Bank of New York Mellon Corp decreased its holdings in shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) by 6.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 856,993 shares of the technology company’s stock after selling 54,228 shares during the quarter. Bank of New York Mellon Corp owned 1.86% of Cogent Communications worth $41,906,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Flinton Capital Management LLC increased its stake in shares of Cogent Communications by 63.4% in the second quarter. Flinton Capital Management LLC now owns 2,640 shares of the technology company’s stock valued at $106,000 after buying an additional 1,024 shares during the period. Sei Investments Co. increased its stake in shares of Cogent Communications by 29.7% in the second quarter. Sei Investments Co. now owns 2,923 shares of the technology company’s stock valued at $117,000 after buying an additional 670 shares during the period. Pacad Investment Ltd. acquired a new position in shares of Cogent Communications in the second quarter valued at approximately $140,000. PNC Financial Services Group Inc. increased its stake in shares of Cogent Communications by 1,919.3% in the second quarter. PNC Financial Services Group Inc. now owns 3,776 shares of the technology company’s stock valued at $151,000 after buying an additional 3,589 shares during the period. Finally, Riverhead Capital Management LLC increased its stake in shares of Cogent Communications by 66.5% in the second quarter. Riverhead Capital Management LLC now owns 4,163 shares of the technology company’s stock valued at $167,000 after buying an additional 1,663 shares during the period. 95.62% of the stock is owned by hedge funds and other institutional investors.
In related news, VP Henry W. Kilmer sold 3,000 shares of the stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $44.54, for a total value of $133,620.00. Following the transaction, the vice president now directly owns 33,600 shares in the company, valued at approximately $1,496,544. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Timothy G. Oneill sold 2,000 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $48.75, for a total value of $97,500.00. Following the completion of the transaction, the vice president now owns 39,052 shares in the company, valued at $1,903,785. The disclosure for this sale can be found here. Insiders have sold a total of 13,866 shares of company stock worth $643,083 over the last 90 days. Company insiders own 9.48% of the company’s stock.
Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.06). The business had revenue of $123.00 million for the quarter, compared to the consensus estimate of $123.60 million. Cogent Communications had a negative return on equity of 23.86% and a net margin of 3.37%. Cogent Communications’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.08 earnings per share. sell-side analysts anticipate that Cogent Communications Holdings Inc will post 0.38 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 4th. Shareholders of record on Friday, November 17th were issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.35%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Thursday, November 16th. Cogent Communications’s dividend payout ratio is presently 533.33%.
Several research firms have recently issued reports on CCOI. BidaskClub downgraded Cogent Communications from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 2nd. Citigroup downgraded Cogent Communications from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $43.00 to $39.00 in a research note on Thursday, November 2nd. KeyCorp reissued a “hold” rating on shares of Cogent Communications in a research report on Wednesday, October 11th. Royal Bank Of Canada reissued a “buy” rating and set a $48.00 target price on shares of Cogent Communications in a research report on Monday, September 18th. Finally, Wells Fargo & Company downgraded shares of Cogent Communications from an “outperform” rating to a “market perform” rating and increased their target price for the company from $46.00 to $48.00 in a research report on Monday, October 9th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $43.77.
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Cogent Communications 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.
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