Comerica Bank Sells 13,105 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Comerica Bank trimmed its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 44.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,204 shares of the technology company’s stock after selling 13,105 shares during the period. Comerica Bank’s holdings in Cogent Communications were worth $1,249,000 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. CANADA LIFE ASSURANCE Co raised its stake in shares of Cogent Communications by 0.3% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 52,679 shares of the technology company’s stock worth $4,055,000 after purchasing an additional 156 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Cogent Communications by 4.3% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,196 shares of the technology company’s stock worth $400,000 after purchasing an additional 212 shares during the period. Blue Trust Inc. raised its stake in shares of Cogent Communications by 53.8% during the 4th quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock worth $47,000 after purchasing an additional 218 shares during the period. Royce & Associates LP raised its stake in shares of Cogent Communications by 0.6% during the 4th quarter. Royce & Associates LP now owns 33,883 shares of the technology company’s stock worth $2,611,000 after purchasing an additional 218 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of Cogent Communications by 5.8% during the 4th quarter. Franklin Resources Inc. now owns 4,835 shares of the technology company’s stock worth $373,000 after purchasing an additional 263 shares during the period. 92.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CCOI has been the subject of several recent research reports. The Goldman Sachs Group decreased their price objective on Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a report on Friday. StockNews.com raised Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Finally, 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. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cogent Communications has a consensus rating of “Hold” and an average price target of $75.75.

Cogent Communications Stock Down 0.8%

CCOI stock opened at $48.93 on Monday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The firm has a market capitalization of $2.42 billion, a PE ratio of 62.73 and a beta of 0.76. Cogent Communications Holdings, Inc. has a twelve month low of $45.00 and a twelve month high of $86.76. The stock has a 50-day simple moving average of $59.10 and a two-hundred day simple moving average of $71.41.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, May 8th. The technology company reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.04). The company had revenue of $247.05 million for the quarter, compared to analysts’ expectations of $250.81 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.38) 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 business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd will be issued a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a yield of 8.26%. The ex-dividend date is Thursday, May 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s payout ratio is presently -100.75%.

Insider Buying and Selling at Cogent Communications

In other news, Director Sheryl Lynn Kennedy sold 1,425 shares of Cogent Communications stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $72.96, for a total transaction of $103,968.00. Following the completion of the sale, the director now owns 10,147 shares in the company, valued at approximately $740,325.12. This trade represents a 12.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $72.57, for a total value of $174,168.00. Following the sale, the vice president now owns 41,000 shares of the company’s stock, valued at approximately $2,975,370. This trade represents a 5.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,681 shares of company stock valued at $840,878 in the last quarter. 11.40% of the stock is currently owned by corporate insiders.

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.