Bank of Montreal Can Acquires Shares of 185,819 Cogent Communications Group Inc. (CCOI)
Bank of Montreal Can acquired a new stake in Cogent Communications Group Inc. (NASDAQ:CCOI) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 185,819 shares of the company’s stock, valued at approximately $7,444,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Renaissance Technologies LLC boosted its position in Cogent Communications Group by 5.6% in the first quarter. Renaissance Technologies LLC now owns 1,597,900 shares of the company’s stock valued at $62,366,000 after buying an additional 84,400 shares during the last quarter. Loomis Sayles & Co. L P boosted its position in Cogent Communications Group by 93.0% in the first quarter. Loomis Sayles & Co. L P now owns 678,154 shares of the company’s stock valued at $26,468,000 after buying an additional 326,827 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Cogent Communications Group by 113.9% in the first quarter. Goldman Sachs Group Inc. now owns 254,570 shares of the company’s stock valued at $9,936,000 after buying an additional 135,567 shares during the last quarter. Riverhead Capital Management LLC purchased a new position in Cogent Communications Group during the first quarter valued at $165,000. Finally, UBS Group AG boosted its position in Cogent Communications Group by 15.7% in the first quarter. UBS Group AG now owns 136,689 shares of the company’s stock valued at $5,335,000 after buying an additional 18,560 shares during the last quarter. Hedge funds and other institutional investors own 98.24% of the company’s stock.
Cogent Communications Group Inc. (NASDAQ:CCOI) traded up 0.41% during trading on Friday, reaching $34.67. The company’s stock had a trading volume of 471,724 shares. The stock has a 50-day moving average price of $36.09 and a 200 day moving average price of $38.74. The company has a market cap of $1.54 billion, a PE ratio of 117.13 and a beta of 0.98. Cogent Communications Group Inc. has a 52-week low of $28.77 and a 52-week high of $43.61.
Cogent Communications Group (NASDAQ:CCOI) last issued its earnings results on Thursday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.09. The firm had revenue of $110 million for the quarter, compared to analyst estimates of $110.88 million. Cogent Communications Group had a negative return on equity of 89.73% and a net margin of 3.10%. The business’s revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.02 earnings per share. On average, analysts expect that Cogent Communications Group Inc. will post $0.40 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, August 19th were paid a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, August 17th. This is a positive change from Cogent Communications Group’s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 4.38%. Cogent Communications Group’s payout ratio is presently 506.67%.
Several analysts have recently issued reports on the company. Zacks Investment Research raised Cogent Communications Group from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a 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 report on Wednesday, July 27th. Off Wall Street assumed coverage on Cogent Communications Group in a report on Monday, June 20th. They set a “sell” rating on the stock. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $45.00 target price on shares of Cogent Communications Group in a 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 report on Friday, August 5th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $42.70.
In related news, Director Tim Weingarten sold 2,822 shares of the business’s stock in a transaction on Friday, September 16th. The stock was sold at an average price of $35.57, for a total transaction of $100,378.54. Following the sale, the director now directly owns 21,479 shares in the company, valued at approximately $764,008.03. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Timothy G. Oneill sold 1,000 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $42.64, for a total value of $42,640.00. The disclosure for this sale can be found here. 9.17% of the stock is owned by company insiders.
Cogent Communications Group Company Profile
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.
Want to see what other hedge funds are holding CCOI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cogent Communications Group Inc. (NASDAQ:CCOI).
Receive News & Ratings for Cogent Communications Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cogent Communications Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.