Turtle Creek Asset Management Inc. Purchases New Position 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 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 125,200 shares of the technology company's stock, valued at approximately $9,649,000. Cogent Communications comprises 0.3% of Turtle Creek Asset Management Inc.'s investment portfolio, making the stock its 28th biggest position. Turtle Creek Asset Management Inc. owned 0.26% of Cogent Communications as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. CANADA LIFE ASSURANCE Co grew its holdings in shares of Cogent Communications by 0.3% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 52,679 shares of the technology company's stock worth $4,055,000 after acquiring an additional 156 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Cogent Communications by 4.3% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,196 shares of the technology company's stock worth $400,000 after acquiring an additional 212 shares during the period. Blue Trust Inc. grew its holdings 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 acquiring an additional 218 shares during the period. Royce & Associates LP grew its holdings in shares of Cogent Communications by 0.6% in the fourth quarter. Royce & Associates LP now owns 33,883 shares of the technology company's stock worth $2,611,000 after acquiring an additional 218 shares during the period. Finally, Itau Unibanco Holding S.A. grew its holdings in shares of Cogent Communications by 58.9% in the fourth 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. Hedge funds and other institutional investors own 92.45% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented 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 report on Friday, May 9th. StockNews.com 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 for the company 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 stock. According to data from MarketBeat.com, Cogent Communications has an average rating of "Hold" and an average target price of $75.75.

Cogent Communications Stock Performance

CCOI traded down $3.80 during midday trading on Wednesday, reaching $46.05. The company had a trading volume of 1,302,950 shares, compared to its average volume of 477,898. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The business has a 50-day moving average of $56.37 and a two-hundred day moving average of $69.97. The company has a market cap of $2.27 billion, a P/E ratio of 59.04 and a beta of 0.76. Cogent Communications Holdings, Inc. has a 1 year low of $45.00 and a 1 year high of $86.76.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The technology company reported ($1.09) EPS for the quarter, missing analysts' consensus estimates of ($1.05) by ($0.04). The company had revenue of $247.05 million during the quarter, compared to analysts' expectations of $250.81 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The business's quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.38) EPS. As a group, equities research 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 will be paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd will be paid a $1.01 dividend. This is a positive change from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.77%. Cogent Communications's dividend payout ratio is -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 dated Monday, March 3rd. The stock was sold at an average price of $72.06, for a total value of $353,094.00. Following the completion of the transaction, the chief financial officer now owns 103,000 shares of the company's stock, valued at $7,422,180. This represents a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the company's stock in a transaction dated Friday, March 7th. The stock was 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 of the company's stock, valued at approximately $2,975,370. This trade represents a 5.53% decrease in their position. 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 90 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.