Resona Asset Management Co. Ltd. Acquires Shares of 8,080 Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Resona Asset Management Co. Ltd. bought a new position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,080 shares of the technology company's stock, valued at approximately $623,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp increased its stake in Cogent Communications by 1.3% during the third quarter. State Street Corp now owns 1,750,810 shares of the technology company's stock worth $132,921,000 after acquiring an additional 22,738 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Cogent Communications by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,014,322 shares of the technology company's stock valued at $77,021,000 after purchasing an additional 3,093 shares in the last quarter. Tyro Capital Management LLC boosted its stake in Cogent Communications by 0.6% during the 3rd quarter. Tyro Capital Management LLC now owns 350,304 shares of the technology company's stock valued at $26,595,000 after acquiring an additional 2,063 shares during the last quarter. Meyer Handelman Co. acquired a new position in Cogent Communications in the fourth quarter worth about $284,000. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in shares of Cogent Communications by 16.4% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 15,841 shares of the technology company's stock valued at $1,221,000 after acquiring an additional 2,235 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

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Cogent Communications Stock Performance

Shares of CCOI stock traded down $0.33 during trading hours on Wednesday, reaching $53.12. The stock had a trading volume of 56,252 shares, compared to its average volume of 454,695. The firm has a market capitalization of $2.62 billion, a PE ratio of 68.10 and a beta of 0.69. The firm has a 50-day simple moving average of $68.53 and a 200-day simple moving average of $74.85. Cogent Communications Holdings, Inc. has a twelve month low of $47.54 and a twelve month high of $86.76. 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 released its quarterly earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.22) by $0.31. The company had revenue of $252.29 million during the quarter, compared to analysts' expectations of $258.49 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. As a group, equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a $1.005 dividend. This represents a $4.02 dividend on an annualized basis and a dividend yield of 7.57%. The ex-dividend date was Thursday, March 13th. This is an increase from Cogent Communications's previous quarterly dividend of $1.00. Cogent Communications's payout ratio is currently -93.49%.

Insiders Place Their Bets

In other news, 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 transaction of $174,168.00. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lewis H. Ferguson sold 956 shares of the firm'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 transaction, the director now owns 18,652 shares of the company's stock, valued at approximately $1,293,702.72. The trade was a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,681 shares of company stock worth $840,878. 10.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

Cogent Communications 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.