CIBC Private Wealth Group LLC Trims Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

CIBC Private Wealth Group LLC lessened its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 25.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,505 shares of the technology company's stock after selling 30,958 shares during the quarter. CIBC Private Wealth Group LLC owned 0.18% of Cogent Communications worth $6,545,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Cogent Communications by 4.3% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,196 shares of the technology company's stock valued at $400,000 after acquiring an additional 212 shares during the period. Blue Trust Inc. lifted its position in shares of Cogent Communications by 53.8% during the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company's stock worth $47,000 after purchasing an additional 218 shares in the last quarter. Royce & Associates LP boosted its stake in shares of Cogent Communications by 0.6% in the fourth quarter. Royce & Associates LP now owns 33,883 shares of the technology company's stock valued at $2,611,000 after purchasing an additional 218 shares during the period. Xponance Inc. grew its holdings in shares of Cogent Communications by 10.9% in the fourth quarter. Xponance Inc. now owns 3,189 shares of the technology company's stock valued at $246,000 after purchasing an additional 313 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in Cogent Communications by 0.7% during the 4th quarter. Oppenheimer & Co. Inc. now owns 50,436 shares of the technology company's stock worth $3,887,000 after buying an additional 326 shares during the period. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Cogent Communications to a "sell" rating in a research note on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cogent Communications has an average rating of "Hold" and a consensus target price of $80.25.

Insiders Place Their Bets

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $72.57, for a total transaction of $174,168.00. Following the transaction, 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $72.06, for a total value of $353,094.00. Following the completion of the sale, the chief financial officer now owns 103,000 shares of the company's stock, valued at approximately $7,422,180. This represents a 4.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,681 shares of company stock valued at $840,878. 11.40% of the stock is owned by corporate insiders.

Cogent Communications Stock Down 5.3 %

Shares of CCOI traded down $3.16 during midday trading on Friday, reaching $56.92. The stock had a trading volume of 818,965 shares, compared to its average volume of 437,554. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The company's fifty day simple moving average is $72.81 and its two-hundred day simple moving average is $76.22. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 72.97 and a beta of 0.69. 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, beating analysts' consensus estimates of ($1.22) by $0.31. The company had revenue of $252.29 million for the quarter, compared to analysts' expectations of $258.49 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. Equities research analysts expect that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a $1.005 dividend. This is a positive change from Cogent Communications's previous quarterly dividend of $1.00. This represents a $4.02 annualized dividend and a yield of 7.06%. The ex-dividend date was Thursday, March 13th. Cogent Communications's dividend payout ratio is currently -93.49%.

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.