Bank of New York Mellon Corp lowered its position in Cogent Communications Holdings Inc (NASDAQ:CCOI) by 4.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 821,688 shares of the technology company’s stock after selling 35,305 shares during the period. Bank of New York Mellon Corp owned 1.79% of Cogent Communications worth $37,223,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of CCOI. Sei Investments Co. raised its position in Cogent Communications by 42.4% in the 3rd quarter. Sei Investments Co. now owns 4,163 shares of the technology company’s stock worth $203,000 after purchasing an additional 1,240 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Cogent Communications by 225.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 4,762 shares of the technology company’s stock worth $232,000 after purchasing an additional 3,300 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in Cogent Communications by 1,378.7% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 6,048 shares of the technology company’s stock worth $296,000 after purchasing an additional 5,639 shares during the last quarter. Vident Investment Advisory LLC bought a new position in Cogent Communications in the 3rd quarter worth approximately $482,000. Finally, Crossmark Global Holdings Inc. bought a new position in Cogent Communications in the 3rd quarter worth approximately $496,000. Institutional investors own 95.65% of the company’s stock.
Shares of Cogent Communications Holdings Inc (NASDAQ CCOI) opened at $45.75 on Tuesday. The company has a current ratio of 4.11, a quick ratio of 4.11 and a debt-to-equity ratio of -6.93. Cogent Communications Holdings Inc has a fifty-two week low of $35.75 and a fifty-two week high of $54.85. The company has a market cap of $2,080.00, a price-to-earnings ratio of 120.39, a price-to-earnings-growth ratio of 6.04 and a beta of 0.53.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 26th. Shareholders of record on Friday, March 9th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date is Thursday, March 8th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.48. Cogent Communications’s payout ratio is currently 526.32%.
In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 6,000 shares of Cogent Communications stock in a transaction on Monday, March 12th. The shares were sold at an average price of $45.17, for a total transaction of $271,020.00. Following the completion of the sale, the chief financial officer now owns 81,050 shares of the company’s stock, valued at approximately $3,661,028.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Marc Montagner sold 5,000 shares of Cogent Communications stock in a transaction on Friday, December 15th. The stock was sold at an average price of $47.00, for a total transaction of $235,000.00. Following the sale, the director now directly owns 40,000 shares of the company’s stock, valued at approximately $1,880,000. The disclosure for this sale can be found here. Insiders have sold a total of 17,300 shares of company stock valued at $778,513 in the last ninety days. Company insiders own 9.48% of the company’s stock.
Several research analysts recently weighed in on CCOI shares. Zacks Investment Research cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. BidaskClub cut shares of Cogent Communications from a “buy” rating to a “hold” rating in a research report on Friday, December 22nd. Finally, Deutsche Bank dropped their price objective on shares of Cogent Communications from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, February 23rd. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $44.11.
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Cogent Communications 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.
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