Mirae Asset Global Investments Co. Ltd. Reduces Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Mirae Asset Global Investments Co. Ltd. cut its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 2.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 219,326 shares of the technology company’s stock after selling 6,599 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.45% of Cogent Communications worth $16,682,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of CCOI. Raymond James & Associates boosted its holdings in Cogent Communications by 50.3% during the 1st quarter. Raymond James & Associates now owns 27,448 shares of the technology company’s stock valued at $1,821,000 after acquiring an additional 9,180 shares during the period. Citigroup Inc. raised its position in Cogent Communications by 6.8% during the 1st quarter. Citigroup Inc. now owns 51,289 shares of the technology company’s stock valued at $3,402,000 after purchasing an additional 3,265 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Cogent Communications by 31.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,991 shares of the technology company’s stock valued at $264,000 after purchasing an additional 950 shares during the last quarter. MetLife Investment Management LLC raised its position in Cogent Communications by 47.9% during the 1st quarter. MetLife Investment Management LLC now owns 22,270 shares of the technology company’s stock valued at $1,478,000 after purchasing an additional 7,213 shares during the last quarter. Finally, Panagora Asset Management Inc. raised its position in Cogent Communications by 35.5% during the 1st quarter. Panagora Asset Management Inc. now owns 12,424 shares of the technology company’s stock valued at $824,000 after purchasing an additional 3,258 shares during the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Cogent Communications Stock Down 0.4 %

CCOI stock opened at $64.57 on Thursday. Cogent Communications Holdings, Inc. has a twelve month low of $57.35 and a twelve month high of $86.00. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.24. The firm has a market cap of $3.06 billion, a PE ratio of 2.41 and a beta of 0.39. The business has a 50 day moving average of $70.51 and a 200 day moving average of $69.40.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, February 29th. The technology company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.79. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. The company had revenue of $272.10 million during the quarter, compared to analyst estimates of $275.82 million. On average, research analysts forecast that Cogent Communications Holdings, Inc. will post -3.35 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 9th. Investors of record on Friday, March 15th were given a dividend of $0.965 per share. This represents a $3.86 dividend on an annualized basis and a yield of 5.98%. The ex-dividend date was Thursday, March 14th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.96. Cogent Communications’s dividend payout ratio (DPR) is 14.43%.

Insider Activity at Cogent Communications

In related news, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $73.47, for a total transaction of $176,328.00. Following the completion of the transaction, the vice president now owns 41,000 shares of the company’s stock, valued at approximately $3,012,270. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $73.47, for a total transaction of $176,328.00. Following the sale, the vice president now directly owns 41,000 shares in the company, valued at approximately $3,012,270. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CRO James Bubeck sold 1,920 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $76.62, for a total value of $147,110.40. Following the sale, the executive now owns 54,822 shares in the company, valued at $4,200,461.64. The disclosure for this sale can be found here. Insiders sold a total of 69,320 shares of company stock valued at $4,669,997 in the last 90 days. Corporate insiders own 11.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. StockNews.com lowered Cogent Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, March 12th. TD Cowen upped their price target on Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. TheStreet raised Cogent Communications from a “c+” rating to a “b” rating in a research report on Thursday, February 29th. JPMorgan Chase & Co. lowered their price target on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating for the company in a research report on Wednesday, March 6th. Finally, KeyCorp increased their target price on Cogent Communications from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Cogent Communications has an average rating of “Hold” and an average price target of $77.57.

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.