GSA Capital Partners LLP acquired a new stake in shares of Cogent Communications Group Inc. (NASDAQ:CCOI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 9,298 shares of the company’s stock, valued at approximately $372,000.

Several other hedge funds also recently modified their holdings of the stock. Legal & General Group Plc increased its position in Cogent Communications Group by 2.7% in the first quarter. Legal & General Group Plc now owns 10,419 shares of the company’s stock valued at $405,000 after buying an additional 275 shares during the period. Capstone Asset Management Co. increased its position in Cogent Communications Group by 5.0% in the second quarter. Capstone Asset Management Co. now owns 12,616 shares of the company’s stock valued at $505,000 after buying an additional 600 shares during the period. Aperio Group LLC increased 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. increased 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, BlackRock Inc. increased its position in Cogent Communications Group by 115.5% in the first quarter. BlackRock Inc. now owns 3,205 shares of the company’s stock valued at $126,000 after buying an additional 1,718 shares during the period. Institutional investors and hedge funds own 98.24% of the company’s stock.

Cogent Communications Group Inc. (NASDAQ:CCOI) traded up 0.65% during midday trading on Friday, hitting $37.19. The stock had a trading volume of 151,801 shares. The company’s 50-day moving average price is $36.41 and its 200 day moving average price is $38.82. Cogent Communications Group Inc. has a 12-month low of $26.13 and a 12-month high of $43.61. The stock has a market cap of $1.66 billion, a P/E ratio of 125.64 and a beta of 0.97.

Cogent Communications Group (NASDAQ:CCOI) last issued its earnings results on Thursday, August 4th. The company reported $0.09 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.09. The business earned $110 million during the quarter, compared to analysts’ expectations of $110.88 million. Cogent Communications Group had a negative return on equity of 89.73% and a net margin of 3.10%. Cogent Communications Group’s revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.02 earnings per share. On average, equities research analysts predict that Cogent Communications Group Inc. will post $0.40 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, August 19th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 4.11%. The ex-dividend date was Wednesday, August 17th. This is a boost from Cogent Communications Group’s previous quarterly dividend of $0.37. Cogent Communications Group’s dividend payout ratio (DPR) is 506.67%.

Several research firms recently weighed in on CCOI. Zacks Investment Research upgraded Cogent Communications Group from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Monday, August 1st. Citigroup Inc. increased their target price 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. Off Wall Street began coverage on Cogent Communications Group in a research report on Monday, June 20th. They set a “sell” rating on the stock. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $45.00 target price on shares of Cogent Communications Group in a research report on Wednesday, August 10th. Finally, Drexel Hamilton set a $44.00 target price on Cogent Communications Group and gave the stock a “buy” rating in a research report on Friday, August 5th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $42.70.

In other news, VP Robert N. Beury, Jr. sold 1,000 shares of the firm’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $40.09, for a total value of $40,090.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Tim Weingarten sold 2,822 shares of the firm’s stock in a transaction on Friday, September 16th. The stock was sold at an average price of $35.57, for a total value of $100,378.54. Following the completion of the sale, the director now directly owns 21,479 shares of the company’s stock, valued at approximately $764,008.03. The disclosure for this sale can be found here. 9.17% of the stock is owned by insiders.

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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