Senator Investment Group LP Has $44.98 Million Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Senator Investment Group LP trimmed its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 12.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 583,640 shares of the technology company’s stock after selling 80,538 shares during the period. Cogent Communications accounts for approximately 1.3% of Senator Investment Group LP’s holdings, making the stock its 26th largest holding. Senator Investment Group LP owned approximately 1.19% of Cogent Communications worth $44,981,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in shares of Cogent Communications in the fourth quarter valued at about $39,845,000. Bryn Mawr Capital Management LLC raised its stake in shares of Cogent Communications by 8,542.8% in the fourth quarter. Bryn Mawr Capital Management LLC now owns 237,678 shares of the technology company’s stock worth $18,318,000 after acquiring an additional 234,928 shares during the last quarter. Reaves W H & Co. Inc. lifted its position in shares of Cogent Communications by 17.1% during the fourth quarter. Reaves W H & Co. Inc. now owns 698,518 shares of the technology company’s stock worth $53,835,000 after purchasing an additional 101,956 shares in the last quarter. Loomis Sayles & Co. L P bought a new position in Cogent Communications in the 4th quarter worth approximately $7,084,000. Finally, Madison Investment Advisors LLC bought a new position in Cogent Communications in the 4th quarter valued at $6,332,000. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Trading Up 1.7 %

NASDAQ CCOI opened at $53.10 on Monday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. Cogent Communications Holdings, Inc. has a 12 month low of $47.54 and a 12 month high of $86.76. The company has a market capitalization of $2.62 billion, a PE ratio of 68.08 and a beta of 0.69. The stock has a 50-day simple moving average of $66.80 and a 200 day simple moving average of $74.37.

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

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were given a $1.005 dividend. The ex-dividend date was Thursday, March 13th. This represents a $4.02 dividend on an annualized basis and a dividend yield of 7.57%. This is a boost from Cogent Communications’s previous quarterly dividend of $1.00. Cogent Communications’s dividend payout ratio is currently -93.49%.

Insider Buying and Selling

In other Cogent Communications news, CRO James Bubeck sold 2,000 shares of Cogent Communications stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $71.67, for a total value of $143,340.00. Following the sale, the executive now owns 57,142 shares of the company’s stock, valued at $4,095,367.14. This trade represents a 3.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lewis H. Ferguson sold 956 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $69.36, for a total value of $66,308.16. Following the transaction, the director now directly owns 18,652 shares of the company’s stock, valued at $1,293,702.72. This represents a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,681 shares of company stock valued at $840,878. 10.20% of the stock is owned by company insiders.

Analyst Ratings Changes

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

Cogent Communications Company 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.