Cogent Communications Holdings, (NASDAQ:CCOI) Closed 4.7% Above Its 50 Day Average

Oceane Deschanel
Agosto 12, 2017

This repurchase authorization permits the aerospace company to repurchase up to 11.5% of its shares through open market purchases. Bank of America Corp DE owned 0.19% of Consolidated Communications Holdings worth $2,273,000 as of its most recent filing with the SEC.

A number of institutional investors have recently added to or reduced their stakes in the stock. Rothschild Asset Management Inc. now owns 4,064 shares of the aerospace company's stock worth $679,000 after buying an additional 220 shares during the period. Teachers Advisors LLC now owns 85,546 shares of the utilities provider's stock valued at $2,297,000 after buying an additional 1,814 shares during the last quarter. Jefferies Group LLC restated a "hold" rating and set a $170.00 price target (up previously from $160.00) on shares of L-3 Communications Holdings in a research note on Saturday, April 29th. Consolidated Communications Holdings's revenue for the quarter was down 9.1% compared to the same quarter a year ago. Vanguard Group Inc. raised its position in shares of L-3 Communications Holdings by 6.6% in the first quarter. Alliancebernstein L.P. claims 69,861 shares worth $2,801,000. Tiaa Cref Investment Management LLC divested its position by selling 3,641 shares a decrease of 3.1%. Following the transaction, the director now directly owns 19,652 shares of the company's stock, valued at approximately $789,027.80. Consolidated Communications Holdings has a 1-year low of $17.41 and a 1-year high of $30.23. (NASDAQ:CNSL) traded up 1.15% during mid-day trading on Friday, reaching $19.27. The firm's 50-day moving average is $41.92 and its 200-day moving average is $41.70. BlackRock Inc. raised its position in Cogent Communications Holdings by 3.5% in the second quarter. The firm has a market cap of $14.34 billion, a price-to-earnings ratio of 20.66 and a beta of 1.15. The utilities provider reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.13 by $0.03. The company had revenue of $119.80 million for the quarter, compared to analyst estimates of $120.23 million. Cogent Communications Holdings had a negative return on equity of 27.66% and a net margin of 3.39%.

Consolidated Communications Holdings (NASDAQ:CNSL) last posted its quarterly earnings data on Thursday, August 3rd. During the same period in the prior year, the firm earned $1.88 earnings per share.

In related news, CFO Thaddeus Gerard Weed sold 2,250 shares of Cogent Communications Holdings stock in a transaction on Friday, June 2nd. Additionally Cogent Communications Holdings, announced a dividend for shareholders that will be paid on Friday September 1st, 2017. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.63%. L-3 Communications Holdings's payout ratio is now 33.82%. Amalgamated Bank raised its position in Cogent Communications Holdings by 4.8% in the second quarter. Shares repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

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Many brokerage firms have quite recently published research on CCOI Stocks. Zacks Investment Research lowered shares of Cogent Communications Holdings from a hold rating to a sell rating in a research report on Friday, August 4th. Goldman Sachs Group, Inc. (The) upgraded L-3 Communications Holdings from a "buy" rating to a "conviction-buy" rating and raised their price objective for the stock from $195.00 to $204.00 in a research report on Monday. TheStreet cut Consolidated Communications Holdings from a "c" rating to a "d+" rating in a report on Thursday. Drexel Hamilton upgraded L-3 Communications Holdings from a "hold" rating to a "buy" rating in a research report on Tuesday. L-3 Communications Holdings now has a consensus rating of "Buy" and a consensus target price of $182.08. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. Consolidated Communications Holdings now has an average rating of "Hold" and a consensus target price of $24.50. The total value of its holdings decreased 10.1%. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. BlackRock has an ownership of 4,955,963 stocks of the technology firms shares valued $213,356,000 after scooping up an extra 4,952,008 shares through out the quarter. Hedge funds and other institutional investors own 67.14% of the company's stock.

L3 Technologies, Inc, formerly L-3 Communications Holdings, Inc, is a prime contractor in Intelligence, Surveillance and Reconnaissance (ISR) systems, aircraft sustainment, simulation and training, night vision and image intensification equipment and security and detection systems.

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