CenterBook Partners LP Buys 431,974 Shares of Cogent Communications Holdings, Inc. $CCOI

CenterBook Partners LP grew its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 254.5% during the 4th quarter, HoldingsChannel reports. The fund owned 601,735 shares of the technology company’s stock after purchasing an additional 431,974 shares during the quarter. Cogent Communications comprises 0.6% of CenterBook Partners LP’s holdings, making the stock its 29th biggest position. CenterBook Partners LP’s holdings in Cogent Communications were worth $12,973,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Quarry LP bought a new stake in Cogent Communications in the third quarter worth $27,000. Hantz Financial Services Inc. boosted its holdings in Cogent Communications by 313.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock worth $32,000 after acquiring an additional 1,127 shares in the last quarter. Strs Ohio bought a new stake in Cogent Communications in the first quarter worth $104,000. Headlands Technologies LLC bought a new stake in Cogent Communications in the second quarter worth $98,000. Finally, Aquatic Capital Management LLC bought a new stake in Cogent Communications in the third quarter worth $79,000. 92.45% of the stock is owned by institutional investors.

Cogent Communications Price Performance

Shares of NASDAQ:CCOI opened at $16.83 on Monday. The company has a market cap of $842.85 million, a P/E ratio of -4.74 and a beta of 0.77. Cogent Communications Holdings, Inc. has a 1 year low of $14.82 and a 1 year high of $54.37. The stock’s fifty day moving average price is $19.55 and its 200-day moving average price is $21.03.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.20. The firm had revenue of $239.19 million for the quarter, compared to the consensus estimate of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The company’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the company posted ($1.09) earnings per share. On average, sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current year.

Cogent Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were issued a $0.02 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.08 dividend on an annualized basis and a yield of 0.5%. Cogent Communications’s dividend payout ratio is currently -2.25%.

Analyst Ratings Changes

Several equities research analysts have commented on CCOI shares. UBS Group dropped their target price on Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. Weiss Ratings downgraded Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. TD Cowen lowered their price target on Cogent Communications from $40.00 to $34.00 and set a “buy” rating on the stock in a report on Tuesday, May 5th. Oppenheimer lowered their price target on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating on the stock in a report on Monday, February 23rd. Finally, Wells Fargo & Company lowered their price target on Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Cogent Communications currently has a consensus rating of “Hold” and an average target price of $24.90.

Cogent Communications Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.