Amalgamated Bank Has $948,000 Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Amalgamated Bank lowered its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 3.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,492 shares of the technology company’s stock after selling 460 shares during the quarter. Amalgamated Bank’s holdings in Cogent Communications were worth $948,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CCOI. Emerald Advisers LLC grew its holdings in Cogent Communications by 2.8% during the third quarter. Emerald Advisers LLC now owns 241,249 shares of the technology company’s stock worth $18,316,000 after purchasing an additional 6,647 shares during the period. Van ECK Associates Corp lifted its position in shares of Cogent Communications by 4.8% in the third quarter. Van ECK Associates Corp now owns 10,445 shares of the technology company’s stock valued at $860,000 after buying an additional 481 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Cogent Communications by 70.8% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 17,119 shares of the technology company’s stock worth $1,300,000 after acquiring an additional 7,099 shares during the period. US Bancorp DE increased its holdings in shares of Cogent Communications by 12.6% during the 3rd quarter. US Bancorp DE now owns 17,587 shares of the technology company’s stock worth $1,335,000 after acquiring an additional 1,970 shares during the last quarter. Finally, SteelPeak Wealth LLC bought a new stake in Cogent Communications in the 3rd quarter valued at $204,000. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Down 1.1 %

CCOI stock opened at $77.81 on Friday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. Cogent Communications Holdings, Inc. has a 52 week low of $50.80 and a 52 week high of $86.76. The company has a market cap of $3.81 billion, a PE ratio of 99.76 and a beta of 0.40. The business has a 50-day simple moving average of $78.08 and a 200 day simple moving average of $68.02.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $258.69 million. During the same period in the previous year, the company earned ($1.13) EPS. The business’s revenue for the quarter was down 6.6% compared to the same quarter last year. Sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.54 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a $0.995 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 annualized dividend and a yield of 5.12%. Cogent Communications’s dividend payout ratio (DPR) is 505.13%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $74.00 price objective on shares of Cogent Communications in a report on Tuesday, September 3rd. The Goldman Sachs Group increased their price target on shares of Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a report on Friday, October 4th. Citigroup boosted their price objective on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, August 19th. KeyCorp increased their target price on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. boosted their price target on Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $80.25.

Insider Buying and Selling at Cogent Communications

In other news, Director Sheryl Lynn Kennedy sold 1,350 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 10,318 shares in the company, valued at approximately $831,424.44. This trade represents a 11.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John B. Chang sold 2,280 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $80.41, for a total transaction of $183,334.80. Following the transaction, the vice president now owns 69,300 shares of the company’s stock, valued at approximately $5,572,413. This represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,500 shares of company stock worth $5,008,175 over the last 90 days. Insiders own 11.40% of the company’s stock.

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.