Cogent Communications Holdings, Inc. (NASDAQ: CCOI – Rated ) director Sheryl Lynn Kennedy sold 962 shares of the company in a trade that occurred on Monday, November 21. The stock has an average selling price of $57.83 and a total value of $55,632.46. Following the sale, the directors now own 6,100 shares of the company, worth approximately $352,763. The transaction was disclosed in a filing with the U.S. Securities and Exchange Commission, available at this link.
Cogent Communications Value for money
The Nasdaq CCOI was down 38 cents at $57.87 in midday trading Monday. The stock’s volume was 215,505 shares, compared with its average volume of 294,389 shares. The company’s 50-day moving average is $53.23 and its 200-day moving average is $57.07. Cogent Communications Holdings, Inc. had a twelve-month low of $46.75 and a twelve-month high of $79.81. The market cap is $2.78 billion, with a P/E ratio of 121.36, a PEG ratio of 8.88, and a beta of 0.33.
Persuasive communication pays dividends
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 2. Investors of record on Friday, November 18 will receive a $0.915 dividend. That’s up 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 for this dividend is Thursday, November 17. Cogent Communications currently has a dividend payout ratio of 762.52%.
Institutional inflows and outflows
Several hedge funds recently increased or decreased 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 tech company worth $385,506,000 after purchasing an additional 149,238 shares last quarter. Vanguard Group Inc. increased its stake in Cogent Communications by 1.8 percent in the third quarter. Vanguard Group Inc. now owns 5,172,729 shares of the technology company worth $269,811,000 after acquiring an additional 90,137 shares last quarter. Renaissance Technologies LLC increased its stake in Cogent Communications by 6.8% in the second quarter. Renaissance Technologies LLC now owns 2,312,056 shares of the tech company worth $140,481,000 after acquiring an additional 147,700 shares last quarter. Vaughan Nelson Investment Management LP increased its stake in Cogent Communications 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 an additional 179,771 shares last quarter. Finally, State Street Corp increased its stake in Cogent Communications by 2.8% during the second quarter. After acquiring an additional 48,110 shares last quarter, State Street Corp now owns 1,754,375 shares of the tech company’s stock, worth $106,596,000. 86.84% of shares are held by institutional investors and hedge funds.
Wall Street analysts forecast growth
Several equity research analysts have commented on the company. Cowen cut their price objective on shares of Cogent Communications to $62.00 in a research report on Tuesday, August 9th. KeyCorp upgraded shares of Cogent Communications from an “sector weight” rating to an “overweight” rating and set a $64.00 price objective on the stock in a research report on Tuesday, September 27th. Royal Bank of Canada cut their price objective on Cogent Communications from $64.00 to $61.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 15th. StockNews.com covered Cogent Communications in a report on Wednesday, October 12th. They have a “hold” rating on the stock. Finally, Credit Suisse Group upped their price target on Cogent Communications from $56.00 to $57.00 and gave the company a “neutral” rating in a research report on Tuesday, November 8th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The company has an average Hold rating and an average price target of $65.00, according to MarketBeat.com.
About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private networks and data center colocation space services in North America, Europe, Asia, South America, Australia and Africa. The company provides online Internet access and private network services to law firms, financial services companies, advertising and marketing firms, as well as healthcare providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, and cable companies Television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.
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