MIG Capital LLC Has $59.04 Million Stake in Cogent Communications Holdings, Inc. $CCOI

MIG Capital LLC trimmed its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 16.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 963,034 shares of the technology company’s stock after selling 193,474 shares during the period. Cogent Communications comprises approximately 7.3% of MIG Capital LLC’s investment portfolio, making the stock its 3rd biggest position. MIG Capital LLC owned approximately 1.95% of Cogent Communications worth $59,044,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in CCOI. CANADA LIFE ASSURANCE Co boosted its stake in Cogent Communications by 0.3% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 52,679 shares of the technology company’s stock worth $4,055,000 after purchasing an additional 156 shares during the period. Itau Unibanco Holding S.A. boosted its stake in Cogent Communications by 58.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company’s stock worth $48,000 after purchasing an additional 229 shares during the period. Ipswich Investment Management Co. Inc. boosted its stake in Cogent Communications by 0.6% in the 1st quarter. Ipswich Investment Management Co. Inc. now owns 42,739 shares of the technology company’s stock worth $2,620,000 after purchasing an additional 260 shares during the period. GAMMA Investing LLC boosted its stake in Cogent Communications by 35.4% in the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company’s stock worth $64,000 after purchasing an additional 274 shares during the period. Finally, Xponance Inc. boosted its stake in Cogent Communications by 9.7% in the 1st quarter. Xponance Inc. now owns 3,497 shares of the technology company’s stock worth $214,000 after purchasing an additional 308 shares during the period. 92.45% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Cogent Communications news, CEO Dave Schaeffer sold 1,840,669 shares of the firm’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $32.60, for a total transaction of $60,005,809.40. Following the transaction, the chief executive officer directly owned 1,516,052 shares in the company, valued at $49,423,295.20. This trade represents a 54.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 3,105,078 shares of company stock worth $103,810,876 in the last 90 days. 10.20% of the stock is owned by company insiders.

Cogent Communications Price Performance

NASDAQ CCOI opened at $36.90 on Tuesday. Cogent Communications Holdings, Inc. has a fifty-two week low of $29.61 and a fifty-two week high of $86.76. The stock’s 50-day moving average is $46.16 and its two-hundred day moving average is $56.06. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.31 and a quick ratio of 2.31. The firm has a market cap of $1.81 billion, a P/E ratio of -8.13 and a beta of 0.68.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, August 7th. The technology company reported ($1.21) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.28). Cogent Communications had a negative net margin of 21.57% and a negative return on equity of 117.56%. The company had revenue of $246.25 million for the quarter, compared to the consensus estimate of $247.79 million. During the same quarter last year, the business earned ($0.68) earnings per share. Cogent Communications’s quarterly revenue was down 5.4% on a year-over-year basis. On average, analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications declared that its board has approved a share repurchase program on Thursday, August 7th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the technology company to purchase up to 4.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Thursday, August 21st will be issued a dividend of $1.015 per share. This represents a $4.06 annualized dividend and a yield of 11.0%. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. The ex-dividend date is Thursday, August 21st. Cogent Communications’s dividend payout ratio is -88.99%.

Wall Street Analyst Weigh In

A number of research firms recently commented on CCOI. Citigroup lowered shares of Cogent Communications from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $67.00 to $33.00 in a research note on Tuesday, August 12th. Wells Fargo & Company upgraded shares of Cogent Communications from an “underweight” rating to an “overweight” rating and set a $45.00 target price for the company in a research report on Monday. The Goldman Sachs Group dropped their price target on shares of Cogent Communications from $71.00 to $62.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $40.00 price objective (down from $74.00) on shares of Cogent Communications in a report on Friday, August 8th. Finally, UBS Group cut their price objective on Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company in a report on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Cogent Communications has a consensus rating of “Hold” and a consensus price target of $58.57.

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.