Mutual of America Capital Management LLC Sells 698 Shares of Cogent Communications Holdings, Inc. $CCOI

Mutual of America Capital Management LLC reduced its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 11.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,451 shares of the technology company’s stock after selling 698 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Cogent Communications were worth $263,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. AlphaQuest LLC acquired a new position in shares of Cogent Communications in the 1st quarter worth approximately $36,000. Farther Finance Advisors LLC boosted its holdings in shares of Cogent Communications by 297.8% in the 2nd quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock worth $36,000 after acquiring an additional 554 shares in the last quarter. Byrne Asset Management LLC acquired a new position in shares of Cogent Communications in the 2nd quarter worth approximately $41,000. Resources Management Corp CT ADV acquired a new position in shares of Cogent Communications in the 1st quarter worth approximately $48,000. Finally, SVB Wealth LLC acquired a new position in shares of Cogent Communications in the 1st quarter worth approximately $58,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $36.99, for a total value of $88,776.00. Following the completion of the sale, the vice president directly owned 36,200 shares in the company, valued at approximately $1,339,038. This trade represents a 6.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Sheryl Lynn Kennedy sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $36.35, for a total transaction of $72,700.00. Following the completion of the sale, the director owned 10,017 shares of the company’s stock, valued at $364,117.95. This trade represents a 16.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 2,663,978 shares of company stock worth $82,687,283 in the last quarter. Corporate insiders own 11.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Citigroup downgraded Cogent Communications from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $67.00 to $33.00 in a report on Tuesday, August 12th. The Goldman Sachs Group assumed coverage on Cogent Communications in a report on Tuesday, September 2nd. They set a “neutral” rating and a $40.00 price objective on the stock. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $40.00 price objective (down previously from $74.00) on shares of Cogent Communications in a report on Friday, August 8th. Wells Fargo & Company raised Cogent Communications from an “underweight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a report on Monday, August 18th. Finally, Zacks Research downgraded Cogent Communications from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $46.60.

Cogent Communications Price Performance

CCOI opened at $42.99 on Thursday. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 49.06. Cogent Communications Holdings, Inc. has a 12 month low of $29.61 and a 12 month high of $86.76. The company has a fifty day simple moving average of $39.97 and a 200 day simple moving average of $45.17. The stock has a market cap of $2.11 billion, a P/E ratio of -9.47 and a beta of 0.77.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, August 7th. The technology company reported ($1.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.28). The firm had revenue of $246.25 million during the quarter, compared to the consensus estimate of $247.79 million. Cogent Communications had a negative net margin of 21.57% and a negative return on equity of 117.56%. Cogent Communications’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.68) EPS. On average, research analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications announced that its Board of Directors has initiated a stock buyback plan on Thursday, August 7th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the technology company to purchase up to 4.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Thursday, August 21st were issued a $1.015 dividend. This represents a $4.06 annualized dividend and a dividend yield of 9.4%. The ex-dividend date was Thursday, August 21st. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s dividend payout ratio is -89.43%.

Cogent Communications 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.