Charles Schwab Investment Management Inc. Boosts Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Charles Schwab Investment Management Inc. grew its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 4.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 497,486 shares of the technology company’s stock after buying an additional 21,429 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Cogent Communications were worth $37,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of CCOI. EdgePoint Investment Group Inc. lifted its stake in Cogent Communications by 46.2% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock worth $86,759,000 after purchasing an additional 485,628 shares in the last quarter. Harspring Capital Management LLC lifted its position in shares of Cogent Communications by 6.0% in the second quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock worth $66,402,000 after buying an additional 66,500 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in Cogent Communications by 0.4% during the third quarter. Thrivent Financial for Lutherans now owns 1,039,458 shares of the technology company’s stock valued at $78,916,000 after buying an additional 4,197 shares during the last quarter. Hood River Capital Management LLC grew its holdings in Cogent Communications by 18.9% during the 2nd quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock valued at $49,338,000 after buying an additional 138,680 shares in the last quarter. Finally, Senator Investment Group LP increased its stake in Cogent Communications by 7.5% in the 2nd quarter. Senator Investment Group LP now owns 716,768 shares of the technology company’s stock worth $40,454,000 after acquiring an additional 50,000 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Trading Up 1.3 %

Shares of NASDAQ CCOI opened at $83.29 on Tuesday. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.76. 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 company has a market cap of $4.08 billion, a price-to-earnings ratio of 105.37 and a beta of 0.40. The business’s 50 day moving average price is $80.34 and its 200-day moving average price is $69.62.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 7th. The technology company reported ($1.33) 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 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 company’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.13) EPS. On average, sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $0.995 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $3.98 annualized dividend and a dividend yield of 4.78%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s payout ratio is currently 510.26%.

Insider Transactions at Cogent Communications

In related news, Director Lewis H. Ferguson sold 846 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $81.76, for a total transaction of $69,168.96. Following the transaction, the director now directly owns 18,354 shares of the company’s stock, valued at $1,500,623.04. This represents a 4.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Blake Bath sold 6,220 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $83.69, for a total value of $520,551.80. Following the completion of the sale, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $836,900. This represents a 38.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,016 shares of company stock valued at $1,116,135. Company insiders own 11.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CCOI shares. Royal Bank of Canada reissued an “outperform” rating and issued a $74.00 target price on shares of Cogent Communications in a report on Tuesday, September 3rd. Bank of America cut shares of Cogent Communications from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $75.00 to $65.00 in a research note on Wednesday, August 21st. KeyCorp increased their price target on shares of Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. UBS Group began coverage on Cogent Communications in a research note on Thursday, November 14th. They set a “buy” rating and a $102.00 price objective on the stock. Finally, Citigroup raised their price objective on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $80.25.

About Cogent Communications

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.