Comerica Bank Sells 492 Shares of Cogent Communications Holdings, Inc. $CCOI

Comerica Bank trimmed its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 3.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,712 shares of the technology company’s stock after selling 492 shares during the period. Comerica Bank’s holdings in Cogent Communications were worth $963,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Ipswich Investment Management Co. Inc. raised its stake in shares of Cogent Communications by 0.6% during the 1st quarter. Ipswich Investment Management Co. Inc. now owns 42,739 shares of the technology company’s stock worth $2,620,000 after purchasing an additional 260 shares during the period. GAMMA Investing LLC increased its holdings in Cogent Communications by 35.4% in the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company’s stock worth $64,000 after acquiring an additional 274 shares during the last quarter. Xponance Inc. increased its holdings in Cogent Communications by 9.7% in the 1st quarter. Xponance Inc. now owns 3,497 shares of the technology company’s stock worth $214,000 after acquiring an additional 308 shares during the last quarter. Covestor Ltd increased its holdings in Cogent Communications by 56.3% in the 1st quarter. Covestor Ltd now owns 1,035 shares of the technology company’s stock worth $64,000 after acquiring an additional 373 shares during the last quarter. Finally, Prairieview Wealth Partners LLC increased its holdings in Cogent Communications by 3.7% in the 1st quarter. Prairieview Wealth Partners LLC now owns 11,142 shares of the technology company’s stock worth $683,000 after acquiring an additional 400 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on CCOI. Royal Bank Of Canada reissued a “sector perform” rating and issued a $40.00 price objective (down previously from $74.00) on shares of Cogent Communications in a report on Friday, August 8th. Citigroup lowered Cogent Communications from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $67.00 to $33.00 in a report on Tuesday, August 12th. Wells Fargo & Company raised Cogent Communications from an “underweight” rating to an “overweight” rating and set a $45.00 price objective for the company in a report on Monday, August 18th. UBS Group decreased their price objective on Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company in a report on Friday, May 9th. Finally, The Goldman Sachs Group started coverage on Cogent Communications in a report on Tuesday. They issued a “neutral” rating and a $40.00 price objective for the company. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $46.60.

Cogent Communications Stock Up 0.6%

CCOI stock opened at $36.88 on Friday. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 49.06. The firm has a market capitalization of $1.81 billion, a PE ratio of -8.12 and a beta of 0.81. Cogent Communications Holdings, Inc. has a twelve month low of $29.61 and a twelve month high of $86.76. The stock has a 50-day simple moving average of $43.28 and a two-hundred day simple moving average of $52.23.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, August 7th. The technology company reported ($1.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.28). The company had revenue of $246.25 million for the quarter, compared to analysts’ expectations of $247.79 million. Cogent Communications had a negative net margin of 21.57% and a negative return on equity of 117.56%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.68) EPS. On average, equities analysts predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Thursday, August 21st were given a dividend of $1.015 per share. This is a boost from Cogent Communications’s previous quarterly dividend of $1.01. The ex-dividend date was Thursday, August 21st. This represents a $4.06 dividend on an annualized basis and a dividend yield of 11.0%. Cogent Communications’s dividend payout ratio is -89.43%.

Cogent Communications announced that its Board of Directors has initiated a share buyback plan on Thursday, August 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the technology company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Thaddeus Gerard Weed sold 4,900 shares of Cogent Communications stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $48.04, for a total transaction of $235,396.00. Following the completion of the sale, the chief financial officer owned 98,000 shares in the company, valued at approximately $4,707,920. This trade represents a 4.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sheryl Lynn Kennedy sold 2,000 shares of Cogent Communications stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $36.35, for a total value of $72,700.00. Following the sale, the director owned 10,017 shares of the company’s stock, valued at approximately $364,117.95. This trade represents a 16.64% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,903,878 shares of company stock worth $94,170,629. 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.