Maryland State Retirement & Pension System Cuts Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Maryland State Retirement & Pension System lessened its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOIFree Report) by 3.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,146 shares of the technology company’s stock after selling 582 shares during the period. Maryland State Retirement & Pension System’s holdings in Cogent Communications were worth $943,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. SRS Capital Advisors Inc. boosted its holdings in Cogent Communications by 313.9% in the 4th quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock valued at $38,000 after purchasing an additional 383 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in Cogent Communications by 109.9% in the 4th quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock valued at $48,000 after purchasing an additional 333 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Cogent Communications by 56.7% in the 4th quarter. Fifth Third Bancorp now owns 2,026 shares of the technology company’s stock valued at $154,000 after purchasing an additional 733 shares during the last quarter. Strs Ohio boosted its holdings in Cogent Communications by 16.7% in the 4th quarter. Strs Ohio now owns 2,100 shares of the technology company’s stock valued at $159,000 after purchasing an additional 300 shares during the last quarter. Finally, Mackenzie Financial Corp acquired a new position in Cogent Communications in the 4th quarter valued at about $202,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Trading Up 1.2 %

Shares of Cogent Communications stock opened at $56.07 on Friday. The company has a market capitalization of $2.75 billion, a P/E ratio of 2.22 and a beta of 0.41. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.00. The company’s fifty day moving average is $57.42 and its two-hundred day moving average is $66.44. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.12 and a current ratio of 1.12.

Cogent Communications (NASDAQ:CCOIGet Free Report) last released its quarterly earnings data on Thursday, May 9th. The technology company reported ($1.29) EPS for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.19). The company had revenue of $266.17 million for the quarter, compared to analysts’ expectations of $274.13 million. Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. Analysts forecast that Cogent Communications Holdings, Inc. will post -4.81 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Thursday, May 23rd were issued a dividend of $0.975 per share. The ex-dividend date was Wednesday, May 22nd. This represents a $3.90 dividend on an annualized basis and a yield of 6.96%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.97. Cogent Communications’s payout ratio is currently 15.45%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CCOI shares. StockNews.com lowered shares of Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. KeyCorp decreased their price objective on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. JPMorgan Chase & Co. decreased their price objective on shares of Cogent Communications from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Monday, May 13th. TD Cowen cut their target price on shares of Cogent Communications from $84.00 to $78.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. Finally, The Goldman Sachs Group began coverage on shares of Cogent Communications in a research note on Monday, July 1st. They set a “neutral” rating and a $56.00 target price on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $73.57.

Get Our Latest Research Report on Cogent Communications

Insider Buying and Selling

In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $54.60, for a total transaction of $3,276,000.00. Following the completion of the transaction, the chief executive officer now owns 4,493,038 shares in the company, valued at $245,319,874.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Lewis H. Ferguson sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $58.90, for a total value of $117,800.00. Following the completion of the transaction, the director now owns 17,623 shares of the company’s stock, valued at $1,037,994.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Dave Schaeffer sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $54.60, for a total transaction of $3,276,000.00. Following the completion of the transaction, the chief executive officer now directly owns 4,493,038 shares of the company’s stock, valued at approximately $245,319,874.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 178,440 shares of company stock valued at $9,828,016. Corporate insiders own 11.00% of the company’s stock.

Cogent Communications Company Profile

(Free Report)

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.

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

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