Loomis Sayles & Co. L P Invests $7.08 Million in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Loomis Sayles & Co. L P bought a new stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the 4th quarter, Holdings Channel.com reports. The firm bought 91,910 shares of the technology company’s stock, valued at approximately $7,084,000.

A number of other hedge funds have also recently bought and sold shares of the company. Quest Partners LLC acquired a new position in shares of Cogent Communications in the 3rd quarter worth approximately $46,000. Charles Schwab Investment Management Inc. grew its position in Cogent Communications by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 497,486 shares of the technology company’s stock worth $37,769,000 after buying an additional 21,429 shares during the last quarter. Citigroup Inc. increased its holdings in shares of Cogent Communications by 56.8% in the third quarter. Citigroup Inc. now owns 56,595 shares of the technology company’s stock valued at $4,297,000 after buying an additional 20,510 shares in the last quarter. FMR LLC lifted its position in shares of Cogent Communications by 11.0% during the 3rd quarter. FMR LLC now owns 800,758 shares of the technology company’s stock valued at $60,793,000 after acquiring an additional 79,474 shares during the last quarter. Finally, PEAK6 Investments LLC bought a new stake in shares of Cogent Communications during the 3rd quarter worth $1,720,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Cogent Communications Stock Performance

Shares of CCOI stock opened at $61.57 on Friday. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 78.94 and a beta of 0.45. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.76. 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’s fifty day simple moving average is $74.21 and its 200-day simple moving average is $76.56.

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

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were given a $1.005 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $4.02 dividend on an annualized basis and a yield of 6.53%. Cogent Communications’s dividend payout ratio is presently -93.49%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 1,425 shares of Cogent Communications stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $72.96, for a total transaction of $103,968.00. Following the completion of the sale, the director now owns 10,147 shares of the company’s stock, valued at approximately $740,325.12. This trade represents a 12.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $72.06, for a total value of $353,094.00. Following the completion of the transaction, the chief financial officer now directly owns 103,000 shares in the company, valued at approximately $7,422,180. The trade was a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,681 shares of company stock valued at $840,878 in the last quarter. Company insiders own 11.40% of the company’s stock.

Cogent Communications 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.