MIG Capital LLC Sells 103,303 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

MIG Capital LLC decreased its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 8.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,156,508 shares of the technology company’s stock after selling 103,303 shares during the period. Cogent Communications accounts for 9.2% of MIG Capital LLC’s investment portfolio, making the stock its largest holding. MIG Capital LLC owned about 2.36% of Cogent Communications worth $89,132,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of CCOI. FMR LLC increased its position in Cogent Communications by 11.0% during the third quarter. FMR LLC now owns 800,758 shares of the technology company’s stock worth $60,793,000 after buying an additional 79,474 shares during the period. State Street Corp increased its holdings in shares of Cogent Communications by 1.3% in the 3rd quarter. State Street Corp now owns 1,750,810 shares of the technology company’s stock valued at $132,921,000 after acquiring an additional 22,738 shares during the period. EdgePoint Investment Group Inc. raised its position in Cogent Communications by 0.3% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 1,542,503 shares of the technology company’s stock valued at $117,107,000 after purchasing an additional 5,307 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cogent Communications by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,014,322 shares of the technology company’s stock worth $77,021,000 after purchasing an additional 3,093 shares during the period. Finally, Tyro Capital Management LLC grew its position in Cogent Communications by 0.6% during the 3rd quarter. Tyro Capital Management LLC now owns 350,304 shares of the technology company’s stock worth $26,595,000 after purchasing an additional 2,063 shares during the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com raised Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $80.25.

Cogent Communications Price Performance

Shares of NASDAQ:CCOI opened at $56.92 on Friday. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The business’s fifty day moving average price is $72.81 and its two-hundred day moving average price is $76.18. The stock has a market cap of $2.81 billion, a PE ratio of 72.97 and a beta of 0.45. Cogent Communications Holdings, Inc. has a one year low of $50.80 and a one year high of $86.76.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, February 27th. The technology company reported ($0.91) EPS for the quarter, beating analysts’ consensus estimates of ($1.22) by $0.31. The business had revenue of $252.29 million for the quarter, compared to analyst estimates of $258.49 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. On average, analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were given a $1.005 dividend. This represents a $4.02 dividend on an annualized basis and a dividend yield of 7.06%. The ex-dividend date of this dividend was Thursday, March 13th. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.00. Cogent Communications’s payout ratio is currently -93.49%.

Insider Buying and Selling

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 1,425 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $72.96, for a total value of $103,968.00. Following the sale, the director now directly owns 10,147 shares of the company’s stock, valued at approximately $740,325.12. This trade represents a 12.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lewis H. Ferguson sold 956 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $69.36, for a total transaction of $66,308.16. Following the transaction, the director now owns 18,652 shares in the company, valued at approximately $1,293,702.72. The trade was a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,681 shares of company stock worth $840,878. 11.40% of the stock is owned by insiders.

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.