First Mercantile Trust Co. Sells 2,171 Shares of Cogent Communications Group Inc. (CCOI)
First Mercantile Trust Co. lowered its stake in Cogent Communications Group Inc. (NASDAQ:CCOI) by 11.2% during the second quarter, Holdings Channel reports. The fund owned 17,277 shares of the company’s stock after selling 2,171 shares during the period. First Mercantile Trust Co.’s holdings in Cogent Communications Group were worth $692,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Stifel Financial Corp increased its position in shares of Cogent Communications Group by 32.3% in the fourth quarter. Stifel Financial Corp now owns 53,621 shares of the company’s stock valued at $1,861,000 after buying an additional 13,078 shares during the last quarter. Texas Permanent School Fund acquired a new position in Cogent Communications Group during the first quarter valued at $1,284,000. Aperio Group LLC raised its position in Cogent Communications Group by 8.0% in the first quarter. Aperio Group LLC now owns 9,508 shares of the company’s stock valued at $371,000 after buying an additional 706 shares during the period. Teachers Advisors Inc. raised its position in Cogent Communications Group by 1.2% in the first quarter. Teachers Advisors Inc. now owns 81,124 shares of the company’s stock valued at $3,166,000 after buying an additional 928 shares during the period. Finally, Prudential Financial Inc. acquired a new position in Cogent Communications Group during the first quarter valued at $3,887,000. 98.24% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Cogent Communications Group Inc. (NASDAQ:CCOI) opened at 35.92 on Wednesday. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 121.35 and a beta of 0.97. Cogent Communications Group Inc. has a one year low of $25.84 and a one year high of $43.61. The firm’s 50-day moving average price is $36.74 and its 200-day moving average price is $38.85.
Cogent Communications Group (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. Cogent Communications Group had a net margin of 3.10% and a negative return on equity of 89.73%. The business earned $110 million during the quarter, compared to analyst estimates of $110.88 million. During the same period in the prior year, the business posted $0.02 earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. Analysts anticipate that Cogent Communications Group Inc. will post $0.40 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, August 19th were issued a dividend of $0.38 per share. This is a positive change from Cogent Communications Group’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date was Wednesday, August 17th. Cogent Communications Group’s dividend payout ratio is currently 506.67%.
Several research firms have recently weighed in on CCOI. Zacks Investment Research raised Cogent Communications Group from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Monday, August 1st. JPMorgan Chase & Co. reissued a “hold” rating and issued a $40.00 price objective on shares of Cogent Communications Group in a research report on Friday, August 5th. Citigroup Inc. lifted their price objective on Cogent Communications Group from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Raymond James Financial Inc. lowered Cogent Communications Group from an “outperform” rating to a “market perform” rating in a research report on Monday, August 8th. Finally, BTIG Research reissued a “buy” rating and issued a $43.00 price objective on shares of Cogent Communications Group in a research report on Monday, August 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $42.64.
In other news, Director Tim Weingarten sold 2,822 shares of the stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $35.57, for a total transaction of $100,378.54. Following the completion of the sale, the director now directly owns 21,479 shares in the company, valued at $764,008.03. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Henry W. Kilmer sold 1,000 shares of the stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $40.30, for a total transaction of $40,300.00. The disclosure for this sale can be found here. Insiders own 9.17% of the company’s stock.
About Cogent Communications Group
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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