Bank of New York Mellon Corp Sells 14,676 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Bank of New York Mellon Corp lowered its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 2.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 524,472 shares of the technology company’s stock after selling 14,676 shares during the period. Bank of New York Mellon Corp owned 1.06% of Cogent Communications worth $32,155,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in shares of Cogent Communications by 2.3% during the 1st quarter. Principal Financial Group Inc. now owns 210,977 shares of the technology company’s stock valued at $12,935,000 after buying an additional 4,781 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Cogent Communications by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company’s stock valued at $394,182,000 after buying an additional 43,523 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Cogent Communications by 0.6% during the 4th quarter. Alliancebernstein L.P. now owns 52,770 shares of the technology company’s stock valued at $4,067,000 after buying an additional 327 shares in the last quarter. Norges Bank bought a new stake in shares of Cogent Communications during the 4th quarter valued at $4,994,000. Finally, SG Americas Securities LLC bought a new stake in shares of Cogent Communications during the 1st quarter valued at $695,000. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Trading Down 0.4%

CCOI stock opened at $50.25 on Wednesday. Cogent Communications Holdings, Inc. has a 1-year low of $43.65 and a 1-year high of $86.76. The company has a debt-to-equity ratio of 13.89, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of -12.53 and a beta of 0.73. The business has a 50 day simple moving average of $48.67 and a two-hundred day simple moving average of $61.33.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, May 8th. The technology company reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.04). The firm had revenue of $247.05 million for the quarter, compared to the consensus estimate of $250.81 million. Cogent Communications had a negative net margin of 18.76% and a negative return on equity of 70.29%. The firm’s revenue was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.38) earnings per share. Research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Thursday, May 22nd were issued a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a yield of 8.04%. The ex-dividend date was Thursday, May 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s dividend payout ratio is presently -100.75%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. The Goldman Sachs Group dropped their price target on shares of Cogent Communications from $71.00 to $62.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. UBS Group dropped their price target on shares of Cogent Communications from $102.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $75.75.

Insider Activity at Cogent Communications

In other news, Director Lewis H. Ferguson sold 1,100 shares of the firm’s stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $47.57, for a total transaction of $52,327.00. Following the transaction, the director owned 18,904 shares in the company, valued at approximately $899,263.28. This trade represents a 5.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $47.95, for a total value of $115,080.00. Following the transaction, the vice president owned 38,600 shares in the company, valued at approximately $1,850,870. This represents a 5.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 445,500 shares of company stock worth $21,285,069 in the last ninety days. Corporate insiders own 10.20% 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.