Turtle Creek Asset Management Inc. Makes New $9.65 Million Investment in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Turtle Creek Asset Management Inc. purchased a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 125,200 shares of the technology company's stock, valued at approximately $9,649,000. Cogent Communications makes up 0.3% of Turtle Creek Asset Management Inc.'s investment portfolio, making the stock its 28th biggest holding. Turtle Creek Asset Management Inc. owned 0.26% of Cogent Communications as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the business. Hillsdale Investment Management Inc. acquired a new position in shares of Cogent Communications in the 4th quarter worth $46,000. Blue Trust Inc. lifted its position in shares of Cogent Communications by 53.8% in the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company's stock worth $47,000 after purchasing an additional 218 shares in the last quarter. Itau Unibanco Holding S.A. boosted its holdings in shares of Cogent Communications by 58.9% during the fourth 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 period. BankPlus Trust Department acquired a new position in Cogent Communications in the 4th quarter valued at approximately $63,000. Finally, Jones Financial Companies Lllp lifted its position in Cogent Communications by 132.1% in the 4th 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. 92.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CCOI shares. UBS Group reduced 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 upgraded Cogent Communications to a "sell" rating in a report on Monday, March 3rd. Finally, The Goldman Sachs Group cut their target price 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 issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $75.75.

Insiders Place Their Bets

In related news, Director Sheryl Lynn Kennedy sold 1,425 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $72.96, for a total value of $103,968.00. Following the completion of the sale, the director now directly owns 10,147 shares in the company, valued at $740,325.12. The trade was a 12.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the company's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $72.57, for a total value of $174,168.00. Following the completion of the transaction, the vice president now directly owns 41,000 shares in the company, valued at approximately $2,975,370. This represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,681 shares of company stock valued at $840,878 over the last ninety days. 10.20% of the stock is currently owned by company insiders.

Cogent Communications Trading Up 2.8%

NASDAQ:CCOI traded up $1.29 on Friday, hitting $47.19. 357,282 shares of the stock were exchanged, compared to its average volume of 483,812. The company's 50-day moving average price is $55.42 and its 200 day moving average price is $69.56. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of 60.50 and a beta of 0.76. 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 announced its earnings results on Thursday, May 8th. The technology company reported ($1.09) EPS for the quarter, missing the consensus estimate of ($1.05) by ($0.04). Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The company had revenue of $247.05 million for the quarter, compared to analyst estimates of $250.81 million. During the same quarter last year, the business posted ($1.38) earnings per share. The business's quarterly revenue was down 7.2% on a year-over-year basis. On average, equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd will be given a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.56%. This is a boost from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date is Thursday, May 22nd. Cogent Communications's dividend payout ratio (DPR) is presently -100.75%.

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.