Los Angeles Capital Management LLC Sells 8,661 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Los Angeles Capital Management LLC lowered its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 26.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,530 shares of the technology company’s stock after selling 8,661 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Cogent Communications were worth $1,866,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in CCOI. EverSource Wealth Advisors LLC boosted its stake in Cogent Communications by 895.0% during the third quarter. EverSource Wealth Advisors LLC now owns 398 shares of the technology company’s stock valued at $25,000 after buying an additional 358 shares during the period. Hexagon Capital Partners LLC raised its stake in shares of Cogent Communications by 109.9% during the fourth quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock worth $48,000 after acquiring an additional 333 shares in the last quarter. Strs Ohio lifted its stake in shares of Cogent Communications by 20.0% in the 3rd quarter. Strs Ohio now owns 1,800 shares of the technology company’s stock valued at $111,000 after acquiring an additional 300 shares during the last quarter. CI Investments Inc. purchased a new stake in Cogent Communications during the 3rd quarter valued at about $142,000. Finally, Fifth Third Bancorp grew its position in Cogent Communications by 56.7% during the 4th quarter. Fifth Third Bancorp now owns 2,026 shares of the technology company’s stock worth $154,000 after acquiring an additional 733 shares during the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cogent Communications

In related news, CEO Dave Schaeffer sold 8,826 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $72.55, for a total value of $640,326.30. Following the transaction, the chief executive officer now directly owns 4,815,764 shares of the company’s stock, valued at approximately $349,383,678.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CRO James Bubeck sold 1,920 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $76.62, for a total transaction of $147,110.40. Following the sale, the executive now directly owns 54,822 shares of the company’s stock, valued at $4,200,461.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Dave Schaeffer sold 8,826 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $72.55, for a total value of $640,326.30. Following the completion of the transaction, the chief executive officer now directly owns 4,815,764 shares of the company’s stock, valued at approximately $349,383,678.20. The disclosure for this sale can be found here. Insiders sold 69,320 shares of company stock valued at $4,669,997 over the last 90 days. Corporate insiders own 11.00% of the company’s stock.

Analysts Set New Price Targets

CCOI has been the subject of a number of analyst reports. TD Cowen increased their price objective on Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. TheStreet raised shares of Cogent Communications from a “c+” rating to a “b” rating in a research note on Thursday, February 29th. Bank of America cut Cogent Communications from a “buy” rating to a “neutral” rating and lowered their target price for the company from $85.00 to $75.00 in a research note on Thursday, March 7th. KeyCorp raised their price objective on Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. Finally, StockNews.com downgraded shares of Cogent Communications from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Cogent Communications has an average rating of “Hold” and a consensus price target of $77.57.

Cogent Communications Trading Down 0.9 %

Cogent Communications stock opened at $63.07 on Wednesday. Cogent Communications Holdings, Inc. has a 12 month low of $57.35 and a 12 month high of $86.00. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.24. The business’s fifty day simple moving average is $65.75 and its two-hundred day simple moving average is $69.53. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 2.36 and a beta of 0.39.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.79. The company had revenue of $272.10 million for the quarter, compared to analysts’ expectations of $275.82 million. Cogent Communications had a net margin of 135.34% and a negative return on equity of 23.66%. As a group, equities analysts predict that Cogent Communications Holdings, Inc. will post -3.35 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Friday, March 15th were issued a dividend of $0.965 per share. This is a boost from Cogent Communications’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.86 dividend on an annualized basis and a dividend yield of 6.12%. Cogent Communications’s dividend payout ratio is presently 14.43%.

Cogent Communications Company 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.