WINTON GROUP Ltd Acquires New Position in Cogent Communications Holdings, Inc. $CCOI

WINTON GROUP Ltd acquired a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 35,604 shares of the technology company’s stock, valued at approximately $768,000.

A number of other hedge funds have also recently added to or reduced their stakes in CCOI. Turtle Creek Asset Management Inc. lifted its position in Cogent Communications by 64.9% in the third quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock valued at $176,561,000 after purchasing an additional 1,811,222 shares during the period. Bank of America Corp DE lifted its position in Cogent Communications by 551.2% in the third quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock valued at $43,965,000 after purchasing an additional 970,367 shares during the period. Invesco Ltd. lifted its position in Cogent Communications by 84.2% in the second quarter. Invesco Ltd. now owns 1,003,273 shares of the technology company’s stock valued at $48,368,000 after purchasing an additional 458,698 shares during the period. JPMorgan Chase & Co. lifted its position in Cogent Communications by 369.3% in the third quarter. JPMorgan Chase & Co. now owns 539,770 shares of the technology company’s stock valued at $20,700,000 after purchasing an additional 424,746 shares during the period. Finally, Qube Research & Technologies Ltd lifted its position in Cogent Communications by 144.2% in the second quarter. Qube Research & Technologies Ltd now owns 687,839 shares of the technology company’s stock valued at $33,161,000 after purchasing an additional 406,129 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Citigroup dropped their target price on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Tuesday, May 19th. Wells Fargo & Company dropped their target price on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, May 7th. TD Cowen dropped their target price on shares of Cogent Communications from $40.00 to $34.00 and set a “buy” rating for the company in a report on Tuesday, May 5th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $22.00 target price on shares of Cogent Communications in a report on Friday, May 29th. Finally, Wall Street Zen raised shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a report on Sunday, April 26th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $24.90.

Cogent Communications Trading Down 8.5%

Shares of Cogent Communications stock opened at $14.46 on Thursday. Cogent Communications Holdings, Inc. has a 12-month low of $14.43 and a 12-month high of $54.37. The stock has a market cap of $724.16 million, a PE ratio of -4.07 and a beta of 0.77. The company has a 50-day moving average of $19.43 and a two-hundred day moving average of $20.98.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.20. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The company had revenue of $239.19 million during the quarter, compared to analysts’ expectations of $241.31 million. During the same period last year, the company posted ($1.09) earnings per share. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, sell-side analysts forecast that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current fiscal year.

Cogent Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Monday, May 18th. Cogent Communications’s dividend payout ratio is -2.25%.

About Cogent Communications

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.