Teacher Retirement System of Texas Takes $417,000 Position 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 first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 6,808 shares of the technology company's stock, valued at approximately $417,000.

A number of other hedge funds and other institutional investors have also modified their holdings of CCOI. Hillsdale Investment Management Inc. bought a new stake in shares of Cogent Communications in the fourth quarter valued at approximately $46,000. Itau Unibanco Holding S.A. grew its holdings 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 worth $48,000 after acquiring an additional 229 shares during the period. GAMMA Investing LLC grew its holdings in Cogent Communications by 35.4% during the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company's stock worth $64,000 after acquiring an additional 274 shares during the period. New Age Alpha Advisors LLC bought a new position in shares of Cogent Communications during the 4th quarter worth about $186,000. Finally, Syon Capital LLC acquired a new position in Cogent Communications during the 4th quarter valued at about $214,000. Institutional investors and hedge funds own 92.45% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. UBS Group lowered 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. The Goldman Sachs Group lowered their price target on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Cogent Communications has a consensus rating of "Hold" and a consensus price target of $75.75.

Cogent Communications Stock Performance

CCOI opened at $52.91 on Friday. Cogent Communications Holdings, Inc. has a fifty-two week low of $43.65 and a fifty-two week high of $86.76. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of -13.19 and a beta of 0.73. The company has a fifty day moving average of $48.72 and a 200 day moving average of $61.11. 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 (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). Cogent Communications had a negative net margin of 18.76% and a negative return on equity of 70.29%. The company had revenue of $247.05 million for the quarter, compared to the consensus estimate of $250.81 million. During the same quarter in the previous year, the business earned ($1.38) EPS. The company's quarterly revenue was down 7.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd were given a $1.01 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.04 dividend on an annualized basis and a dividend yield of 7.64%. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. Cogent Communications's payout ratio is presently -100.75%.

Insider Transactions at Cogent Communications

In other news, CFO Thaddeus Gerard Weed sold 4,900 shares of the company's stock in a transaction on Monday, June 9th. The shares were 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 $4,707,920. This represents a 4.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the business's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $47.95, for a total transaction of $115,080.00. Following the completion of the transaction, the vice president owned 38,600 shares of the company's stock, valued at approximately $1,850,870. This represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 445,500 shares of company stock valued at $21,285,069 in the last 90 days. Insiders own 11.40% 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.

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