128,179 Shares in Cogent Communications Holdings, Inc. $CCOI Purchased by Nuveen LLC

Key Points

• Nuveen LLC has made a new investment of approximately $7.86 million in Cogent Communications, acquiring 128,179 shares, representing 0.26% of the company.
• Cogent Communications reported a loss of $1.21 per share for the latest quarter, missing analysts' expectations and experiencing a 5.4% decrease in quarterly revenue year-over-year.
• The company declared a quarterly dividend of $1.015 per share, reflecting a slight increase from its previous dividend, with a current annualized yield of 10.6%.

Nuveen LLC acquired a new stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 128,179 shares of the technology company's stock, valued at approximately $7,859,000. Nuveen LLC owned approximately 0.26% of Cogent Communications at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Itau Unibanco Holding S.A. lifted its stake in Cogent Communications by 58.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company's stock valued at $48,000 after acquiring an additional 229 shares in the last quarter. Ipswich Investment Management Co. Inc. lifted its stake in Cogent Communications by 0.6% during the 1st 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 in the last quarter. GAMMA Investing LLC lifted its stake in Cogent Communications by 35.4% during the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company's stock valued at $64,000 after acquiring an additional 274 shares in the last quarter. Xponance Inc. increased 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 valued at $214,000 after purchasing an additional 308 shares during the last quarter. Finally, Covestor Ltd increased 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 valued at $64,000 after purchasing an additional 373 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Thaddeus Gerard Weed sold 4,900 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $48.04, for a total transaction of $235,396.00. Following the sale, the chief financial officer owned 98,000 shares of the company's stock, valued at approximately $4,707,920. This represents a 4.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $47.95, for a total value of $115,080.00. Following the sale, the vice president directly owned 38,600 shares in the company, valued at $1,850,870. This trade represents a 5.85% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,060,878 shares of company stock worth $101,696,333. Company insiders own 11.40% of the company's stock.

Cogent Communications Price Performance

CCOI traded down $0.28 during trading on Thursday, reaching $37.51. 1,210,907 shares of the company were exchanged, compared to its average volume of 771,554. The company's 50-day moving average is $44.81 and its two-hundred day moving average is $54.41. The company has a market cap of $1.84 billion, a price-to-earnings ratio of -8.26 and a beta of 0.68. 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.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The technology company reported ($1.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.28). The company had revenue of $246.25 million for the quarter, compared to analysts' expectations of $247.79 million. Cogent Communications had a negative return on equity of 117.56% and a negative net margin of 21.57%.The business's revenue for the quarter was down 5.4% on a year-over-year basis. During the same period last year, the company posted ($0.68) EPS. Research analysts forecast 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 program on Thursday, August 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the technology company to purchase up to 4.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Thursday, August 21st will be issued a dividend of $1.015 per share. This is a positive change 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 dividend on an annualized basis and a yield of 10.8%. Cogent Communications's payout ratio is currently -89.43%.

Analysts Set New Price Targets

CCOI has been the topic of a number of research analyst reports. The Goldman Sachs Group cut their price target on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Wells Fargo & Company raised shares of Cogent Communications from an "underweight" rating to an "overweight" rating and set a $45.00 price target on the stock in a report on Monday, August 18th. Citigroup downgraded shares of 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 report on Tuesday, August 12th. UBS Group cut their price target on shares of Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, Royal Bank Of Canada reissued a "sector perform" rating and issued a $40.00 price objective (down previously from $74.00) on shares of Cogent Communications in a report on Friday, August 8th. 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 $51.00.

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.