River Road Asset Management LLC Has $31.78 Million Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

River Road Asset Management LLC lifted its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 9.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 417,801 shares of the technology company’s stock after acquiring an additional 36,288 shares during the period. River Road Asset Management LLC owned approximately 0.86% of Cogent Communications worth $31,778,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank acquired a new stake in Cogent Communications during the fourth quarter worth $39,772,000. Harspring Capital Management LLC boosted its stake in Cogent Communications by 71.1% during the third quarter. Harspring Capital Management LLC now owns 984,000 shares of the technology company’s stock worth $60,910,000 after buying an additional 409,000 shares in the last quarter. FMR LLC boosted its stake in Cogent Communications by 58.9% during the third quarter. FMR LLC now owns 710,612 shares of the technology company’s stock worth $43,987,000 after buying an additional 263,313 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Cogent Communications by 325.5% during the fourth quarter. Victory Capital Management Inc. now owns 341,657 shares of the technology company’s stock worth $19,502,000 after buying an additional 261,355 shares in the last quarter. Finally, Global Alpha Capital Management Ltd. acquired a new stake in Cogent Communications during the third quarter worth $14,447,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Trading Down 1.6 %

NASDAQ:CCOI traded down $1.00 on Wednesday, hitting $61.95. 416,090 shares of the stock were exchanged, compared to its average volume of 412,882. The stock has a market capitalization of $2.94 billion, a price-to-earnings ratio of 2.35 and a beta of 0.39. Cogent Communications Holdings, Inc. has a 52 week low of $57.35 and a 52 week high of $86.00. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.38 and a current ratio of 1.38. The company’s 50-day moving average price is $69.62 and its 200 day moving average price is $69.43.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, February 29th. The technology company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.95) by $0.79. The firm had revenue of $272.10 million during the quarter, compared to analysts’ expectations of $275.82 million. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. On average, equities research analysts forecast that Cogent Communications Holdings, Inc. will post -3.35 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Friday, March 15th were issued a dividend of $0.965 per share. This is a boost from Cogent Communications’s previous quarterly dividend of $0.96. This represents a $3.86 annualized dividend and a yield of 6.23%. The ex-dividend date of this dividend was Thursday, March 14th. Cogent Communications’s payout ratio is currently 14.43%.

Insiders Place Their Bets

In other news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $76.62, for a total transaction of $147,110.40. Following the completion of the transaction, the executive now directly owns 54,822 shares in the company, valued at approximately $4,200,461.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $76.62, for a total transaction of $147,110.40. Following the completion of the transaction, the executive now directly owns 54,822 shares in the company, valued at approximately $4,200,461.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Dave Schaeffer sold 8,826 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $72.55, for a total value of $640,326.30. Following the transaction, the chief executive officer now owns 4,815,764 shares of the company’s stock, valued at $349,383,678.20. The disclosure for this sale can be found here. In the last three months, insiders sold 69,320 shares of company stock valued at $4,669,997. 11.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on CCOI shares. StockNews.com cut Cogent Communications from a “hold” rating to a “sell” rating in a report on Tuesday, March 12th. TD Cowen lifted their price objective on Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a report on Friday, March 1st. TheStreet raised Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. JPMorgan Chase & Co. cut their price target on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating for the company in a report on Wednesday, March 6th. Finally, KeyCorp lifted their price target on Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $77.57.

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.