Dynamic Technology Lab Private Ltd Purchases New Stake in Cogent Communications Holdings, Inc. $CCOI

Key Points

• Dynamic Technology Lab Private Ltd has acquired 9,079 shares of Cogent Communications Holdings, Inc. for approximately $557,000 in the first quarter, marking a notable entry into the company's shareholder base.
• Cogent Communications recently reported a quarterly loss of ($1.21) EPS, missing the consensus estimate and showing a 5.4% year-over-year revenue decline.
• The company declared an increase in its quarterly dividend to $1.015, yielding 11.5%, while also initiating a $100 million stock buyback plan to boost shareholder value.

Dynamic Technology Lab Private Ltd acquired a new position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 9,079 shares of the technology company's stock, valued at approximately $557,000.

Several other institutional investors and hedge funds also recently bought and sold shares of CCOI. Ipswich Investment Management Co. Inc. lifted its position in shares of Cogent Communications by 0.6% in the first quarter. Ipswich Investment Management Co. Inc. now owns 42,739 shares of the technology company's stock worth $2,620,000 after purchasing an additional 260 shares in the last quarter. GAMMA Investing LLC lifted its position in Cogent Communications by 35.4% in the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company's stock worth $64,000 after buying an additional 274 shares in the last quarter. Xponance Inc. lifted its position in Cogent Communications by 9.7% in the 1st quarter. Xponance Inc. now owns 3,497 shares of the technology company's stock worth $214,000 after buying an additional 308 shares in the last quarter. Covestor Ltd boosted its stake in shares of Cogent Communications by 56.3% during the 1st quarter. Covestor Ltd now owns 1,035 shares of the technology company's stock valued at $64,000 after buying an additional 373 shares during the period. Finally, Prairieview Wealth Partners LLC grew its holdings in shares of Cogent Communications by 3.7% during the 1st quarter. Prairieview Wealth Partners LLC now owns 11,142 shares of the technology company's stock valued at $683,000 after acquiring an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 92.45% of the company's stock.

Cogent Communications Stock Performance

Shares of NASDAQ CCOI opened at $35.30 on Thursday. The business's 50-day simple moving average is $42.46 and its 200-day simple moving average is $51.29. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.31 and a current ratio of 2.31. Cogent Communications Holdings, Inc. has a 52 week low of $29.61 and a 52 week high of $86.76. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of -7.78 and a beta of 0.81.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The technology company reported ($1.21) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.28). Cogent Communications had a negative net margin of 21.57% and a negative return on equity of 117.56%. The company had revenue of $246.25 million for the quarter, compared to analyst estimates of $247.79 million. During the same quarter last year, the business earned ($0.68) EPS. The company's revenue for the quarter was down 5.4% on a year-over-year basis. As a group, equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications declared that its board has approved a stock buyback plan on Thursday, August 7th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the technology company to purchase up to 4.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board of directors believes its shares are undervalued.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Thursday, August 21st were given a $1.015 dividend. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. This represents a $4.06 annualized dividend and a dividend yield of 11.5%. The ex-dividend date of this dividend was Thursday, August 21st. Cogent Communications's dividend payout ratio (DPR) is -89.43%.

Insider Transactions at Cogent Communications

In related news, VP Henry W. Kilmer sold 2,400 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $36.99, for a total transaction of $88,776.00. Following the completion of the transaction, the vice president owned 36,200 shares of the company's stock, valued at approximately $1,339,038. The trade was a 6.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sheryl Lynn Kennedy sold 2,000 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $36.35, for a total value of $72,700.00. Following the completion of the sale, the director directly owned 10,017 shares in the company, valued at $364,117.95. This trade represents a 16.64% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,788,978 shares of company stock worth $88,591,983. Company insiders own 11.40% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CCOI shares. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $40.00 price target (down from $74.00) on shares of Cogent Communications in a research note on Friday, August 8th. The Goldman Sachs Group began coverage on Cogent Communications in a research note on Tuesday, September 2nd. They issued a "neutral" rating and a $40.00 target price on the stock. Citigroup downgraded Cogent Communications from a "buy" rating to a "neutral" rating and cut their price target for the stock from $67.00 to $33.00 in a research note on Tuesday, August 12th. Finally, Wells Fargo & Company upgraded Cogent Communications from an "underweight" rating to an "overweight" rating and set a $45.00 price target for the company in a report on Monday, August 18th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Cogent Communications has a consensus rating of "Hold" and a consensus target price of $46.60.

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.

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