Legal & General Group Plc lessened its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 20.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 111,974 shares of the technology company’s stock after selling 28,817 shares during the quarter. Legal & General Group Plc’s holdings in Cogent Communications were worth $8,610,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc grew its stake in shares of Cogent Communications by 27.3% during the second quarter. Versant Capital Management Inc now owns 690 shares of the technology company’s stock worth $53,000 after buying an additional 148 shares during the last quarter. Financial Management Professionals Inc. bought a new stake in shares of Cogent Communications in the second quarter worth $96,000. Quantitative Investment Management LLC bought a new stake in shares of Cogent Communications in the first quarter worth $202,000. Occudo Quantitative Strategies LP acquired a new position in Cogent Communications in the first quarter valued at $221,000. Finally, Southeast Asset Advisors Inc. acquired a new position in Cogent Communications in the first quarter valued at $228,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently issued reports on CCOI. Zacks Investment Research lowered shares of Cogent Communications from a “buy” rating to a “hold” rating and set a $81.00 target price on the stock. in a report on Tuesday, August 3rd. TheStreet lowered shares of Cogent Communications from a “b-” rating to a “c” rating in a report on Wednesday, August 11th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $84.50.
Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, August 5th. The technology company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.21 by ($0.26). The business had revenue of $147.90 million for the quarter, compared to the consensus estimate of $146.78 million. Cogent Communications had a negative return on equity of 11.90% and a net margin of 0.82%. The company’s revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.19 earnings per share. As a group, equities research analysts predict that Cogent Communications Holdings, Inc. will post 0.86 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 3rd. Stockholders of record on Friday, August 20th were given a dividend of $0.805 per share. The ex-dividend date of this dividend was Thursday, August 19th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.78. This represents a $3.22 annualized dividend and a dividend yield of 4.42%. Cogent Communications’s payout ratio is presently 423.68%.
In other news, VP Raymond B. Kummer sold 846 shares of the stock in a transaction that occurred on Friday, July 16th. The shares were sold at an average price of $78.24, for a total transaction of $66,191.04. Following the completion of the transaction, the vice president now directly owns 47,154 shares of the company’s stock, valued at approximately $3,689,328.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Tuesday, September 7th. The shares were sold at an average price of $74.13, for a total transaction of $177,912.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,566 shares of company stock valued at $1,402,568. 11.10% of the stock is currently owned by insiders.
Cogent Communications Profile
Cogent Communications Holdings, Inc engages in the provision of internet access and Internet Protocol communications solutions. It offers internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services. The company was founded by David Schaeffer in August 1999 and is headquartered in Washington, DC.
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