Cogent Communications Holdings Inc (NASDAQ:CCOI) Position Boosted by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its position in Cogent Communications Holdings Inc (NASDAQ:CCOI) by 141.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 249,038 shares of the technology company’s stock after purchasing an additional 145,987 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.54% of Cogent Communications worth $13,512,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Cogent Communications by 16.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,895 shares of the technology company’s stock valued at $131,000 after acquiring an additional 408 shares in the last quarter. Quantamental Technologies LLC bought a new stake in Cogent Communications during the 4th quarter worth about $69,000. Arizona State Retirement System lifted its position in Cogent Communications by 6.2% during the 4th quarter. Arizona State Retirement System now owns 64,410 shares of the technology company’s stock worth $2,912,000 after buying an additional 3,750 shares in the last quarter. Rhumbline Advisers lifted its position in Cogent Communications by 19.3% during the 4th quarter. Rhumbline Advisers now owns 131,389 shares of the technology company’s stock worth $5,940,000 after buying an additional 21,235 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH lifted its position in Cogent Communications by 6.6% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 369,231 shares of the technology company’s stock worth $16,693,000 after buying an additional 22,985 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

CCOI has been the topic of several analyst reports. BidaskClub cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, June 11th. Credit Suisse Group initiated coverage on shares of Cogent Communications in a research report on Friday, May 31st. They set an “outperform” rating and a $68.00 price target on the stock. CIBC reissued a “market perform” rating on shares of Cogent Communications in a research report on Friday, May 10th. Zacks Investment Research raised shares of Cogent Communications from a “sell” rating to a “hold” rating in a research report on Monday, May 6th. Finally, Oppenheimer cut shares of Cogent Communications from an “outperform” rating to a “market perform” rating in a research report on Friday, May 10th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. Cogent Communications currently has a consensus rating of “Hold” and an average target price of $51.71.

Shares of CCOI traded down $0.02 during trading hours on Friday, reaching $59.36. 426,601 shares of the stock traded hands, compared to its average volume of 248,791. The stock has a fifty day moving average price of $58.53. Cogent Communications Holdings Inc has a 52 week low of $42.40 and a 52 week high of $61.43. The stock has a market cap of $2.75 billion, a P/E ratio of 94.22, a price-to-earnings-growth ratio of 8.31 and a beta of 0.57.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, May 2nd. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. Cogent Communications had a net margin of 5.92% and a negative return on equity of 22.47%. The business had revenue of $134.20 million during the quarter, compared to the consensus estimate of $135.21 million. During the same quarter last year, the company posted $0.15 earnings per share. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts predict that Cogent Communications Holdings Inc will post 0.89 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 17th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date of this dividend was Thursday, May 16th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.58. Cogent Communications’s dividend payout ratio (DPR) is 380.95%.

In other news, CFO Thaddeus Gerard Weed sold 1,400 shares of Cogent Communications stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $60.84, for a total value of $85,176.00. Following the completion of the transaction, the chief financial officer now owns 72,550 shares in the company, valued at $4,413,942. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Blake Bath sold 10,000 shares of Cogent Communications stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $57.88, for a total transaction of $578,800.00. Following the completion of the transaction, the director now owns 18,425 shares of the company’s stock, valued at approximately $1,066,439. The disclosure for this sale can be found here. Insiders have sold 36,425 shares of company stock valued at $2,116,309 in the last 90 days. 10.17% of the stock is currently owned by corporate insiders.

Cogent Communications Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

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Institutional Ownership by Quarter for Cogent Communications (NASDAQ:CCOI)

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