SG Americas Securities LLC Makes New $695,000 Investment in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

SG Americas Securities LLC purchased a new stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 11,328 shares of the technology company's stock, valued at approximately $695,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Hillsdale Investment Management Inc. bought a new stake in Cogent Communications in the fourth quarter worth about $46,000. Itau Unibanco Holding S.A. grew its stake in shares of Cogent Communications by 58.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company's stock worth $48,000 after purchasing an additional 229 shares during the last quarter. BankPlus Trust Department bought a new stake in shares of Cogent Communications in the 4th quarter worth approximately $63,000. GAMMA Investing LLC lifted its stake in Cogent Communications by 35.4% during the first quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company's stock valued at $64,000 after purchasing an additional 274 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in 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 buying an additional 498 shares in the last quarter. Institutional investors own 92.45% of the company's stock.

Cogent Communications Stock Down 0.4%

CCOI stock traded down $0.20 during midday trading on Tuesday, reaching $49.08. The company had a trading volume of 688,500 shares, compared to its average volume of 510,512. The company has a 50 day moving average of $49.99 and a two-hundred day moving average of $64.18. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 13.89. Cogent Communications Holdings, Inc. has a 1 year low of $43.65 and a 1 year high of $86.76. The company has a market capitalization of $2.42 billion, a P/E ratio of -12.24 and a beta of 0.72.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.04). The firm had revenue of $247.05 million during the quarter, compared to analyst estimates of $250.81 million. Cogent Communications had a negative return on equity of 70.29% and a negative net margin of 18.76%. The business's revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the previous year, the company earned ($1.38) earnings per share. On average, equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were paid a $1.01 dividend. This represents a $4.04 annualized dividend and a dividend yield of 8.23%. The ex-dividend date was Thursday, May 22nd. This is a positive change from Cogent Communications's previous quarterly dividend of $1.01. Cogent Communications's payout ratio is presently -100.75%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. UBS Group cut their price objective on Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Wall Street Zen raised Cogent Communications to a "sell" rating in a report on Monday, March 3rd. Finally, The Goldman Sachs Group cut their price objective on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $75.75.

Insider Buying and Selling

In related news, Director Lewis H. Ferguson sold 1,100 shares of Cogent Communications stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $47.57, for a total value of $52,327.00. Following the transaction, the director now owns 18,904 shares in the company, valued at $899,263.28. This trade represents a 5.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Dave Schaeffer sold 70,000 shares of Cogent Communications stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $47.11, for a total value of $3,297,700.00. Following the completion of the transaction, the chief executive officer now owns 3,356,721 shares in the company, valued at $158,135,126.31. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 445,500 shares of company stock worth $21,285,069. Corporate insiders own 10.20% of the company's stock.

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.