Meyer Handelman Co. Invests $284,000 in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Meyer Handelman Co. bought a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 3,689 shares of the technology company’s stock, valued at approximately $284,000.

A number of other large investors also recently made changes to their positions in CCOI. Intech Investment Management LLC lifted its holdings in Cogent Communications by 85.7% during the third quarter. Intech Investment Management LLC now owns 16,908 shares of the technology company’s stock worth $1,284,000 after acquiring an additional 7,803 shares during the period. Consolidated Planning Corp bought a new stake in shares of Cogent Communications during the 3rd quarter worth $630,000. PEAK6 Investments LLC purchased a new position in shares of Cogent Communications in the 3rd quarter worth about $1,720,000. Citigroup Inc. grew its position in Cogent Communications by 56.8% during the third quarter. Citigroup Inc. now owns 56,595 shares of the technology company’s stock valued at $4,297,000 after buying an additional 20,510 shares during the period. Finally, Boston Financial Mangement LLC grew its position in Cogent Communications by 2.8% during the third quarter. Boston Financial Mangement LLC now owns 609,821 shares of the technology company’s stock valued at $46,298,000 after buying an additional 16,527 shares during the period. 92.45% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, VP John B. Chang sold 2,280 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $80.41, for a total value of $183,334.80. Following the sale, the vice president now directly owns 69,300 shares of the company’s stock, valued at $5,572,413. This trade represents a 3.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Henry W. Kilmer sold 4,800 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $75.61, for a total transaction of $362,928.00. Following the completion of the transaction, the vice president now directly owns 33,800 shares of the company’s stock, valued at approximately $2,555,618. This represents a 12.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,136 shares of company stock valued at $1,939,749. Company insiders own 11.40% of the company’s stock.

Cogent Communications Trading Up 1.5 %

Shares of CCOI stock opened at $73.02 on Thursday. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.76. The company’s fifty day simple moving average is $78.04 and its two-hundred day simple moving average is $74.18. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of 93.62 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) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.13) EPS. As a group, analysts anticipate 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, December 6th. Investors of record on Friday, November 22nd were paid a dividend of $0.995 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $3.98 annualized dividend and a yield of 5.45%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s payout ratio is currently 510.26%.

Analyst Ratings Changes

A number of research firms have weighed in on CCOI. The Goldman Sachs Group boosted their target price on shares of Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research note on Friday, October 4th. UBS Group initiated coverage on Cogent Communications in a research note on Thursday, November 14th. They issued a “buy” rating and a $102.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus 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.