Bank of New York Mellon Corp Sells 27,922 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Bank of New York Mellon Corp decreased its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 4.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 539,148 shares of the technology company's stock after selling 27,922 shares during the period. Bank of New York Mellon Corp owned about 1.10% of Cogent Communications worth $41,552,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bryn Mawr Capital Management LLC grew its position in shares of Cogent Communications by 8,542.8% during the 4th quarter. Bryn Mawr Capital Management LLC now owns 237,678 shares of the technology company's stock valued at $18,318,000 after buying an additional 234,928 shares during the last quarter. Verition Fund Management LLC boosted its stake in Cogent Communications by 136.5% in the third quarter. Verition Fund Management LLC now owns 145,223 shares of the technology company's stock valued at $11,025,000 after acquiring an additional 83,816 shares during the period. FMR LLC grew its holdings in shares of Cogent Communications by 11.0% during the third quarter. FMR LLC now owns 800,758 shares of the technology company's stock valued at $60,793,000 after purchasing an additional 79,474 shares during the last quarter. Atom Investors LP acquired a new stake in shares of Cogent Communications during the 3rd quarter worth approximately $4,565,000. Finally, Edgestream Partners L.P. bought a new stake in shares of Cogent Communications in the 3rd quarter worth approximately $4,325,000. 92.45% of the stock is owned by institutional investors and hedge funds.

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Cogent Communications Stock Down 2.7 %

NASDAQ:CCOI traded down $1.96 on Monday, hitting $69.63. 453,115 shares of the company's stock traded hands, compared to its average volume of 372,216. The firm has a 50-day moving average price of $76.16 and a 200-day moving average price of $77.01. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. The company has a market cap of $3.43 billion, a PE ratio of 89.27 and a beta of 0.45. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.76.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share for the quarter, topping analysts' consensus estimates of ($1.22) by $0.31. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The company had revenue of $252.29 million during the quarter, compared to the consensus estimate of $258.49 million. Equities analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a dividend of $1.005 per share. This is a positive change from Cogent Communications's previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $4.02 annualized dividend and a dividend yield of 5.77%. Cogent Communications's dividend payout ratio is -93.49%.

Insider Activity

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the business's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $72.57, for a total value of $174,168.00. Following the completion of the sale, the vice president now owns 41,000 shares of the company's stock, valued at $2,975,370. The trade was a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $72.06, for a total value of $353,094.00. Following the sale, the chief financial officer now owns 103,000 shares of the company's stock, valued at approximately $7,422,180. This trade represents a 4.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,525 shares of company stock worth $1,137,498. 11.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CCOI. UBS Group began coverage on shares of Cogent Communications in a research report on Thursday, November 14th. They issued a "buy" rating and a $102.00 price objective on the stock. StockNews.com upgraded Cogent Communications to a "sell" rating in a research report on Monday, March 3rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $80.25.

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.