Medina Value Partners LLC Acquires New Position in Cogent Communications Holdings, Inc. $CCOI

Medina Value Partners LLC bought a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the third quarter, HoldingsChannel reports. The institutional investor bought 277,172 shares of the technology company’s stock, valued at approximately $10,630,000. Cogent Communications makes up approximately 2.5% of Medina Value Partners LLC’s portfolio, making the stock its 20th largest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CCOI. AQR Capital Management LLC purchased a new stake in shares of Cogent Communications during the 1st quarter worth about $202,000. Goldman Sachs Group Inc. grew its stake in shares of Cogent Communications by 26.9% in the first quarter. Goldman Sachs Group Inc. now owns 476,513 shares of the technology company’s stock valued at $29,215,000 after buying an additional 100,969 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Cogent Communications by 10.3% in the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock valued at $335,000 after buying an additional 510 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Cogent Communications by 23.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 161,791 shares of the technology company’s stock valued at $9,919,000 after purchasing an additional 30,630 shares during the period. Finally, Strs Ohio acquired a new stake in shares of Cogent Communications in the 1st quarter worth approximately $104,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CCOI shares. KeyCorp reduced their price objective on shares of Cogent Communications from $30.00 to $25.00 and set an “overweight” rating for the company in a research note on Monday, February 23rd. Wells Fargo & Company dropped their price objective on shares of Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating for the company in a research report on Thursday, March 5th. Oppenheimer lowered their target price on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Monday, February 23rd. Williams Trading set a $40.00 price target on Cogent Communications in a research report on Monday, February 23rd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, November 13th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Cogent Communications currently has an average rating of “Hold” and an average target price of $26.78.

Cogent Communications Trading Up 1.8%

CCOI traded up $0.35 during trading on Friday, reaching $19.98. 83,523 shares of the company’s stock were exchanged, compared to its average volume of 1,155,279. The firm has a fifty day moving average price of $23.03 and a two-hundred day moving average price of $28.63. Cogent Communications Holdings, Inc. has a one year low of $15.96 and a one year high of $71.55. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 49.06. The stock has a market capitalization of $1.00 billion, a PE ratio of -5.23 and a beta of 0.84.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) earnings per share for the quarter, topping the consensus estimate of ($1.09) by $0.45. The business had revenue of $240.52 million for the quarter, compared to analysts’ expectations of $243.82 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 18.67%.The business’s revenue was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.91) earnings per share. As a group, equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, March 6th. Cogent Communications’s payout ratio is presently -2.10%.

Insider Buying and Selling

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 3,300 shares of Cogent Communications stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $22.99, for a total transaction of $75,867.00. Following the completion of the transaction, the director owned 10,100 shares of the company’s stock, valued at $232,199. The trade was a 24.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lewis H. Ferguson sold 2,206 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $23.03, for a total value of $50,804.18. Following the transaction, the director directly owned 20,449 shares of the company’s stock, valued at $470,940.47. The trade was a 9.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 12,756 shares of company stock worth $292,467. Company insiders own 11.40% of the company’s stock.

Cogent Communications Company Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.