MIG Capital LLC Sells 103,303 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

MIG Capital LLC lessened its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 8.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,156,508 shares of the technology company’s stock after selling 103,303 shares during the period. Cogent Communications comprises approximately 9.2% of MIG Capital LLC’s holdings, making the stock its biggest holding. MIG Capital LLC’s holdings in Cogent Communications were worth $89,132,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in CCOI. Hillsdale Investment Management Inc. acquired a new position in shares of Cogent Communications during the fourth quarter worth $46,000. Blue Trust Inc. grew its stake in shares of Cogent Communications by 53.8% during the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock valued at $47,000 after acquiring an additional 218 shares in the last quarter. BankPlus Trust Department purchased a new stake in shares of Cogent Communications during the fourth quarter worth about $63,000. Jones Financial Companies Lllp boosted its holdings in Cogent Communications by 132.1% in the fourth quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company’s stock valued at $67,000 after purchasing an additional 498 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in Cogent Communications by 212.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,493 shares of the technology company’s stock worth $113,000 after purchasing an additional 1,015 shares during the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,900 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $72.06, for a total value of $353,094.00. Following the sale, the chief financial officer now owns 103,000 shares in the company, valued at approximately $7,422,180. This trade represents a 4.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $72.57, for a total value of $174,168.00. Following the transaction, the vice president now owns 41,000 shares of the company’s stock, valued at approximately $2,975,370. This represents a 5.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 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 Stock Down 5.3 %

Shares of NASDAQ:CCOI opened at $56.92 on Friday. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.76. The company’s fifty day moving average is $72.81 and its two-hundred day moving average is $76.18. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 72.97 and a beta of 0.45.

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

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a dividend of $1.005 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, March 13th. This represents a $4.02 annualized dividend and a dividend yield of 7.06%. Cogent Communications’s payout ratio is -93.49%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of 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 issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Cogent Communications presently has an average rating of “Hold” and a consensus price target of $80.25.

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.