Thoroughbred Financial Services LLC Buys 508 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Thoroughbred Financial Services LLC lifted its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 8.7% during the 4th quarter, Holdings Channel reports. The firm owned 6,355 shares of the technology company’s stock after buying an additional 508 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Cogent Communications were worth $489,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Cogent Communications by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company’s stock worth $394,182,000 after acquiring an additional 43,523 shares in the last quarter. State Street Corp increased its stake in shares of Cogent Communications by 1.3% in the third quarter. State Street Corp now owns 1,750,810 shares of the technology company’s stock valued at $132,921,000 after buying an additional 22,738 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Cogent Communications by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,014,322 shares of the technology company’s stock valued at $77,021,000 after buying an additional 3,093 shares during the last quarter. Reaves W H & Co. Inc. lifted its position in Cogent Communications by 17.1% during the 4th quarter. Reaves W H & Co. Inc. now owns 698,518 shares of the technology company’s stock worth $53,835,000 after buying an additional 101,956 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Cogent Communications during the 4th quarter worth about $39,845,000. 92.45% of the stock is owned by institutional investors.

Cogent Communications Trading Down 5.3 %

CCOI opened at $56.92 on Monday. The firm has a 50 day simple moving average of $72.81 and a 200 day simple moving average of $76.22. Cogent Communications Holdings, Inc. has a fifty-two week low of $50.80 and a fifty-two week high of $86.76. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 72.97 and a beta of 0.69. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, February 27th. The technology company reported ($0.91) EPS for the quarter, beating the consensus estimate of ($1.22) by $0.31. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The company had revenue of $252.29 million during the quarter, compared to analysts’ expectations of $258.49 million. On average, sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a $1.005 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $4.02 annualized dividend and a yield of 7.06%. Cogent Communications’s dividend payout ratio is presently -93.49%.

Insider Transactions at Cogent Communications

In other news, Director Sheryl Lynn Kennedy sold 1,425 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $72.96, for a total value of $103,968.00. Following the completion of the transaction, the director now owns 10,147 shares of the company’s stock, valued at $740,325.12. The trade was a 12.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $72.57, for a total value of $174,168.00. Following the sale, the vice president now directly owns 41,000 shares in the company, valued at $2,975,370. The trade was a 5.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,681 shares of company stock worth $840,878. 11.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Separately, StockNews.com raised shares of Cogent Communications to a “sell” rating in a research note on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $80.25.

About Cogent Communications

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.