Cogent Communications Holdings, Inc. $CCOI Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 1.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 518,362 shares of the technology company’s stock after selling 6,110 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.05% of Cogent Communications worth $24,990,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. AlphaQuest LLC acquired a new position in shares of Cogent Communications during the first quarter worth about $36,000. Farther Finance Advisors LLC lifted its stake in Cogent Communications by 297.8% in the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock worth $36,000 after acquiring an additional 554 shares during the last quarter. Resources Management Corp CT ADV acquired a new position in Cogent Communications during the 1st quarter worth approximately $48,000. Byrne Asset Management LLC acquired a new position in Cogent Communications during the 2nd quarter worth approximately $41,000. Finally, SVB Wealth LLC purchased a new stake in shares of Cogent Communications in the 1st quarter valued at approximately $58,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CCOI shares. Zacks Research raised shares of Cogent Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday. Royal Bank Of Canada cut their price target on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. decreased their price target on Cogent Communications from $37.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday. UBS Group reiterated a “neutral” rating and issued a $27.00 price objective (down previously from $50.00) on shares of Cogent Communications in a report on Friday, November 7th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Cogent Communications in a research note on Thursday. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $25.71.

Insiders Place Their Bets

In related news, Director Sheryl Lynn Kennedy sold 2,400 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $21.34, for a total value of $51,216.00. Following the completion of the sale, the director owned 10,012 shares in the company, valued at $213,656.08. This represents a 19.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $36.99, for a total transaction 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 represents a 6.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,800 shares of company stock worth $212,692 over the last ninety days. Corporate insiders own 11.40% of the company’s stock.

Cogent Communications Stock Up 5.2%

CCOI opened at $17.55 on Friday. Cogent Communications Holdings, Inc. has a one year low of $15.96 and a one year high of $85.18. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.31 and a current ratio of 2.31. The stock has a market capitalization of $862.07 million, a P/E ratio of -3.87 and a beta of 0.77. The business’s 50-day simple moving average is $37.86 and its 200-day simple moving average is $43.13.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 6th. The technology company reported ($0.87) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.28. The firm had revenue of $241.95 million for the quarter, compared to the consensus estimate of $246.13 million. Cogent Communications had a negative return on equity of 117.56% and a negative net margin of 21.57%.The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the business posted ($1.33) EPS. Analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 8th. Stockholders of record on Friday, November 21st will be given a dividend of $0.02 per share. The ex-dividend date is Friday, November 21st. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.5%. Cogent Communications’s dividend payout ratio (DPR) is -1.96%.

Cogent Communications declared that its board has initiated a share buyback program on Thursday, August 7th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 4.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.