Teacher Retirement System of Texas Invests $417,000 in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Teacher Retirement System of Texas bought a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,808 shares of the technology company's stock, valued at approximately $417,000.

A number of other large investors have also made changes to their positions in CCOI. Swiss National Bank boosted its stake in shares of Cogent Communications by 6.4% during the fourth quarter. Swiss National Bank now owns 91,600 shares of the technology company's stock valued at $7,060,000 after acquiring an additional 5,500 shares during the last quarter. Madison Investment Advisors LLC purchased a new position in Cogent Communications during the fourth quarter worth about $6,332,000. Natixis Advisors LLC purchased a new position in Cogent Communications during the fourth quarter worth about $847,000. Royce & Associates LP lifted its position in Cogent Communications by 0.6% during the fourth quarter. Royce & Associates LP now owns 33,883 shares of the technology company's stock worth $2,611,000 after buying an additional 218 shares during the period. Finally, Cibc World Markets Corp purchased a new position in Cogent Communications during the fourth quarter worth about $318,000. Institutional investors and hedge funds own 92.45% of the company's stock.

Wall Street Analysts Forecast Growth

CCOI has been the topic of several recent analyst reports. The Goldman Sachs Group reduced their target price on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. UBS Group reduced their target price on Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Cogent Communications currently has an average rating of "Hold" and an average target price of $75.75.

Cogent Communications Stock Down 4.2%

Shares of NASDAQ:CCOI traded down $2.08 during mid-day trading on Monday, hitting $47.92. 1,158,745 shares of the company traded hands, compared to its average volume of 507,695. The firm's 50 day simple moving average is $48.74 and its 200 day simple moving average is $60.70. The firm has a market cap of $2.36 billion, a P/E ratio of -11.95 and a beta of 0.73. The company has a debt-to-equity ratio of 13.89, a quick ratio of 1.49 and a current ratio of 1.49. Cogent Communications Holdings, Inc. has a 52-week low of $43.65 and a 52-week high of $86.76.

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

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd were given a $1.01 dividend. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.04 annualized dividend and a yield of 8.43%. Cogent Communications's dividend payout ratio (DPR) is -100.75%.

Insider Activity at Cogent Communications

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,900 shares of Cogent Communications stock in a transaction that occurred 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 sale, the chief financial officer directly owned 98,000 shares in the company, valued at $4,707,920. The trade was a 4.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lewis H. Ferguson sold 1,100 shares of Cogent Communications stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $47.57, for a total value of $52,327.00. Following the completion of the transaction, the director owned 18,904 shares of the company's stock, valued at approximately $899,263.28. The trade was a 5.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 445,500 shares of company stock worth $21,285,069 over the last ninety days. Company insiders own 10.20% of the company's stock.

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.