Intech Investment Management LLC Purchases 8,306 Shares of Cogent Communications Holdings, Inc. $CCOI

Key Points

• Intech Investment Management LLC increased its stake in Cogent Communications by 20.5%, acquiring 8,306 additional shares and now holds 48,748 shares valued at approximately $2.99 million.
• Cogent Communications reported a disappointing earnings report, with an EPS of ($1.21), missing estimates, and a year-over-year revenue decrease of 5.4% to $246.25 million.
• The company announced a $100 million share repurchase plan and increased its quarterly dividend to $1.015 per share, indicating a commitment to shareholder returns despite recent financial challenges.

Intech Investment Management LLC raised its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 20.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,748 shares of the technology company's stock after acquiring an additional 8,306 shares during the quarter. Intech Investment Management LLC owned about 0.10% of Cogent Communications worth $2,989,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Ipswich Investment Management Co. Inc. boosted its position in Cogent Communications by 0.6% during the first quarter. Ipswich Investment Management Co. Inc. now owns 42,739 shares of the technology company's stock valued at $2,620,000 after acquiring an additional 260 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Cogent Communications by 35.4% during the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company's stock worth $64,000 after purchasing an additional 274 shares in the last quarter. Xponance Inc. boosted its position in shares of Cogent Communications by 9.7% during the 1st quarter. Xponance Inc. now owns 3,497 shares of the technology company's stock worth $214,000 after purchasing an additional 308 shares in the last quarter. Covestor Ltd boosted its position 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 worth $64,000 after purchasing an additional 373 shares in the last quarter. Finally, Prairieview Wealth Partners LLC boosted its position 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 worth $683,000 after purchasing an additional 400 shares in the last quarter. Institutional investors own 92.45% of the company's stock.

Cogent Communications Trading Up 0.1%

Shares of CCOI stock opened at $36.01 on Monday. The company has a 50 day moving average of $41.89 and a 200-day moving average of $50.34. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 49.06. Cogent Communications Holdings, Inc. has a 12-month low of $29.61 and a 12-month high of $86.76. The firm has a market cap of $1.77 billion, a P/E ratio of -7.93 and a beta of 0.81.

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

Cogent Communications announced that its Board of Directors has initiated a share repurchase plan on Thursday, August 7th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Thursday, August 21st were paid a dividend of $1.015 per share. This represents a $4.06 annualized dividend and a dividend yield of 11.3%. The ex-dividend date was Thursday, August 21st. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. Cogent Communications's dividend payout ratio (DPR) is -89.43%.

Insider Transactions at Cogent Communications

In related news, CEO Dave Schaeffer sold 818,909 shares of Cogent Communications stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $27.50, for a total value of $22,519,997.50. Following the completion of the transaction, the chief executive officer directly owned 697,143 shares in the company, valued at approximately $19,171,432.50. The trade was a 54.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sheryl Lynn Kennedy sold 2,000 shares of the business's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $36.35, for a total transaction of $72,700.00. Following the sale, the director directly owned 10,017 shares in the company, valued at $364,117.95. The trade was a 16.64% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,663,978 shares of company stock worth $82,687,283 in the last quarter. Insiders own 11.40% of the company's stock.

Analyst Upgrades and Downgrades

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

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.

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