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

Public Sector Pension Investment Board trimmed its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 3.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 89,439 shares of the technology company’s stock after selling 3,400 shares during the period. Public Sector Pension Investment Board’s holdings in Cogent Communications were worth $6,790,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of CCOI. Harbor Capital Advisors Inc. increased its stake in shares of Cogent Communications by 289.6% in the second quarter. Harbor Capital Advisors Inc. now owns 10,020 shares of the technology company’s stock worth $566,000 after purchasing an additional 7,448 shares in the last quarter. Intech Investment Management LLC boosted its holdings in Cogent Communications by 85.7% in the 3rd quarter. Intech Investment Management LLC now owns 16,908 shares of the technology company’s stock worth $1,284,000 after buying an additional 7,803 shares during the period. Consolidated Planning Corp purchased a new stake in Cogent Communications in the 3rd quarter worth $630,000. Boston Financial Mangement LLC increased its stake in Cogent Communications by 2.8% in the 3rd quarter. Boston Financial Mangement LLC now owns 609,821 shares of the technology company’s stock worth $46,298,000 after buying an additional 16,527 shares in the last quarter. Finally, AYAL Capital Advisors Ltd bought a new stake in Cogent Communications during the second quarter valued at about $6,372,000. 92.45% of the stock is owned by institutional investors.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 1,350 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $80.58, for a total value of $108,783.00. Following the completion of the sale, the director now owns 10,318 shares of the company’s stock, valued at $831,424.44. This trade represents a 11.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the transaction, the vice president now owns 71,580 shares of the company’s stock, valued at $5,130,138.60. This trade represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,016 shares of company stock worth $1,116,135 over the last quarter. Insiders own 11.40% of the company’s stock.

Cogent Communications Stock Down 0.5 %

Shares of NASDAQ CCOI opened at $82.19 on Friday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.76. The firm’s 50-day moving average price is $80.34 and its 200-day moving average price is $69.47. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of 105.37 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million for the quarter, compared to the consensus estimate of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.13) earnings per share. 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 disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.995 per share. This represents a $3.98 annualized dividend and a yield of 4.84%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications’s payout ratio is presently 510.26%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a research report on Tuesday, September 3rd. The Goldman Sachs Group lifted their price objective on shares of Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. JPMorgan Chase & Co. upped their target price on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Bank of America downgraded shares of Cogent Communications from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. Finally, Citigroup boosted their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cogent Communications has an average rating of “Hold” and an average target price of $80.25.

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.