Asset Management One Co. Ltd. Trims Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Asset Management One Co. Ltd. reduced its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 10.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,397 shares of the technology company’s stock after selling 8,176 shares during the period. Asset Management One Co. Ltd. owned 0.14% of Cogent Communications worth $5,193,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. EdgePoint Investment Group Inc. boosted its position in shares of Cogent Communications by 46.2% in the second quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock worth $86,759,000 after purchasing an additional 485,628 shares during the period. Harspring Capital Management LLC boosted its holdings in Cogent Communications by 6.0% in the 2nd quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock worth $66,402,000 after buying an additional 66,500 shares during the period. Thrivent Financial for Lutherans increased its stake in Cogent Communications by 2,739.1% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock worth $58,430,000 after buying an additional 998,796 shares in the last quarter. Capital World Investors raised its holdings in Cogent Communications by 327.7% during the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock valued at $64,129,000 after acquiring an additional 752,133 shares during the period. Finally, Hood River Capital Management LLC lifted its position in shares of Cogent Communications by 18.9% in the second quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock valued at $49,338,000 after acquiring an additional 138,680 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. KeyCorp lifted their target price on Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. TD Cowen boosted their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. JPMorgan Chase & Co. raised their target price on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research note on Monday, August 12th. Citigroup boosted their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Finally, The Goldman Sachs Group raised their price objective on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Cogent Communications currently has an average rating of “Hold” and an average price target of $77.14.

Cogent Communications Stock Down 1.9 %

Shares of NASDAQ CCOI opened at $83.75 on Friday. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 107.37 and a beta of 0.40. Cogent Communications Holdings, Inc. has a 12-month low of $50.80 and a 12-month high of $86.76. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 4.43. The firm’s 50-day moving average price is $77.38 and its 200-day moving average price is $67.63.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million for the quarter, compared to the consensus estimate of $258.69 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.13) earnings per share. On average, equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.995 per share. This represents a $3.98 annualized dividend and a yield of 4.75%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date is Friday, November 22nd. Cogent Communications’s payout ratio is presently 510.26%.

Insider Buying and Selling at Cogent Communications

In other news, VP John B. Chang sold 1,400 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the completion of the sale, the vice president now owns 71,580 shares in the company, valued at approximately $5,130,138.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cogent Communications news, Director Lewis H. Ferguson sold 1,550 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the sale, the director now owns 17,748 shares in the company, valued at $1,288,859.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the sale, the vice president now directly owns 71,580 shares of the company’s stock, valued at $5,130,138.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 64,870 shares of company stock worth $4,716,057 over the last quarter. 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.