Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) Director Sheryl Lynn Kennedy sold 962 shares of the company in a trade that took place on Monday, November 21. The stock was sold at an average price of $57.83, for a total value of $55,632.46. Following the completion of the sale, the administrator now owns 6,100 shares of the company, valued at approximately $352,763. The transaction was disclosed in a filing with the SEC, which is available at this link.
Price performance of Cogent Communications
The NASDAQ CCOI traded down $0.38 midday on Monday, hitting $57.87. The stock recorded a trading volume of 215,505 shares, against an average volume of 294,389. The company’s 50-day moving average is $53.23 and its 200-day moving average is 57.07 $. Cogent Communications Holdings, Inc. has a 12-month low of $46.75 and a 12-month high of $79.81. The stock has a market capitalization of $2.78 billion, a price/earnings ratio of 121.36, a PEG ratio of 8.88 and a beta of 0.33.
Cogent Communications increases its dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 2. Investors of record on Friday, November 18 will receive a dividend of $0.915. This is an increase from Cogent Communications’ previous quarterly dividend of $0.91. This represents an annualized dividend of $3.66 and a yield of 6.32%. The ex-dividend date is Thursday, November 17. Cogent Communications’ dividend payout ratio is currently 762.52%.
Institutional entries and exits
Several hedge funds have recently increased or reduced their stakes in the company. BlackRock Inc. increased its stake in Cogent Communications by 2.1% in the third quarter. BlackRock Inc. now owns 7,390,862 shares of the technology company valued at $385,506,000 after buying an additional 149,238 shares in the last quarter. Vanguard Group Inc. increased its stake in the shares of Cogent Communications by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 5,172,729 shares of the technology company worth $269,811,000 after acquiring 90,137 additional shares in the last quarter. Renaissance Technologies LLC increased its stake in the shares of Cogent Communications by 6.8% in the 2nd quarter. Renaissance Technologies LLC now owns 2,312,056 shares of the technology company worth $140,481,000 after acquiring an additional 147,700 shares in the last quarter. Vaughan Nelson Investment Management LP increased its stake in Cogent Communications shares by 10.1% in the second quarter. Vaughan Nelson Investment Management LP now owns 1,966,077 shares of the technology company worth $119,459,000 after acquiring 179,771 additional shares in the last quarter. Finally, State Street Corp increased its stake in the shares of Cogent Communications by 2.8% in the 2nd quarter. State Street Corp now owns 1,754,375 shares of the technology company worth $106,596,000 after acquiring 48,110 additional shares in the last quarter. 86.84% of the shares are held by institutional investors and hedge funds.
Wall Street analysts predict growth
Several equity research analysts have commented on the company. Cowen lowered his price target on Cogent Communications to $62.00 in a Tuesday, August 9 research report. KeyCorp upgraded Cogent Communications from a “sector weight” rating to an “overweight” rating and set a price target of $64.00 on the stock in a Tuesday, September 27 research report. Royal Bank of Canada lowered its price target on Cogent Communications from $64.00 to $61.00 and set an “outperform” rating for the stock in a Tuesday, November 15 research report. StockNews.com picked up coverage from Cogent Communications in a Wednesday, October 12 research report. They issued a “hold” rating on the stock. Finally, Credit Suisse Group raised its price target on Cogent Communications from $56.00 to $57.00 and gave the company a “neutral” rating in a Tuesday, November 8 research report. Two research analysts gave the stock a sell rating, two issued a hold rating and three issued a buy rating. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $65.00.
About Cogent Communications
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Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private networking, and data center colocation space services in North America, Europe, Asia, South America South, Australia and Africa. The Company provides Internet access and online private network services to law firms, financial services companies, and advertising and marketing companies, as well as healthcare providers, educational institutions and other professional services companies, other Internet service providers, telephone companies, cable companies, television companies, web hosting companies, media service providers, mobile phone operators, network companies, content delivery and commercial content and application service providers.
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