Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Holdings Decreased by Huntington National Bank

Huntington National Bank lessened its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 30.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 696 shares of the technology company’s stock after selling 300 shares during the quarter. Huntington National Bank’s holdings in Cogent Communications were worth $53,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CCOI. Sei Investments Co. boosted its holdings in shares of Cogent Communications by 1.3% in the first quarter. Sei Investments Co. now owns 92,427 shares of the technology company’s stock valued at $6,038,000 after acquiring an additional 1,200 shares in the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Cogent Communications by 55.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 23,015 shares of the technology company’s stock worth $1,467,000 after purchasing an additional 8,223 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Cogent Communications in the 1st quarter worth approximately $494,000. Covestor Ltd lifted its stake in Cogent Communications by 17.2% during the first quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock valued at $123,000 after purchasing an additional 276 shares during the last quarter. Finally, Seven Eight Capital LP bought a new stake in Cogent Communications during the first quarter worth approximately $1,397,000. 92.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CCOI has been the subject of a number of recent research reports. Royal Bank of Canada reiterated an “outperform” rating and set a $74.00 price objective on shares of Cogent Communications in a research report on Tuesday, September 3rd. KeyCorp increased their price target on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. TD Cowen boosted their price objective on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Bank of America cut shares of Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $75.00 to $65.00 in a report on Wednesday, August 21st. Finally, 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 report on Monday, August 12th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cogent Communications presently has a consensus rating of “Hold” and a consensus target price of $80.25.

Insider Buying and Selling at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 1,350 shares of Cogent Communications stock in a transaction on 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 approximately $831,424.44. The trade was a 11.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO James Bubeck sold 1,920 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total transaction of $133,958.40. Following the transaction, the executive now directly owns 50,982 shares in the company, valued at $3,557,014.14. The trade was a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,500 shares of company stock worth $5,008,175 over the last 90 days. 11.40% of the stock is currently owned by corporate insiders.

Cogent Communications Price Performance

NASDAQ CCOI opened at $80.08 on Tuesday. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The firm has a market capitalization of $3.93 billion, a price-to-earnings ratio of 102.67 and a beta of 0.40. The company has a 50 day simple moving average of $78.38 and a 200-day simple moving average of $68.28. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.76.

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

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $0.995 dividend. The ex-dividend date is Friday, November 22nd. This represents a $3.98 dividend on an annualized basis and a yield of 4.97%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s payout ratio is 505.13%.

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.