Miracle Mile Advisors LLC Invests $283,000 in Cogent Communications Holdings Inc (NASDAQ:CCOI)

Miracle Mile Advisors LLC purchased a new position in shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 5,136 shares of the technology company’s stock, valued at approximately $283,000.

Several other large investors have also modified their holdings of CCOI. Capital Insight Partners LLC grew its position in shares of Cogent Communications by 1.2% during the 2nd quarter. Capital Insight Partners LLC now owns 24,099 shares of the technology company’s stock worth $1,431,000 after buying an additional 294 shares during the period. NN Investment Partners Holdings N.V. bought a new position in Cogent Communications during the 2nd quarter worth approximately $253,000. Nisa Investment Advisors LLC boosted its stake in Cogent Communications by 60.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 17,320 shares of the technology company’s stock worth $1,028,000 after acquiring an additional 6,500 shares during the last quarter. Leith Wheeler Investment Counsel Ltd. boosted its stake in Cogent Communications by 3.6% during the 2nd quarter. Leith Wheeler Investment Counsel Ltd. now owns 88,855 shares of the technology company’s stock worth $5,274,000 after acquiring an additional 3,080 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in Cogent Communications by 1.9% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 16,500 shares of the technology company’s stock worth $979,000 after acquiring an additional 300 shares during the last quarter. Institutional investors own 83.48% of the company’s stock.

CCOI has been the topic of several recent analyst reports. Zacks Investment Research lowered shares of Cogent Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price target on shares of Cogent Communications from $59.00 to $61.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. TheStreet lowered shares of Cogent Communications from a “b” rating to a “c+” rating in a research note on Monday, August 12th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Cogent Communications in a research note on Friday, August 9th. Finally, Royal Bank of Canada lifted their price target on shares of Cogent Communications from $54.00 to $65.00 and gave the company a “sector perform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Cogent Communications currently has a consensus rating of “Hold” and a consensus price target of $63.83.

In other news, Director Richard Liebhaber sold 5,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $59.90, for a total value of $299,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Timothy G. Oneill sold 1,000 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $60.98, for a total transaction of $60,980.00. Following the completion of the sale, the vice president now directly owns 37,252 shares of the company’s stock, valued at approximately $2,271,626.96. The disclosure for this sale can be found here. In the last three months, insiders sold 33,580 shares of company stock valued at $1,397,737. 10.17% of the stock is currently owned by company insiders.

Shares of NASDAQ:CCOI traded up $0.04 on Friday, hitting $62.84. The company had a trading volume of 9,387 shares, compared to its average volume of 218,577. The stock has a 50 day moving average price of $57.48 and a 200 day moving average price of $58.73. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of 99.79, a P/E/G ratio of 9.37 and a beta of 0.56. Cogent Communications Holdings Inc has a 1-year low of $42.40 and a 1-year high of $64.91.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, November 7th. The technology company reported $0.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.12. The company had revenue of $136.94 million during the quarter, compared to analysts’ expectations of $136.50 million. Cogent Communications had a net margin of 6.91% and a negative return on equity of 21.84%. Cogent Communications’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.18 earnings per share. On average, equities analysts predict that Cogent Communications Holdings Inc will post 0.87 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Friday, November 22nd will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date is Thursday, November 21st. This is a boost from Cogent Communications’s previous quarterly dividend of $0.62. Cogent Communications’s payout ratio is presently 393.65%.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

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Institutional Ownership by Quarter for Cogent Communications (NASDAQ:CCOI)

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