CIBC Private Wealth Group LLC Has $6.55 Million Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

CIBC Private Wealth Group LLC cut its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 25.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 89,505 shares of the technology company’s stock after selling 30,958 shares during the quarter. CIBC Private Wealth Group LLC owned approximately 0.18% of Cogent Communications worth $6,545,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CCOI. Charles Schwab Investment Management Inc. increased its position in Cogent Communications by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 497,486 shares of the technology company’s stock worth $37,769,000 after purchasing an additional 21,429 shares during the last quarter. Citigroup Inc. increased its holdings in Cogent Communications by 56.8% in the third quarter. Citigroup Inc. now owns 56,595 shares of the technology company’s stock worth $4,297,000 after buying an additional 20,510 shares during the last quarter. FMR LLC raised its position in Cogent Communications by 11.0% during the third quarter. FMR LLC now owns 800,758 shares of the technology company’s stock valued at $60,793,000 after acquiring an additional 79,474 shares in the last quarter. Cinctive Capital Management LP acquired a new stake in Cogent Communications in the third quarter valued at approximately $2,425,000. Finally, Itau Unibanco Holding S.A. bought a new stake in Cogent Communications in the third quarter worth approximately $30,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cogent Communications presently has an average rating of “Hold” and an average price target of $80.25.

Insider Activity at Cogent Communications

In related news, Director Lewis H. Ferguson sold 956 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $69.36, for a total value of $66,308.16. Following the completion of the transaction, the director now directly owns 18,652 shares in the company, valued at approximately $1,293,702.72. This represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sheryl Lynn Kennedy sold 1,425 shares of Cogent Communications stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $72.96, for a total transaction of $103,968.00. Following the sale, the director now owns 10,147 shares in the company, valued at $740,325.12. This represents a 12.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,681 shares of company stock worth $840,878 in the last ninety days. 11.40% of the stock is currently owned by insiders.

Cogent Communications Stock Up 0.6 %

CCOI stock opened at $61.66 on Wednesday. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of 79.05 and a beta of 0.45. The company has a 50-day moving average of $73.75 and a two-hundred day moving average of $76.45. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.76. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share for the quarter, beating the consensus estimate of ($1.22) by $0.31. The firm had revenue of $252.29 million during the quarter, compared to the consensus estimate of $258.49 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. As a group, equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were given a dividend of $1.005 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $4.02 dividend on an annualized basis and a yield of 6.52%. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.00. Cogent Communications’s payout ratio is -93.49%.

Cogent Communications Profile

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.