Zimmer Partners LP Sells 354,461 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Zimmer Partners LP lessened its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 68.6% in the first quarter, Holdings Channel.com reports. The fund owned 162,500 shares of the technology company’s stock after selling 354,461 shares during the period. Zimmer Partners LP’s holdings in Cogent Communications were worth $11,174,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in CCOI. McIlrath & Eck LLC raised its holdings in shares of Cogent Communications by 1,771.4% during the first quarter. McIlrath & Eck LLC now owns 393 shares of the technology company’s stock valued at $27,000 after acquiring an additional 372 shares in the last quarter. Quantitative Investment Management LLC bought a new position in shares of Cogent Communications during the first quarter valued at approximately $202,000. NJ State Employees Deferred Compensation Plan bought a new position in shares of Cogent Communications during the first quarter valued at approximately $206,000. Occudo Quantitative Strategies LP bought a new position in shares of Cogent Communications during the first quarter valued at approximately $221,000. Finally, Coastline Trust Co bought a new position in Cogent Communications in the first quarter worth $223,000. Institutional investors own 85.14% of the company’s stock.

Shares of Cogent Communications stock traded down $1.04 during trading on Thursday, hitting $76.12. 162,437 shares of the company’s stock traded hands, compared to its average volume of 175,070. Cogent Communications Holdings, Inc. has a 1 year low of $53.20 and a 1 year high of $90.96. The stock has a market cap of $3.62 billion, a PE ratio of 76.40 and a beta of 0.14. The stock has a 50-day simple moving average of $76.42.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Wednesday, April 28th. The technology company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.18 by $0.23. Cogent Communications had a negative return on equity of 17.03% and a net margin of 2.76%. The company had revenue of $146.78 million for the quarter, compared to analysts’ expectations of $144.17 million. During the same period last year, the firm posted $0.20 earnings per share. Cogent Communications’s revenue was up 4.2% compared to the same quarter last year. Analysts forecast that Cogent Communications Holdings, Inc. will post 1.16 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, May 28th. Shareholders of record on Friday, May 14th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 4.10%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend was Thursday, May 13th. Cogent Communications’s dividend payout ratio (DPR) is presently 410.53%.

In other Cogent Communications news, CRO James Bubeck sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, May 19th. The stock was sold at an average price of $74.66, for a total value of $373,300.00. Following the transaction, the executive now directly owns 37,622 shares of the company’s stock, valued at $2,808,858.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John B. Chang sold 558 shares of the firm’s stock in a transaction dated Friday, April 30th. The stock was sold at an average price of $75.00, for a total value of $41,850.00. Following the completion of the transaction, the vice president now directly owns 33,218 shares in the company, valued at $2,491,350. The disclosure for this sale can be found here. Insiders sold 20,012 shares of company stock worth $1,520,539 over the last three months. Insiders own 11.10% of the company’s stock.

A number of research firms have issued reports on CCOI. Royal Bank of Canada upgraded Cogent Communications from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $70.00 to $84.00 in a report on Sunday, May 9th. Zacks Investment Research upgraded Cogent Communications from a “strong sell” rating to a “hold” rating and set a $75.00 price objective for the company in a report on Wednesday, April 28th. Moffett Nathanson increased their price objective on Cogent Communications from $70.00 to $84.00 and gave the stock a “buy” rating in a report on Monday, June 7th. They noted that the move was a valuation call. TheStreet raised Cogent Communications from a “c+” rating to a “b-” rating in a research note on Monday, June 7th. Finally, Credit Suisse Group raised Cogent Communications from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $70.00 to $93.00 in a research note on Tuesday, May 4th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Cogent Communications presently has an average rating of “Buy” and an average price target of $84.29.

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, Asia, South America, Australia, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, 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.

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Institutional Ownership by Quarter for Cogent Communications (NASDAQ:CCOI)

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