Commonwealth of Pennsylvania Public School Empls Retrmt SYS Reduces Stock Holdings in Cogent Communications Holdings, Inc. $CCOI

Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 85.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,738 shares of the technology company’s stock after selling 69,905 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Cogent Communications were worth $221,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of CCOI. Vanguard Group Inc. lifted its position in shares of Cogent Communications by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company’s stock valued at $120,311,000 after buying an additional 217,450 shares during the last quarter. Turtle Creek Asset Management Inc. increased its holdings in Cogent Communications by 64.9% in the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock worth $176,561,000 after acquiring an additional 1,811,222 shares during the last quarter. State Street Corp increased its holdings in Cogent Communications by 6.8% in the 4th quarter. State Street Corp now owns 2,070,132 shares of the technology company’s stock worth $44,632,000 after acquiring an additional 132,454 shares during the last quarter. Park West Asset Management LLC bought a new stake in Cogent Communications in the 4th quarter valued at about $30,380,000. Finally, Invesco Ltd. raised its stake in Cogent Communications by 39.8% in the 3rd quarter. Invesco Ltd. now owns 1,402,612 shares of the technology company’s stock valued at $53,790,000 after acquiring an additional 399,339 shares during the period. 92.45% of the stock is owned by hedge funds and other institutional investors.

Cogent Communications Stock Down 6.3%

Shares of NASDAQ CCOI opened at $10.97 on Friday. Cogent Communications Holdings, Inc. has a 52 week low of $10.93 and a 52 week high of $52.83. The business has a 50-day simple moving average of $15.29 and a two-hundred day simple moving average of $19.57. The company has a market cap of $549.38 million, a P/E ratio of -3.09 and a beta of 0.80.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.20. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The business had revenue of $239.19 million during the quarter, compared to analyst estimates of $241.31 million. During the same quarter in the previous year, the firm earned ($1.09) EPS. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. Equities research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current year.

Cogent Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Monday, May 18th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.08 annualized dividend and a yield of 0.7%. Cogent Communications’s payout ratio is currently -2.25%.

Insider Activity at Cogent Communications

In related news, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $16.79, for a total transaction of $81,431.50. Following the sale, the chief financial officer owned 197,900 shares of the company’s stock, valued at approximately $3,322,741. This represents a 2.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $17.01, for a total transaction of $40,824.00. Following the sale, the vice president directly owned 38,600 shares in the company, valued at $656,586. This trade represents a 5.85% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

CCOI has been the subject of a number of research reports. TD Cowen reiterated a “buy” rating on shares of Cogent Communications in a research report on Monday, June 22nd. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $22.00 price target on shares of Cogent Communications in a research report on Friday, May 29th. Wall Street Zen upgraded shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 27th. Wells Fargo & Company cut their price objective on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, May 7th. Finally, Citigroup reduced their price objective on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $24.90.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.