Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Acquired by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans boosted its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 0.4% in the third quarter, Holdings Channel.com reports. The fund owned 1,039,458 shares of the technology company’s stock after buying an additional 4,197 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Cogent Communications were worth $78,916,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Sei Investments Co. boosted its position in shares of Cogent Communications by 1.3% in the 1st quarter. Sei Investments Co. now owns 92,427 shares of the technology company’s stock valued at $6,038,000 after purchasing an additional 1,200 shares during the period. State Board of Administration of Florida Retirement System boosted its holdings in shares of Cogent Communications by 55.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 23,015 shares of the technology company’s stock valued at $1,467,000 after acquiring an additional 8,223 shares during the period. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Cogent Communications during the first quarter worth approximately $494,000. Covestor Ltd increased its holdings in shares of Cogent Communications by 17.2% in the 1st quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock valued at $123,000 after acquiring an additional 276 shares during the period. Finally, Seven Eight Capital LP purchased a new stake in Cogent Communications in the 1st quarter valued at $1,397,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Trading Up 2.0 %

Shares of CCOI stock opened at $79.40 on Monday. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.76. 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 business’s fifty day moving average price is $78.20 and its 200 day moving average price is $68.17. The firm has a market capitalization of $3.89 billion, a PE ratio of 101.79 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million during the quarter, compared to the consensus estimate of $258.69 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business’s revenue was down 6.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.13) EPS. As a group, sell-side analysts forecast that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.995 per share. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $3.98 annualized dividend and a dividend yield of 5.01%. Cogent Communications’s payout ratio is 505.13%.

Analyst Ratings Changes

A number of research analysts have commented on CCOI shares. Bank of America lowered shares of Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $75.00 to $65.00 in a research note on Wednesday, August 21st. KeyCorp upped their price objective on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Citigroup lifted their target price on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, August 19th. JPMorgan Chase & Co. boosted 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, Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 price target on shares of Cogent Communications in a report on Tuesday, September 3rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $80.25.

Insider Buying and Selling

In other news, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total transaction of $4,369,200.00. Following the completion of the transaction, the chief executive officer now directly owns 4,373,038 shares of the company’s stock, valued at $318,444,627.16. This trade represents a 1.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Sheryl Lynn Kennedy sold 1,350 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $80.58, for a total value of $108,783.00. Following the completion of the sale, the director now directly owns 10,318 shares in the company, valued at approximately $831,424.44. The trade was a 11.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,500 shares of company stock worth $5,008,175 in the last quarter. Company insiders own 11.40% of the company’s stock.

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.