New York State Common Retirement Fund boosted its stake in shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) by 8.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,778 shares of the technology company’s stock after acquiring an additional 4,553 shares during the quarter. New York State Common Retirement Fund’s holdings in Cogent Communications were worth $2,612,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in Cogent Communications by 3.6% during the third quarter. BlackRock Inc. now owns 6,654,760 shares of the technology company’s stock worth $371,336,000 after acquiring an additional 232,879 shares in the last quarter. Renaissance Technologies LLC raised its stake in Cogent Communications by 2.5% during the third quarter. Renaissance Technologies LLC now owns 3,371,900 shares of the technology company’s stock worth $188,152,000 after acquiring an additional 82,500 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Cogent Communications by 0.6% during the third quarter. Dimensional Fund Advisors LP now owns 1,363,623 shares of the technology company’s stock worth $76,091,000 after acquiring an additional 7,741 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Cogent Communications by 3.5% during the third quarter. Bank of New York Mellon Corp now owns 860,985 shares of the technology company’s stock worth $48,043,000 after acquiring an additional 29,445 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of Cogent Communications by 353.3% in the third quarter. Morgan Stanley now owns 551,606 shares of the technology company’s stock valued at $30,780,000 after buying an additional 429,912 shares in the last quarter. Hedge funds and other institutional investors own 89.38% of the company’s stock.
Cogent Communications stock opened at $51.46 on Thursday. The stock has a market capitalization of $2.39 billion, a P/E ratio of 81.68, a PEG ratio of 7.29 and a beta of 0.69. Cogent Communications Holdings Inc has a 12-month low of $41.60 and a 12-month high of $57.65.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 8th will be issued a $0.58 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $2.32 annualized dividend and a yield of 4.51%. Cogent Communications’s dividend payout ratio (DPR) is currently 368.25%.
In related news, VP Timothy G. Oneill sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $50.00, for a total value of $50,000.00. Following the transaction, the vice president now owns 37,652 shares in the company, valued at $1,882,600. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Raymond B. Kummer sold 3,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $51.00, for a total value of $153,000.00. Following the transaction, the vice president now owns 46,640 shares in the company, valued at approximately $2,378,640. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,150 shares of company stock worth $901,704. 10.21% of the stock is owned by company insiders.
A number of brokerages have recently weighed in on CCOI. ValuEngine upgraded Cogent Communications from a “hold” rating to a “buy” rating in a research note on Thursday, March 14th. Royal Bank of Canada raised their target price on Cogent Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a research note on Monday, February 25th. Zacks Investment Research lowered Cogent Communications from a “buy” rating to a “sell” rating in a research note on Wednesday, February 20th. BidaskClub lowered Cogent Communications from a “hold” rating to a “sell” rating in a research note on Friday, February 8th. Finally, Deutsche Bank upgraded Cogent Communications from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a research note on Monday, December 17th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $50.14.
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About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.
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