Nisa Investment Advisors LLC Has $244,000 Stake in Cogent Communications Holdings, Inc. $CCOI

Nisa Investment Advisors LLC decreased its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 66.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,060 shares of the technology company’s stock after selling 9,912 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Cogent Communications were worth $244,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CCOI. GAMMA Investing LLC grew its position in shares of Cogent Communications by 35.4% in the first quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company’s stock valued at $64,000 after purchasing an additional 274 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in shares of Cogent Communications in the first quarter valued at approximately $417,000. Principal Financial Group Inc. grew its position in shares of Cogent Communications by 2.3% in the first quarter. Principal Financial Group Inc. now owns 210,977 shares of the technology company’s stock valued at $12,935,000 after purchasing an additional 4,781 shares during the last quarter. Xponance Inc. grew its position in shares of Cogent Communications by 9.7% in the first quarter. Xponance Inc. now owns 3,497 shares of the technology company’s stock valued at $214,000 after purchasing an additional 308 shares during the last quarter. Finally, Edgestream Partners L.P. grew its position in shares of Cogent Communications by 30.1% in the first quarter. Edgestream Partners L.P. now owns 115,223 shares of the technology company’s stock valued at $7,064,000 after purchasing an additional 26,673 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Trading Down 1.2%

Shares of CCOI stock opened at $40.77 on Tuesday. The stock’s fifty day moving average price is $40.13 and its two-hundred day moving average price is $44.85. The company has a market cap of $2.01 billion, a PE ratio of -8.98 and a beta of 0.77. Cogent Communications Holdings, Inc. has a fifty-two week low of $29.61 and a fifty-two week high of $86.76. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.31 and a current ratio of 2.31.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, August 7th. The technology company reported ($1.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.28). The business had revenue of $246.25 million during the quarter, compared to analyst estimates of $247.79 million. Cogent Communications had a negative net margin of 21.57% and a negative return on equity of 117.56%. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.68) EPS. Equities analysts predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications announced that its board has authorized a stock buyback plan on Thursday, August 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Thursday, August 21st were issued a $1.015 dividend. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $4.06 dividend on an annualized basis and a dividend yield of 10.0%. This is a boost from Cogent Communications’s previous quarterly dividend of $1.01. Cogent Communications’s dividend payout ratio (DPR) is -89.43%.

Insider Buying and Selling 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, September 5th. The stock was sold at an average price of $36.99, for a total value of $88,776.00. Following the sale, the vice president owned 36,200 shares of the company’s stock, 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 can be accessed through the SEC website. Also, CEO Dave Schaeffer sold 818,909 shares of the firm’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $27.50, for a total value of $22,519,997.50. Following the completion of the sale, the chief executive officer directly owned 697,143 shares in the company, valued at approximately $19,171,432.50. This represents a 54.02% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 2,663,978 shares of company stock valued at $82,687,283. 11.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CCOI shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Cogent Communications in a research report on Wednesday, October 8th. Citigroup downgraded Cogent Communications from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $67.00 to $33.00 in a research report on Tuesday, August 12th. Wells Fargo & Company raised Cogent Communications from an “underweight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research report on Monday, August 18th. Royal Bank Of Canada reissued a “sector perform” rating and set a $40.00 price target (down previously from $74.00) on shares of Cogent Communications in a research report on Friday, August 8th. Finally, Zacks Research downgraded Cogent Communications from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned 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 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.