Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stake Lowered by Bank of America Corp DE

Bank of America Corp DE reduced its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 3.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 111,827 shares of the technology company’s stock after selling 4,030 shares during the period. Bank of America Corp DE owned about 0.25% of Cogent Communications Holdings worth $4,814,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CCOI. Gilder Gagnon Howe & Co. LLC increased its stake in Cogent Communications Holdings by 0.8% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 7,148 shares of the technology company’s stock valued at $308,000 after buying an additional 58 shares in the last quarter. State of Alaska Department of Revenue boosted its position in Cogent Communications Holdings by 1.8% in the first quarter. State of Alaska Department of Revenue now owns 4,520 shares of the technology company’s stock valued at $194,000 after buying an additional 80 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in Cogent Communications Holdings by 1.2% in the first quarter. Louisiana State Employees Retirement System now owns 16,700 shares of the technology company’s stock valued at $719,000 after buying an additional 200 shares during the last quarter. Arizona State Retirement System boosted its position in Cogent Communications Holdings by 0.9% in the first quarter. Arizona State Retirement System now owns 21,300 shares of the technology company’s stock valued at $917,000 after buying an additional 200 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Cogent Communications Holdings by 0.5% in the first quarter. Prudential Financial Inc. now owns 70,419 shares of the technology company’s stock worth $3,032,000 after buying an additional 330 shares in the last quarter. 94.29% of the stock is owned by institutional investors.

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

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 analysts’ consensus estimates of $0.12 by $0.02. Cogent Communications Holdings had a negative return on equity of 27.66% and a net margin of 3.39%. The business had revenue of $119.80 million during the quarter, compared to the consensus estimate of $120.23 million. During the same period last year, the company earned $0.09 EPS. The business’s revenue was up 9.0% on a year-over-year basis. On average, equities research analysts forecast that Cogent Communications Holdings, Inc. will post $0.48 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be paid 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 presently 511.11%.

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CCOI has been the subject of a number of recent research reports. Citigroup Inc. increased their price objective on shares of Cogent Communications Holdings from $44.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, April 25th. Zacks Investment Research cut shares of Cogent Communications Holdings from a “hold” rating to a “sell” rating in a research report on Monday, May 1st. Cowen and Company lowered shares of Cogent Communications Holdings from an “outperform” rating to a “market perform” rating and set a $46.00 price objective on the stock. in a report on Tuesday, May 2nd. They noted that the move was a valuation call. Royal Bank Of Canada reissued a “buy” rating and set a $45.00 price objective on shares of Cogent Communications Holdings in a report on Thursday, May 25th. Finally, BidaskClub downgraded shares of Cogent Communications Holdings from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Cogent Communications Holdings has an average rating of “Hold” and an average target price of $42.45.

In other Cogent Communications Holdings news, VP Robert N. Beury, Jr. sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $40.20, for a total transaction of $120,600.00. Following the sale, the vice president now directly owns 53,240 shares in the company, valued at $2,140,248. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Thaddeus Gerard Weed sold 2,250 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $43.51, for a total value of $97,897.50. Following the sale, the chief financial officer now owns 72,650 shares in the company, valued at $3,161,001.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,933 shares of company stock valued at $1,169,426. 9.48% of the stock is owned by corporate insiders.

About Cogent Communications Holdings

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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