On February 17, 2026, MIG Capital disclosed a new position in Cogent Communications (NASDAQ:CCOI)owning 569,220 shares worth $12.27 million at the end of the quarter.
According to an SEC filing on February 17th, 2026, MIG Capital started a new position in Cogent Communications, buying 569,220 shares. The quarter-end value increased by $12.27 million.
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This represents a new position for MIG Capital, which accounts for 2.08% of reportable assets under management as of December 31, 2025.
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Top properties after filing:
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NASDAQ: META: $52.45 million (8.9% of AUM)
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NASDAQ:DXCM: $40.19 million (6.8% AUM)
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NASDAQ:SHC: $34.65 million (5.9% of AUM)
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NASDAQ: MSFT: $34.25 million (5.8% of AUM)
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NASDAQ: CELH: $33.93 million (5.8% of AUM)
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As of Friday, Cogent Communications shares were priced at $18.80, down an impressive 72% from last year and outperforming the S&P 500’s nearly 20% gain over the same period.
|
Matric |
value |
|---|---|
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Revenue (TTM) |
975.8 million dollars |
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net income (TTM) |
($182.2 million) |
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Dividend yield |
11% |
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Price (Friday) |
26.46 dollars |
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Cogent Communications provides high-speed Internet access, private network services, and data center collocation on multiple continents.
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The company primarily generates revenue through recurring service contracts for bandwidth, network connectivity, and aggregation facilities.
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It serves small and medium businesses, telecommunications service providers, and bandwidth-intensive organizations.
Cogent Communications operates a global network that provides Internet, private network, and data center services to business customers. The company leverages a vast infrastructure of data centers and connections to thousands of buildings to offer reliable, high-capacity connectivity solutions.
A sharp selloff often prompts some investors to take contrarian bets, and Cogent Communications has been a big laggard over the past year, with shares down about 72% while the broader S&P 500 has gained about 20%. Such divergence attracts investors looking for situations where sentiment may have gone too far.
Cogent’s latest earnings showed service revenue of $240.5 million, down slightly from $241.9 million in the third quarter. Like many infrastructure-heavy telecommunications businesses, Cogent faces debt-cost pressures and integration challenges with network expansion, but the long-term demand picture for Internet capacity remains strong. Additionally, the company pays an 11% dividend, which translated to a quarterly payout of $3.05 per share last year.
In a broader portfolio, the new position is relatively modest at 2% of assets, especially compared to big holdings like Meta, Dexcom, and Microsoft. Ultimately, such a position seems to suggest a measured bet on a battered infrastructure provider rather than maintaining a high-satisfaction core.
