Capstone Asset Management Co. Sells 500 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Capstone Asset Management Co. reduced its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 5.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,386 shares of the technology company’s stock after selling 500 shares during the period. Capstone Asset Management Co.’s holdings in Cogent Communications Holdings were worth $376,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Cogent Communications Holdings by 125,208.8% in the first quarter. BlackRock Inc. now owns 4,955,963 shares of the technology company’s stock valued at $213,356,000 after buying an additional 4,952,008 shares during the last quarter. Norges Bank purchased a new position in shares of Cogent Communications Holdings during the fourth quarter valued at approximately $13,374,000. Renaissance Technologies LLC raised its position in shares of Cogent Communications Holdings by 11.5% in the first quarter. Renaissance Technologies LLC now owns 1,813,500 shares of the technology company’s stock valued at $78,071,000 after buying an additional 187,400 shares during the last quarter. FMR LLC raised its position in shares of Cogent Communications Holdings by 5.9% in the first quarter. FMR LLC now owns 3,118,604 shares of the technology company’s stock valued at $134,256,000 after buying an additional 173,379 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of Cogent Communications Holdings by 12.6% in the first quarter. First Trust Advisors LP now owns 1,148,991 shares of the technology company’s stock valued at $49,464,000 after buying an additional 128,414 shares during the last quarter. Institutional investors own 94.29% of the company’s stock.

Cogent Communications Holdings, Inc. (CCOI) opened at 42.25 on Friday. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 120.71 and a beta of 0.74. Cogent Communications Holdings, Inc. has a 52-week low of $34.23 and a 52-week high of $45.25. The company’s 50-day moving average price is $42.46 and its 200-day moving average price is $41.76.

Cogent Communications Holdings (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by $0.02. Cogent Communications Holdings had a net margin of 3.39% and a negative return on equity of 27.66%. The company had revenue of $119.80 million during the quarter, compared to the consensus estimate of $120.23 million. During the same quarter in the prior year, the company posted $0.09 earnings per share. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. Analysts predict that Cogent Communications Holdings, Inc. will post $0.48 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This is a positive change from Cogent Communications Holdings’s previous quarterly dividend of $0.44. This represents a $1.84 dividend on an annualized basis and a yield of 4.36%. Cogent Communications Holdings’s dividend payout ratio is 511.11%.

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Several research analysts have recently commented on CCOI shares. BidaskClub lowered Cogent Communications Holdings from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Zacks Investment Research upgraded Cogent Communications Holdings from a “sell” rating to a “hold” rating in a research report on Tuesday, May 9th. Off Wall Street started coverage on Cogent Communications Holdings in a research report on Monday, July 31st. They issued a “sell” rating and a $29.00 target price for the company. Royal Bank Of Canada reiterated a “buy” rating and issued a $45.00 target price on shares of Cogent Communications Holdings in a research report on Thursday, May 25th. Finally, Cowen and Company lowered Cogent Communications Holdings from an “outperform” rating to a “market perform” rating and set a $46.00 target price for the company. in a research report on Tuesday, May 2nd. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $42.45.

In related news, CFO Thaddeus Gerard Weed sold 2,250 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $43.51, for a total transaction of $97,897.50. Following the sale, the chief financial officer now directly owns 72,650 shares in the company, valued at approximately $3,161,001.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Timothy G. Oneill sold 1,000 shares of the stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $40.25, for a total value of $40,250.00. Following the sale, the vice president now owns 43,052 shares in the company, valued at $1,732,843. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,933 shares of company stock worth $1,169,426. 9.48% of the stock is owned by corporate insiders.

Cogent Communications Holdings Company Profile

Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.

Institutional Ownership by Quarter for Cogent Communications Holdings (NASDAQ:CCOI)

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