Los Angeles Capital Management LLC Sells 2,770 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Los Angeles Capital Management LLC reduced its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Rating) by 30.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,345 shares of the technology company’s stock after selling 2,770 shares during the period. Los Angeles Capital Management LLC’s holdings in Cogent Communications were worth $386,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. McIlrath & Eck LLC grew its holdings in Cogent Communications by 70.8% during the 2nd quarter. McIlrath & Eck LLC now owns 468 shares of the technology company’s stock worth $28,000 after acquiring an additional 194 shares during the period. Prospera Financial Services Inc acquired a new stake in Cogent Communications during the 1st quarter worth about $45,000. Northwestern Mutual Wealth Management Co. grew its holdings in Cogent Communications by 48.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 838 shares of the technology company’s stock worth $51,000 after acquiring an additional 272 shares during the period. Geneos Wealth Management Inc. acquired a new stake in Cogent Communications during the 2nd quarter worth about $53,000. Finally, Strs Ohio grew its holdings in Cogent Communications by 200.0% during the 2nd quarter. Strs Ohio now owns 1,200 shares of the technology company’s stock worth $72,000 after acquiring an additional 800 shares during the period. 86.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CCOI. StockNews.com began coverage on Cogent Communications in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Wells Fargo & Company dropped their target price on shares of Cogent Communications from $55.00 to $53.00 and set an “underweight” rating on the stock in a research report on Friday, November 4th. Cowen dropped their target price on shares of Cogent Communications to $62.00 in a research report on Tuesday, August 9th. KeyCorp raised shares of Cogent Communications from a “sector weight” rating to an “overweight” rating and set a $64.00 price target on the stock in a report on Tuesday, September 27th. Finally, The Goldman Sachs Group reduced their price objective on shares of Cogent Communications from $49.00 to $43.00 and set a “sell” rating for the company in a research note on Monday, November 7th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $61.57.

Insider Activity

In other news, Director Lewis H. Ferguson sold 940 shares of the firm’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $55.13, for a total transaction of $51,822.20. Following the sale, the director now directly owns 13,471 shares in the company, valued at approximately $742,656.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Lewis H. Ferguson sold 940 shares of the firm’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $55.13, for a total transaction of $51,822.20. Following the sale, the director now directly owns 13,471 shares in the company, valued at approximately $742,656.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the firm’s stock in a transaction on Friday, September 9th. The shares were sold at an average price of $52.35, for a total transaction of $253,897.50. Following the transaction, the chief financial officer now directly owns 53,550 shares of the company’s stock, valued at $2,803,342.50. The disclosure for this sale can be found here. Insiders own 11.00% of the company’s stock.

Cogent Communications Trading Down 1.0 %

CCOI opened at $56.82 on Friday. The company has a market capitalization of $2.73 billion, a PE ratio of 118.38, a PEG ratio of 9.88 and a beta of 0.33. Cogent Communications Holdings, Inc. has a 1-year low of $46.75 and a 1-year high of $80.50. The firm’s 50 day simple moving average is $52.74 and its two-hundred day simple moving average is $57.25.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Friday, November 18th will be given a dividend of $0.915 per share. This represents a $3.66 annualized dividend and a dividend yield of 6.44%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.91. The ex-dividend date is Thursday, November 17th. Cogent Communications’s dividend payout ratio (DPR) is presently 754.18%.

Cogent Communications Company Profile

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Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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.

See Also

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Institutional Ownership by Quarter for Cogent Communications (NASDAQ:CCOI)

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