PNC Financial Services Group Inc. Cuts Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

PNC Financial Services Group Inc. lessened its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 1.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 48,498 shares of the technology company’s stock after selling 716 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cogent Communications were worth $3,682,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. EdgePoint Investment Group Inc. grew its stake in Cogent Communications by 46.2% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock worth $86,759,000 after buying an additional 485,628 shares in the last quarter. Harspring Capital Management LLC grew its stake in Cogent Communications by 6.0% in the 2nd quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock worth $66,402,000 after buying an additional 66,500 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in Cogent Communications by 0.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,039,458 shares of the technology company’s stock worth $78,916,000 after buying an additional 4,197 shares in the last quarter. Hood River Capital Management LLC grew its stake in Cogent Communications by 18.9% in the 2nd quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock worth $49,338,000 after buying an additional 138,680 shares in the last quarter. Finally, Westwood Holdings Group Inc. grew its stake in Cogent Communications by 16.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock worth $48,257,000 after buying an additional 105,164 shares in the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CCOI shares. The Goldman Sachs Group boosted their price objective on shares of Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a report on Friday, October 4th. TD Cowen boosted their price objective on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Royal Bank of Canada restated an “outperform” rating and issued a $74.00 price objective on shares of Cogent Communications in a report on Tuesday, September 3rd. Bank of America lowered shares of Cogent Communications from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $75.00 to $65.00 in a report on Wednesday, August 21st. Finally, UBS Group started coverage on shares of Cogent Communications in a report on Thursday, November 14th. They issued a “buy” rating and a $102.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $80.25.

Cogent Communications Trading Down 0.8 %

NASDAQ:CCOI opened at $83.15 on Monday. The company has a fifty day moving average of $79.21 and a 200 day moving average of $68.81. Cogent Communications Holdings, Inc. has a 52 week low of $50.80 and a 52 week high of $86.76. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The firm has a market capitalization of $4.08 billion, a P/E ratio of 106.61 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million for the quarter, compared to the consensus estimate of $258.69 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.13) EPS. On average, research analysts predict that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.995 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date is Friday, November 22nd. Cogent Communications’s payout ratio is presently 505.13%.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total transaction of $4,369,200.00. Following the transaction, the chief executive officer now directly owns 4,373,038 shares of the company’s stock, valued at approximately $318,444,627.16. The trade was a 1.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Blake Bath sold 6,220 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $83.69, for a total transaction of $520,551.80. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $836,900. The trade was a 38.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,016 shares of company stock valued at $5,485,335. 11.40% of the stock is currently owned by company insiders.

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.