Cogent Communications Holdings, Inc. $CCOI Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 22.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,738 shares of the technology company’s stock after selling 10,648 shares during the period. PNC Financial Services Group Inc. owned approximately 0.07% of Cogent Communications worth $1,771,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AlphaQuest LLC bought a new position in shares of Cogent Communications during the 1st quarter valued at about $36,000. Farther Finance Advisors LLC boosted its holdings in Cogent Communications by 297.8% during the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock worth $36,000 after buying an additional 554 shares in the last quarter. Atlantic Union Bankshares Corp bought a new stake in Cogent Communications during the second quarter worth approximately $40,000. Byrne Asset Management LLC acquired a new position in Cogent Communications in the second quarter worth approximately $41,000. Finally, Resources Management Corp CT ADV bought a new position in shares of Cogent Communications in the first quarter valued at $48,000. 92.45% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CCOI has been the subject of several research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Cogent Communications in a research note on Thursday, November 13th. Royal Bank Of Canada dropped their price target on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 13th. KeyCorp cut their price objective on Cogent Communications from $65.00 to $30.00 and set an “overweight” rating on the stock in a report on Friday, November 7th. UBS Group reiterated a “neutral” rating and issued a $27.00 target price (down from $50.00) on shares of Cogent Communications in a report on Friday, November 7th. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $27.00 price target (down previously from $45.00) on shares of Cogent Communications in a report on Friday, November 7th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $25.71.

Insider Transactions at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 2,400 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $21.34, for a total value of $51,216.00. Following the transaction, the director owned 10,012 shares in the company, valued at approximately $213,656.08. This represents a 19.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $36.99, for a total transaction of $88,776.00. Following the completion of the sale, the vice president owned 36,200 shares of the company’s stock, valued at $1,339,038. This trade represents a 6.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 11.40% of the company’s stock.

Cogent Communications Trading Down 14.3%

Shares of NASDAQ CCOI opened at $16.98 on Thursday. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 49.06. Cogent Communications Holdings, Inc. has a one year low of $15.96 and a one year high of $85.18. The business has a 50-day moving average price of $36.79 and a two-hundred day moving average price of $42.36. The firm has a market capitalization of $834.07 million, a PE ratio of -3.74 and a beta of 0.77.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, November 6th. The technology company reported ($0.87) EPS for the quarter, topping the consensus estimate of ($1.15) by $0.28. The business had revenue of $241.95 million during the quarter, compared to analysts’ expectations of $246.13 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 5.9% compared to the same quarter last year. During the same period last year, the company posted ($1.33) earnings per share. As a group, analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 8th. Investors of record on Friday, November 21st will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Friday, November 21st. Cogent Communications’s dividend payout ratio (DPR) is currently -1.96%.

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

Cogent Communications Company 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.