Skylands Capital LLC Raises Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Skylands Capital LLC raised its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 16.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,375 shares of the technology company's stock after purchasing an additional 11,300 shares during the period. Skylands Capital LLC owned 0.16% of Cogent Communications worth $4,989,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Oppenheimer & Co. Inc. increased its stake in shares of Cogent Communications by 22.4% in the first quarter. Oppenheimer & Co. Inc. now owns 61,709 shares of the technology company's stock worth $3,783,000 after purchasing an additional 11,273 shares in the last quarter. Consolidated Planning Corp boosted its position in shares of Cogent Communications by 62.3% in the first quarter. Consolidated Planning Corp now owns 18,325 shares of the technology company's stock valued at $1,124,000 after acquiring an additional 7,037 shares during the period. TrueMark Investments LLC bought a new position in shares of Cogent Communications in the first quarter valued at approximately $551,000. Good Steward Wealth Advisors LLC bought a new position in shares of Cogent Communications in the first quarter valued at approximately $277,000. Finally, Ipswich Investment Management Co. Inc. boosted 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 valued at $2,620,000 after acquiring an additional 260 shares during the period. Hedge funds and other institutional investors own 92.45% of the company's stock.

Cogent Communications Trading Up 4.5%

Shares of CCOI traded up $2.17 during mid-day trading on Tuesday, reaching $50.38. The company's stock had a trading volume of 362,903 shares, compared to its average volume of 507,084. The stock has a market cap of $2.49 billion, a PE ratio of -12.55 and a beta of 0.72. 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 52 week low of $43.65 and a 52 week high of $86.76. The company's fifty day moving average price is $49.56 and its two-hundred day moving average price is $63.20.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The technology company reported ($1.09) earnings per share for the quarter, missing analysts' consensus estimates of ($1.05) by ($0.04). The business had revenue of $247.05 million during the quarter, compared to the consensus estimate of $250.81 million. Cogent Communications had a negative return on equity of 70.29% and a negative net margin of 18.76%. The company's revenue was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.38) earnings per share. On average, analysts predict 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. Stockholders of record on Thursday, May 22nd were issued a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.02%. This is a positive change from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date was Thursday, May 22nd. Cogent Communications's payout ratio is presently -100.75%.

Insider Transactions at Cogent Communications

In other news, CRO James Bubeck sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $47.50, for a total value of $95,000.00. Following the completion of the sale, the executive directly owned 55,142 shares in the company, valued at approximately $2,619,245. The trade was a 3.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of Cogent Communications stock in a transaction on Monday, June 9th. The stock was sold at an average price of $48.04, for a total transaction of $235,396.00. Following the completion of the transaction, the chief financial officer directly owned 98,000 shares in the company, valued at approximately $4,707,920. The trade was a 4.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 445,500 shares of company stock worth $21,285,069. Corporate insiders own 10.20% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group cut their price objective on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Wall Street Zen upgraded shares of Cogent Communications to a "sell" rating in a research report on Monday, March 3rd. Finally, UBS Group cut their price objective on shares of Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $75.75.

Cogent Communications 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.