Cogent Communications Holdings, Inc. $CCOI Holdings Lessened by MIG Capital LLC

Key Points

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MIG Capital LLC reduced its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 16.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 963,034 shares of the technology company's stock after selling 193,474 shares during the quarter. Cogent Communications accounts for approximately 7.3% of MIG Capital LLC's holdings, making the stock its 3rd biggest position. MIG Capital LLC owned about 1.95% of Cogent Communications worth $59,044,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Guggenheim Capital LLC grew its position in Cogent Communications by 14.4% during the fourth quarter. Guggenheim Capital LLC now owns 24,158 shares of the technology company's stock valued at $1,862,000 after buying an additional 3,032 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Cogent Communications by 39.7% during the 4th quarter. NewEdge Advisors LLC now owns 17,874 shares of the technology company's stock worth $1,378,000 after acquiring an additional 5,075 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in shares of Cogent Communications by 0.3% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 52,679 shares of the technology company's stock valued at $4,055,000 after acquiring an additional 156 shares during the period. First Trust Advisors LP increased its stake in shares of Cogent Communications by 17.2% in the 4th quarter. First Trust Advisors LP now owns 256,871 shares of the technology company's stock worth $19,797,000 after purchasing an additional 37,708 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Cogent Communications by 37.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 185,992 shares of the technology company's stock worth $14,333,000 after purchasing an additional 50,370 shares in the last quarter. Institutional investors own 92.45% of the company's stock.

Insider Transactions at Cogent Communications

In other news, CFO Thaddeus Gerard Weed sold 4,900 shares of Cogent Communications stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $48.04, for a total value of $235,396.00. Following the sale, the chief financial officer directly owned 98,000 shares of the company's stock, valued at approximately $4,707,920. The trade was a 4.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Dave Schaeffer sold 1,840,669 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $32.60, for a total value of $60,005,809.40. Following the completion of the sale, the chief executive officer owned 1,516,052 shares in the company, valued at $49,423,295.20. This represents a 54.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,082,078 shares of company stock valued at $102,726,826. Company insiders own 11.40% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on CCOI. Royal Bank Of Canada reissued a "sector perform" rating and set a $40.00 price target (down previously from $74.00) on shares of Cogent Communications in a report on Friday, August 8th. Citigroup cut Cogent Communications from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $67.00 to $33.00 in a research report on Tuesday, August 12th. The Goldman Sachs Group reduced their target price on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a report on Friday, May 9th. UBS Group decreased their target price on shares of Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, Wells Fargo & Company upgraded shares of Cogent Communications from an "underweight" rating to an "overweight" rating and set a $45.00 price target for the company in a research report on Monday. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $57.50.

Cogent Communications Price Performance

CCOI stock traded up $0.02 during midday trading on Thursday, hitting $37.52. The company's stock had a trading volume of 2,211,981 shares, compared to its average volume of 1,814,554. 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 company has a 50 day moving average of $45.52 and a two-hundred day moving average of $55.53. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -8.26 and a beta of 0.68.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings data 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 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 the consensus estimate of $247.79 million. During the same quarter in the previous year, the business earned ($0.68) EPS. The company's quarterly revenue was down 5.4% on a year-over-year basis. On average, analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications declared that its board has authorized a share repurchase plan on Thursday, August 7th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to purchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Thursday, August 21st will be issued a dividend of $1.015 per share. This is a boost from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $4.06 annualized dividend and a dividend yield of 10.8%. Cogent Communications's payout ratio is currently -88.99%.

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.