Beaconlight Capital LLC Increases Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Beaconlight Capital LLC grew its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 17.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 337,793 shares of the technology company's stock after buying an additional 49,569 shares during the quarter. Cogent Communications accounts for approximately 9.7% of Beaconlight Capital LLC's holdings, making the stock its 2nd largest position. Beaconlight Capital LLC owned approximately 0.69% of Cogent Communications worth $26,034,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Hillsdale Investment Management Inc. purchased a new stake in shares of Cogent Communications during the fourth quarter worth about $46,000. Blue Trust Inc. grew its holdings in Cogent Communications by 53.8% during the 4th quarter. Blue Trust Inc. now owns 623 shares of the technology company's stock valued at $47,000 after buying an additional 218 shares in the last quarter. Itau Unibanco Holding S.A. raised its position in shares of Cogent Communications by 58.9% during the fourth quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company's stock valued at $48,000 after buying an additional 229 shares during the last quarter. BankPlus Trust Department purchased a new position in shares of Cogent Communications in the fourth quarter worth $63,000. Finally, Jones Financial Companies Lllp boosted its position in shares of Cogent Communications by 132.1% during the fourth quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company's stock worth $67,000 after acquiring an additional 498 shares during the last quarter. Institutional investors own 92.45% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of 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 issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $80.25.

Insider Buying and Selling at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 1,425 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $72.96, for a total transaction of $103,968.00. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the company's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $72.57, for a total value of $174,168.00. Following the completion of the transaction, the vice president now directly owns 41,000 shares in the company, valued at $2,975,370. This trade represents a 5.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,681 shares of company stock worth $840,878 over the last quarter. Insiders own 11.40% of the company's stock.

Cogent Communications Price Performance

Shares of Cogent Communications stock traded down $1.81 during trading hours on Wednesday, reaching $53.21. The company's stock had a trading volume of 766,803 shares, compared to its average volume of 463,836. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. Cogent Communications Holdings, Inc. has a one year low of $47.54 and a one year high of $86.76. The firm has a 50 day moving average price of $60.38 and a 200-day moving average price of $72.16. The stock has a market cap of $2.63 billion, a P/E ratio of 68.22 and a beta of 0.76.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The technology company reported ($0.91) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.22) by $0.31. The business had revenue of $252.29 million during 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 predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a dividend of $1.005 per share. This represents a $4.02 annualized dividend and a yield of 7.55%. This is a positive change from Cogent Communications's previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, March 13th. Cogent Communications's payout ratio is presently -93.49%.

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.