M&G Investment Management Ltd. Acquires Shares of 105,567 Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

M&G Investment Management Ltd. bought a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 105,567 shares of the technology company’s stock, valued at approximately $7,284,000. M&G Investment Management Ltd. owned about 0.22% of Cogent Communications as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Cogent Communications by 3.1% in the first quarter. BlackRock Inc. now owns 6,688,908 shares of the technology company’s stock valued at $459,930,000 after buying an additional 202,323 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in Cogent Communications by 16.4% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,548,807 shares of the technology company’s stock worth $106,497,000 after purchasing an additional 218,203 shares in the last quarter. Brown Advisory Inc. raised its holdings in Cogent Communications by 95.8% during the fourth quarter. Brown Advisory Inc. now owns 1,290,511 shares of the technology company’s stock worth $77,262,000 after purchasing an additional 631,541 shares in the last quarter. Standard Life Aberdeen plc raised its holdings in Cogent Communications by 2.5% during the first quarter. Standard Life Aberdeen plc now owns 781,462 shares of the technology company’s stock worth $53,737,000 after purchasing an additional 19,308 shares in the last quarter. Finally, Copeland Capital Management LLC raised its holdings in Cogent Communications by 24.2% during the first quarter. Copeland Capital Management LLC now owns 624,719 shares of the technology company’s stock worth $42,956,000 after purchasing an additional 121,697 shares in the last quarter. 85.18% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have issued reports on the stock. Oppenheimer raised shares of Cogent Communications from a “market perform” rating to an “outperform” rating and set a $90.00 target price for the company in a report on Friday, April 30th. Moffett Nathanson increased their price target on shares of Cogent Communications from $70.00 to $84.00 and gave the company a “buy” rating in a research report on Monday. They noted that the move was a valuation call. Royal Bank of Canada upgraded shares of Cogent Communications from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $70.00 to $84.00 in a research report on Sunday, May 9th. TheStreet upgraded shares of Cogent Communications from a “c+” rating to a “b-” rating in a research report on Monday. Finally, Credit Suisse Group upgraded shares of Cogent Communications from a “neutral” rating to an “outperform” rating and increased their price target for the company from $70.00 to $93.00 in a research report on Tuesday, May 4th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Cogent Communications currently has a consensus rating of “Buy” and a consensus price target of $85.00.

In other Cogent Communications news, VP Raymond B. Kummer sold 2,400 shares of Cogent Communications stock in a transaction on Monday, June 7th. The shares were sold at an average price of $77.00, for a total value of $184,800.00. Following the transaction, the vice president now owns 33,600 shares in the company, valued at approximately $2,587,200. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP John B. Chang sold 558 shares of Cogent Communications stock in a transaction on Monday, March 15th. The shares were sold at an average price of $65.00, for a total transaction of $36,270.00. Following the completion of the transaction, the vice president now owns 34,334 shares in the company, valued at approximately $2,231,710. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,482 shares of company stock worth $1,087,606. 11.10% of the stock is owned by company insiders.

Shares of NASDAQ CCOI opened at $76.78 on Friday. Cogent Communications Holdings, Inc. has a 1 year low of $53.20 and a 1 year high of $90.96. The stock’s 50 day moving average price is $73.31. The firm has a market capitalization of $3.65 billion, a price-to-earnings ratio of 225.83 and a beta of 0.14.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Wednesday, April 28th. The technology company reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.23. Cogent Communications had a net margin of 2.76% and a negative return on equity of 17.03%. The firm had revenue of $146.78 million for the quarter, compared to analyst estimates of $144.17 million. During the same quarter last year, the business earned $0.20 earnings per share. Cogent Communications’s revenue was up 4.2% compared to the same quarter last year. Analysts predict that Cogent Communications Holdings, Inc. will post 1.16 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, May 28th. Investors of record on Friday, May 14th were given a dividend of $0.78 per share. The ex-dividend date was Thursday, May 13th. This represents a $3.12 dividend on an annualized basis and a yield of 4.06%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.76. Cogent Communications’s dividend payout ratio (DPR) is 410.53%.

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, Asia, South America, Australia, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, 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.

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Institutional Ownership by Quarter for Cogent Communications (NASDAQ:CCOI)

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