CenterBook Partners LP Increases Stake in Cogent Communications Holdings, Inc. $CCOI

CenterBook Partners LP boosted its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 254.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 601,735 shares of the technology company’s stock after purchasing an additional 431,974 shares during the period. Cogent Communications comprises 0.6% of CenterBook Partners LP’s investment portfolio, making the stock its 29th largest position. CenterBook Partners LP owned 1.23% of Cogent Communications worth $12,973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in CCOI. Turtle Creek Asset Management Inc. increased its stake in shares of Cogent Communications by 64.9% during the third quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock valued at $176,561,000 after buying an additional 1,811,222 shares during the period. Bank of America Corp DE increased its stake in shares of Cogent Communications by 551.2% during the third quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock valued at $43,965,000 after buying an additional 970,367 shares during the period. Invesco Ltd. increased its stake in shares of Cogent Communications by 84.2% during the second quarter. Invesco Ltd. now owns 1,003,273 shares of the technology company’s stock valued at $48,368,000 after buying an additional 458,698 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Cogent Communications by 369.3% during the third quarter. JPMorgan Chase & Co. now owns 539,770 shares of the technology company’s stock valued at $20,700,000 after buying an additional 424,746 shares during the period. Finally, Qube Research & Technologies Ltd increased its stake in shares of Cogent Communications by 144.2% during the second quarter. Qube Research & Technologies Ltd now owns 687,839 shares of the technology company’s stock valued at $33,161,000 after buying an additional 406,129 shares during the period. 92.45% of the stock is owned by hedge funds and other institutional investors.

Cogent Communications Price Performance

Shares of CCOI stock opened at $16.83 on Monday. The stock has a market cap of $842.85 million, a price-to-earnings ratio of -4.74 and a beta of 0.77. The business’s fifty day moving average is $19.55 and its 200 day moving average is $21.03. Cogent Communications Holdings, Inc. has a twelve month low of $14.82 and a twelve month high of $54.37.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($1.03) by $0.20. The company had revenue of $239.19 million for the quarter, compared to analysts’ expectations of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.09) earnings per share. Equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current fiscal year.

Cogent Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Monday, May 18th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Monday, May 18th. Cogent Communications’s dividend payout ratio is presently -2.25%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CCOI. JPMorgan Chase & Co. reissued a “neutral” rating and set a $22.00 target price on shares of Cogent Communications in a research note on Friday, May 29th. Williams Trading set a $40.00 target price on Cogent Communications in a research note on Monday, February 23rd. KeyCorp reduced their target price on Cogent Communications from $30.00 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, February 23rd. Royal Bank Of Canada reduced their target price on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating on the stock in a research note on Wednesday, May 6th. Finally, Oppenheimer reduced their target price on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating on the stock in a research note on Monday, February 23rd. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $24.90.

Cogent Communications Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.