318,444,627.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP John B. Chang sold 1,400 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the sale, the vice president now owns 71,580 shares of the company's stock, valued at approximately $5,130,138.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 64,870 shares of company stock worth $4,716,057 in the last quarter. Insiders own 11.40% of the company's stock.

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.