CIBC Private Wealth Group LLC Trims Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

CIBC Private Wealth Group LLC cut its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOIFree Report) by 0.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 148,277 shares of the technology company’s stock after selling 1,280 shares during the period. CIBC Private Wealth Group LLC owned 0.31% of Cogent Communications worth $11,278,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in CCOI. SRS Capital Advisors Inc. grew its holdings in shares of Cogent Communications by 313.9% during the 4th quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock worth $38,000 after purchasing an additional 383 shares during the period. Hexagon Capital Partners LLC increased its position in shares of Cogent Communications by 109.9% during the fourth quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock valued at $48,000 after acquiring an additional 333 shares during the last quarter. CI Investments Inc. purchased a new stake in shares of Cogent Communications in the 3rd quarter valued at approximately $142,000. Fifth Third Bancorp lifted its holdings in shares of Cogent Communications by 56.7% in the 4th quarter. Fifth Third Bancorp now owns 2,026 shares of the technology company’s stock worth $154,000 after acquiring an additional 733 shares during the last quarter. Finally, Strs Ohio boosted its position in shares of Cogent Communications by 16.7% during the 4th quarter. Strs Ohio now owns 2,100 shares of the technology company’s stock worth $159,000 after purchasing an additional 300 shares during the period. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on CCOI. StockNews.com cut Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. Bank of America lowered Cogent Communications from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $85.00 to $75.00 in a research note on Thursday, March 7th. KeyCorp cut their price target on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. TD Cowen lowered their price objective on shares of Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Finally, TheStreet upgraded shares of Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Cogent Communications currently has a consensus rating of “Hold” and an average target price of $75.14.

Check Out Our Latest Research Report on CCOI

Cogent Communications Stock Performance

Shares of Cogent Communications stock opened at $55.98 on Thursday. The business has a 50-day simple moving average of $62.14 and a 200-day simple moving average of $68.65. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.12 and a current ratio of 1.12. Cogent Communications Holdings, Inc. has a one year low of $54.34 and a one year high of $86.00. The company has a market cap of $2.74 billion, a PE ratio of 2.22 and a beta of 0.41.

Cogent Communications (NASDAQ:CCOIGet Free Report) last posted its quarterly earnings results on Thursday, May 9th. The technology company reported ($1.29) EPS for the quarter, missing the consensus estimate of ($1.10) by ($0.19). Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The firm had revenue of $266.17 million for the quarter, compared to analyst estimates of $274.13 million. On average, equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.63 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Thursday, May 23rd will be issued a $0.975 dividend. This represents a $3.90 annualized dividend and a yield of 6.97%. The ex-dividend date is Wednesday, May 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.97. Cogent Communications’s dividend payout ratio is 15.45%.

Insider Buying and Selling at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 1,640 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $57.79, for a total transaction of $94,775.60. Following the completion of the sale, the director now owns 10,091 shares in the company, valued at $583,158.89. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Cogent Communications news, Director Lewis H. Ferguson sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $58.90, for a total transaction of $117,800.00. Following the transaction, the director now owns 17,623 shares of the company’s stock, valued at $1,037,994.70. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Sheryl Lynn Kennedy sold 1,640 shares of Cogent Communications stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $57.79, for a total value of $94,775.60. Following the sale, the director now owns 10,091 shares in the company, valued at approximately $583,158.89. The disclosure for this sale can be found here. Insiders have sold a total of 109,814 shares of company stock worth $6,890,808 over the last ninety days. Corporate insiders own 11.40% of the company’s stock.

About Cogent Communications

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Cogent Communications (NASDAQ:CCOI)

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