JPMorgan Chase & Co. Has $10.30 Million Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

JPMorgan Chase & Co. trimmed its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 10.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 133,664 shares of the technology company’s stock after selling 15,318 shares during the quarter. JPMorgan Chase & Co. owned 0.27% of Cogent Communications worth $10,301,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Cogent Communications by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company’s stock worth $394,182,000 after buying an additional 43,523 shares during the last quarter. LPL Financial LLC raised its holdings in shares of Cogent Communications by 7.8% in the 4th quarter. LPL Financial LLC now owns 44,066 shares of the technology company’s stock worth $3,396,000 after acquiring an additional 3,198 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in Cogent Communications in the 4th quarter valued at about $709,000. Hillsdale Investment Management Inc. acquired a new position in Cogent Communications during the 4th quarter valued at about $46,000. Finally, American Century Companies Inc. bought a new stake in Cogent Communications during the 4th quarter worth approximately $281,000. 92.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $80.25.

Cogent Communications Stock Performance

CCOI stock opened at $53.08 on Tuesday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The firm has a market cap of $2.62 billion, a PE ratio of 68.05 and a beta of 0.69. The business has a 50 day moving average of $69.05 and a 200-day moving average of $75.00. Cogent Communications Holdings, Inc. has a 12-month low of $47.54 and a 12-month high of $86.76.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, February 27th. The technology company reported ($0.91) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.22) by $0.31. The firm had revenue of $252.29 million during the quarter, compared to the consensus estimate of $258.49 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. As a group, sell-side 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 announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a $1.005 dividend. This represents a $4.02 dividend on an annualized basis and a yield of 7.57%. This is a boost from Cogent Communications’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, March 13th. Cogent Communications’s payout ratio is presently -93.49%.

Insider Transactions at Cogent Communications

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction on 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 directly owns 41,000 shares of the company’s stock, valued at $2,975,370. This trade represents a 5.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CRO James Bubeck sold 2,000 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $71.67, for a total value of $143,340.00. Following the completion of the sale, the executive now owns 57,142 shares in the company, valued at approximately $4,095,367.14. The trade was a 3.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,681 shares of company stock worth $840,878 in the last quarter. Insiders own 11.40% of the company’s stock.

About Cogent Communications

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.