Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Holdings Boosted by EdgePoint Investment Group Inc.

EdgePoint Investment Group Inc. boosted its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 0.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,542,503 shares of the technology company’s stock after acquiring an additional 5,307 shares during the period. Cogent Communications comprises about 0.9% of EdgePoint Investment Group Inc.’s investment portfolio, making the stock its 25th biggest holding. EdgePoint Investment Group Inc. owned about 3.15% of Cogent Communications worth $117,107,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Itau Unibanco Holding S.A. acquired a new stake in Cogent Communications in the third quarter worth about $30,000. Blue Trust Inc. increased its stake in shares of Cogent Communications by 204.5% during the third quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after acquiring an additional 272 shares during the period. Hexagon Capital Partners LLC lifted its position in Cogent Communications by 72.9% in the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after purchasing an additional 226 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in Cogent Communications by 127.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock valued at $44,000 after acquiring an additional 441 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Cogent Communications in the 3rd quarter worth $46,000. Institutional investors own 92.45% of the company’s stock.

Insider Activity at Cogent Communications

In related news, CFO Thaddeus Gerard Weed sold 4,800 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $81.58, for a total transaction of $391,584.00. Following the completion of the transaction, the chief financial officer now owns 88,500 shares in the company, valued at $7,219,830. This trade represents a 5.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John B. Chang sold 1,400 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $71.67, for a total value of $100,338.00. Following the transaction, the vice president now owns 71,580 shares of the company’s stock, valued at $5,130,138.60. This trade represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,816 shares of company stock worth $1,530,087 in the last 90 days. 11.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CCOI shares. Citigroup upped their target price on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a report on Monday, August 19th. KeyCorp upped their target price on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a report on Tuesday, September 3rd. JPMorgan Chase & Co. upped their target price on Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a report on Monday, August 12th. Finally, UBS Group initiated coverage on Cogent Communications in a report on Thursday, November 14th. They set a “buy” rating and a $102.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $80.25.

Cogent Communications Stock Performance

Shares of CCOI stock opened at $78.15 on Friday. 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 Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.76. The stock’s 50-day moving average is $80.92 and its two-hundred day moving average is $70.21. The firm has a market cap of $3.83 billion, a P/E ratio of 100.19 and a beta of 0.39.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million for the quarter, compared to analyst estimates of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.13) EPS. Analysts predict that Cogent Communications Holdings, Inc. will post -4.53 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a dividend of $0.995 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date was Friday, November 22nd. This represents a $3.98 annualized dividend and a yield of 5.09%. Cogent Communications’s dividend payout ratio is presently 510.26%.

Cogent Communications Company 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.