PNC Financial Services Group Inc. Sells 723 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

PNC Financial Services Group Inc. cut its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 1.9% in the 4th quarter, Holdings Channel reports. The firm owned 37,382 shares of the technology company’s stock after selling 723 shares during the period. PNC Financial Services Group Inc.’s holdings in Cogent Communications were worth $2,843,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CCOI. Janney Montgomery Scott LLC lifted its stake in Cogent Communications by 33.4% during the third quarter. Janney Montgomery Scott LLC now owns 10,338 shares of the technology company’s stock worth $640,000 after purchasing an additional 2,591 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Cogent Communications by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 449,356 shares of the technology company’s stock worth $27,815,000 after purchasing an additional 10,970 shares during the last quarter. HighTower Advisors LLC lifted its stake in Cogent Communications by 493.8% during the third quarter. HighTower Advisors LLC now owns 18,253 shares of the technology company’s stock worth $1,120,000 after purchasing an additional 15,179 shares during the last quarter. Deutsche Bank AG lifted its stake in Cogent Communications by 6.4% during the third quarter. Deutsche Bank AG now owns 24,466 shares of the technology company’s stock worth $1,514,000 after purchasing an additional 1,466 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in Cogent Communications by 45.2% during the third quarter. Envestnet Asset Management Inc. now owns 139,565 shares of the technology company’s stock worth $8,639,000 after purchasing an additional 43,469 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $53.45 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.80. The stock has a fifty day simple moving average of $59.79 and a 200 day simple moving average of $67.71. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.00. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 2.12 and a beta of 0.41.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, May 9th. The technology company reported ($1.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.19). Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The business had revenue of $266.17 million for the quarter, compared to analyst estimates of $274.13 million. Sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.63 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Thursday, May 23rd were issued a dividend of $0.975 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.97. This represents a $3.90 dividend on an annualized basis and a yield of 7.30%. The ex-dividend date was Wednesday, May 22nd. Cogent Communications’s dividend payout ratio (DPR) is presently 15.45%.

Wall Street Analysts Forecast Growth

CCOI has been the subject of a number of research reports. KeyCorp dropped their price target on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. TD Cowen dropped their price target on Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a research note on Friday, May 10th. JPMorgan Chase & Co. dropped their price target on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, May 13th. TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a research note on Thursday, February 29th. Finally, StockNews.com cut Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $75.14.

Insiders Place Their Bets

In other Cogent Communications news, CEO Dave Schaeffer sold 50,000 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $59.44, for a total transaction of $2,972,000.00. Following the completion of the sale, the chief executive officer now directly owns 4,553,038 shares in the company, valued at approximately $270,632,578.72. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $56.00, for a total value of $134,400.00. Following the completion of the sale, the vice president now directly owns 38,600 shares in the company, valued at approximately $2,161,600. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Dave Schaeffer sold 50,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $59.44, for a total value of $2,972,000.00. Following the completion of the sale, the chief executive officer now owns 4,553,038 shares of the company’s stock, valued at $270,632,578.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 178,440 shares of company stock worth $9,828,016. Company insiders own 11.00% of the company’s stock.

About Cogent Communications

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.