Hillsdale Investment Management Inc. Makes New $46,000 Investment in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Hillsdale Investment Management Inc. purchased a new stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 600 shares of the technology company’s stock, valued at approximately $46,000.

Other hedge funds have also recently modified their holdings of the company. Itau Unibanco Holding S.A. bought a new position in Cogent Communications in the third quarter worth approximately $30,000. Quest Partners LLC purchased a new position in shares of Cogent Communications in the 3rd quarter valued at $46,000. Blue Trust Inc. raised its position in shares of Cogent Communications by 53.8% in the 4th quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock worth $47,000 after acquiring an additional 218 shares in the last quarter. BankPlus Trust Department purchased a new stake in shares of Cogent Communications during the 4th quarter worth $63,000. Finally, Jones Financial Companies Lllp grew its stake in Cogent Communications by 132.1% in the fourth quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company’s stock valued at $67,000 after purchasing an additional 498 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Insider Activity

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $72.57, for a total transaction of $174,168.00. Following the sale, the vice president now directly owns 41,000 shares of the company’s stock, valued at approximately $2,975,370. This trade represents a 5.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $72.06, for a total value of $353,094.00. Following the completion of the transaction, the chief financial officer now directly owns 103,000 shares of the company’s stock, valued at approximately $7,422,180. This trade represents a 4.54 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,681 shares of company stock valued at $840,878. Company insiders own 11.40% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com raised shares of Cogent Communications to a “sell” rating in a research report on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $80.25.

Cogent Communications Stock Performance

CCOI opened at $68.15 on Tuesday. The company has a market cap of $3.34 billion, a P/E ratio of 87.37 and a beta of 0.45. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The firm’s 50-day moving average price is $75.01 and its 200-day moving average price is $76.86. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.76.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.22) by $0.31. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business had revenue of $252.29 million for the quarter, compared to analyst estimates of $258.49 million. As a group, equities analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a dividend of $1.005 per share. This represents a $4.02 annualized dividend and a yield of 5.90%. The ex-dividend date of this dividend is Thursday, March 13th. This is an increase from Cogent Communications’s previous quarterly dividend of $1.00. Cogent Communications’s payout ratio is presently -93.49%.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and 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.