Public Sector Pension Investment Board Decreases Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Public Sector Pension Investment Board lessened its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 3.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 89,439 shares of the technology company’s stock after selling 3,400 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.18% of Cogent Communications worth $6,790,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Blue Trust Inc. raised its stake in shares of Cogent Communications by 204.5% in the third quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after buying an additional 272 shares during the period. Hexagon Capital Partners LLC increased its holdings in Cogent Communications by 72.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after acquiring an additional 226 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Cogent Communications by 127.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after acquiring an additional 441 shares during the last quarter. Quest Partners LLC bought a new stake in Cogent Communications in the 3rd quarter valued at about $46,000. Finally, GAMMA Investing LLC lifted its holdings in Cogent Communications by 207.0% during the third quarter. GAMMA Investing LLC now owns 660 shares of the technology company’s stock valued at $50,000 after purchasing an additional 445 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Analyst Upgrades and Downgrades

CCOI has been the topic of several research reports. JPMorgan Chase & Co. boosted their price target on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Royal Bank of Canada reissued an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a report on Tuesday, September 3rd. UBS Group initiated coverage on Cogent Communications in a research report on Thursday, November 14th. They set a “buy” rating and a $102.00 target price on the stock. The Goldman Sachs Group lifted their price target on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. Finally, Citigroup increased their price objective on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and a consensus target price of $80.25.

Cogent Communications Trading Down 0.5 %

Shares of CCOI stock opened at $82.19 on Friday. The business’s fifty day moving average is $80.34 and its 200 day moving average is $69.47. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.76. The company has a market capitalization of $4.03 billion, a PE ratio of 105.37 and a beta of 0.40. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.01. The firm had revenue of $257.20 million during the quarter, compared to analyst estimates of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. Cogent Communications’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.13) EPS. On average, equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.995 per share. The ex-dividend date is Friday, November 22nd. This represents a $3.98 annualized dividend and a dividend yield of 4.84%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s dividend payout ratio (DPR) is 510.26%.

Insider Buying and Selling

In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $69.77, for a total transaction of $133,958.40. Following the transaction, the executive now owns 50,982 shares in the company, valued at approximately $3,557,014.14. This represents a 3.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John B. Chang sold 1,400 shares of Cogent Communications stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the sale, the vice president now directly owns 71,580 shares of the company’s stock, valued at approximately $5,130,138.60. This trade represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,016 shares of company stock worth $1,116,135 in the last three months. Insiders own 11.40% of the company’s stock.

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.