Everence Capital Management Inc. Cuts Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Everence Capital Management Inc. trimmed its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 4.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,860 shares of the technology company’s stock after selling 240 shares during the quarter. Everence Capital Management Inc.’s holdings in Cogent Communications were worth $375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CCOI. Van ECK Associates Corp increased its position in shares of Cogent Communications by 8.0% during the second quarter. Van ECK Associates Corp now owns 9,964 shares of the technology company’s stock valued at $563,000 after acquiring an additional 735 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Cogent Communications by 2.7% during the 2nd quarter. Arizona State Retirement System now owns 12,354 shares of the technology company’s stock worth $697,000 after purchasing an additional 327 shares during the period. Choreo LLC bought a new stake in shares of Cogent Communications during the 2nd quarter worth $341,000. Texas Permanent School Fund Corp grew its position in Cogent Communications by 10.3% during the second quarter. Texas Permanent School Fund Corp now owns 40,566 shares of the technology company’s stock valued at $2,290,000 after buying an additional 3,778 shares during the period. Finally, Ground Swell Capital LLC purchased a new stake in Cogent Communications during the second quarter worth about $241,000. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Trading Up 0.2 %

Shares of CCOI stock opened at $75.78 on Tuesday. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of 97.15 and a beta of 0.40. The company’s fifty day simple moving average is $79.12 and its two-hundred day simple moving average is $73.37. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.76. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03.

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, topping analysts’ consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million for the quarter, compared to analysts’ expectations of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.13) EPS. As a group, analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a dividend of $0.995 per share. This represents a $3.98 dividend on an annualized basis and a yield of 5.25%. The ex-dividend date of this dividend was Friday, November 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s dividend payout ratio is 510.26%.

Insiders Place Their Bets

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 1,350 shares of Cogent Communications stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $80.58, for a total value of $108,783.00. Following the transaction, the director now directly owns 10,318 shares of the company’s stock, valued at $831,424.44. The trade was a 11.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Henry W. Kilmer sold 4,800 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $75.61, for a total transaction of $362,928.00. Following the completion of the transaction, the vice president now owns 33,800 shares in the company, valued at $2,555,618. The trade was a 12.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,136 shares of company stock worth $1,939,749 in the last three months. 11.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CCOI shares. The Goldman Sachs Group boosted their target price on shares of Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research note on Friday, October 4th. UBS Group assumed coverage on Cogent Communications in a report on Thursday, November 14th. They set a “buy” rating and a $102.00 price objective for the company. Two research analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $80.25.

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.