Swiss National Bank Cuts Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Swiss National Bank lessened its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 0.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 86,100 shares of the technology company’s stock after selling 700 shares during the period. Swiss National Bank owned approximately 0.18% of Cogent Communications worth $6,537,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Thrivent Financial for Lutherans increased its holdings in shares of Cogent Communications by 0.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,039,458 shares of the technology company’s stock worth $78,916,000 after buying an additional 4,197 shares during the last quarter. Ipswich Investment Management Co. Inc. raised its position in Cogent Communications by 0.5% during the third quarter. Ipswich Investment Management Co. Inc. now owns 41,079 shares of the technology company’s stock valued at $3,119,000 after purchasing an additional 185 shares during the period. Royce & Associates LP purchased a new stake in Cogent Communications during the third quarter valued at approximately $2,556,000. KBC Group NV lifted its stake in shares of Cogent Communications by 28.7% in the 3rd quarter. KBC Group NV now owns 1,463 shares of the technology company’s stock valued at $111,000 after purchasing an additional 326 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in shares of Cogent Communications by 1.6% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 50,110 shares of the technology company’s stock worth $3,804,000 after purchasing an additional 786 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Insider Buying and Selling at Cogent Communications

In related news, Director Blake Bath sold 6,220 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $83.69, for a total value of $520,551.80. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at $836,900. The trade was a 38.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lewis H. Ferguson sold 846 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $81.76, for a total value of $69,168.96. Following the sale, the director now owns 18,354 shares of the company’s stock, valued at approximately $1,500,623.04. This represents a 4.41 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,016 shares of company stock valued at $1,116,135. Company insiders own 11.40% of the company’s stock.

Cogent Communications Stock Down 0.6 %

Shares of NASDAQ CCOI opened at $82.50 on Wednesday. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.76. The firm has a market capitalization of $4.04 billion, a price-to-earnings ratio of 105.77 and a beta of 0.40. The stock has a 50 day moving average price of $79.45 and a 200 day moving average price of $68.96. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million during the quarter, compared to analyst estimates of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. Cogent Communications’s revenue was down 6.6% on a year-over-year basis. During the same period in the previous year, the company posted ($1.13) EPS. Sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.995 per share. This represents a $3.98 annualized dividend and a yield of 4.82%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications’s dividend payout ratio is presently 510.26%.

Analysts Set New Price Targets

CCOI has been the subject of a number of analyst reports. Citigroup raised their price target on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 price target on shares of Cogent Communications in a research note on Tuesday, September 3rd. TD Cowen upped their price target on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a report on Friday, August 9th. Bank of America downgraded shares of Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $75.00 to $65.00 in a research note on Wednesday, August 21st. Finally, JPMorgan Chase & Co. upped their target price 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 research analysts have rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cogent Communications has a consensus rating of “Hold” and an average price target of $80.25.

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.