Phillips Wealth Planners LLC Has $405,000 Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Phillips Wealth Planners LLC boosted its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 6.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 5,645 shares of the technology company’s stock after buying an additional 349 shares during the period. Phillips Wealth Planners LLC’s holdings in Cogent Communications were worth $405,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. State Street Corp increased its position in Cogent Communications by 1.3% during the third quarter. State Street Corp now owns 1,750,810 shares of the technology company’s stock worth $132,921,000 after buying an additional 22,738 shares during the last quarter. EdgePoint Investment Group Inc. grew its position in shares of Cogent Communications by 0.3% in the third quarter. EdgePoint Investment Group Inc. now owns 1,542,503 shares of the technology company’s stock valued at $117,107,000 after purchasing an additional 5,307 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of Cogent Communications by 0.4% in the third quarter. Thrivent Financial for Lutherans now owns 1,039,458 shares of the technology company’s stock valued at $78,916,000 after purchasing an additional 4,197 shares during the last quarter. Geode Capital Management LLC grew its position 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 purchasing an additional 3,093 shares during the last quarter. Finally, FMR LLC grew its position in shares of Cogent Communications by 11.0% in the third quarter. FMR LLC now owns 800,758 shares of the technology company’s stock valued at $60,793,000 after purchasing an additional 79,474 shares during the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $74.54 on Thursday. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.76. The firm has a 50 day moving average of $76.97 and a 200-day moving average of $74.79. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. The stock has a market capitalization of $3.65 billion, a P/E ratio of 95.56 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The company had revenue of $257.20 million during the quarter, compared to analysts’ expectations of $258.69 million. During the same quarter in the previous year, the company posted ($1.13) earnings per share. Cogent Communications’s quarterly revenue was down 6.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a $0.995 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $3.98 dividend on an annualized basis and a dividend yield of 5.34%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s payout ratio is 510.26%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. UBS Group assumed coverage on Cogent Communications in a research report on Thursday, November 14th. They issued a “buy” rating and a $102.00 price target on the stock. The Goldman Sachs Group raised their price target on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and an average target price of $80.25.

Insider Activity

In related news, CFO Thaddeus Gerard Weed sold 4,800 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $81.58, for a total value of $391,584.00. Following the completion of the sale, the chief financial officer now owns 88,500 shares of the company’s stock, valued at $7,219,830. This trade represents a 5.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Blake Bath sold 6,220 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $83.69, for a total transaction of $520,551.80. Following the completion of the sale, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $836,900. This represents a 38.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,136 shares of company stock worth $1,939,749. Insiders own 11.00% of the company’s stock.

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.