NBC Securities Inc. Cuts Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

NBC Securities Inc. cut its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOIFree Report) by 1.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,455 shares of the technology company’s stock after selling 861 shares during the quarter. NBC Securities Inc. owned approximately 0.11% of Cogent Communications worth $3,426,000 at the end of the most recent reporting period.

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

Cogent Communications Trading Up 1.9 %

CCOI stock traded up $0.99 during mid-day trading on Wednesday, hitting $53.45. 562,526 shares of the company were exchanged, compared to its average volume of 500,421. The business has a fifty day simple moving average of $60.01 and a 200-day simple moving average of $67.81. The firm has a market capitalization of $2.62 billion, a P/E ratio of 2.12 and a beta of 0.41. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.00. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.80.

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

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Thursday, May 23rd were issued a dividend of $0.975 per share. This represents a $3.90 dividend on an annualized basis and a yield of 7.30%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend was Wednesday, May 22nd. Cogent Communications’s dividend payout ratio (DPR) is 15.45%.

Insider Buying and Selling at Cogent Communications

In other news, CEO Dave Schaeffer sold 50,000 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $59.44, for a total transaction of $2,972,000.00. Following the sale, the chief executive officer now owns 4,553,038 shares of the company’s stock, valued at $270,632,578.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Thaddeus Gerard Weed sold 2,400 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $52.60, for a total transaction of $126,240.00. Following the completion of the transaction, the chief financial officer now directly owns 93,300 shares of the company’s stock, valued at approximately $4,907,580. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Dave Schaeffer sold 50,000 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $59.44, for a total value of $2,972,000.00. Following the sale, the chief executive officer now owns 4,553,038 shares in the company, valued at approximately $270,632,578.72. The disclosure for this sale can be found here. Insiders sold a total of 178,440 shares of company stock valued at $9,828,016 in the last three months. 11.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CCOI shares. JPMorgan Chase & Co. cut their price objective on shares of Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, May 13th. TD Cowen cut their price target on Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a report on Friday, May 10th. KeyCorp lowered their price objective on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. TheStreet raised Cogent Communications from a “c+” rating to a “b” rating in a research note on Thursday, February 29th. Finally, Bank of America cut shares of Cogent Communications from a “buy” rating to a “neutral” rating and lowered their price target for the company from $85.00 to $75.00 in a research report on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cogent Communications has an average rating of “Hold” and an average target price of $75.14.

Get Our Latest Stock Analysis on Cogent Communications

Cogent Communications Profile

(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.

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

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