Cornell Pochily Investment Advisors Inc. Grows Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Cornell Pochily Investment Advisors Inc. increased its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 21.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,495 shares of the technology company’s stock after purchasing an additional 1,140 shares during the quarter. Cornell Pochily Investment Advisors Inc.’s holdings in Cogent Communications were worth $494,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CCOI. EverSource Wealth Advisors LLC increased its holdings in shares of Cogent Communications by 895.0% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 398 shares of the technology company’s stock worth $25,000 after purchasing an additional 358 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in Cogent Communications by 70.0% during the second quarter. 1832 Asset Management L.P. now owns 408 shares of the technology company’s stock valued at $27,000 after purchasing an additional 168 shares during the period. Fortis Capital Advisors LLC purchased a new position in shares of Cogent Communications in the fourth quarter valued at about $28,000. Belpointe Asset Management LLC increased its stake in Cogent Communications by 68.5% during the first quarter. Belpointe Asset Management LLC now owns 1,289 shares of the technology company’s stock worth $82,000 after acquiring an additional 524 shares during the last quarter. Finally, Huntington National Bank grew its stake in shares of Cogent Communications by 29.4% during the second quarter. Huntington National Bank now owns 1,470 shares of the technology company’s stock valued at $99,000 after buying an additional 334 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Price Performance

Cogent Communications stock traded down $0.13 during mid-day trading on Thursday, reaching $64.68. The company had a trading volume of 44,795 shares, compared to its average volume of 396,879. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.38 and a quick ratio of 1.38. The stock’s 50-day simple moving average is $72.94 and its 200-day simple moving average is $69.53. Cogent Communications Holdings, Inc. has a 1 year low of $57.35 and a 1 year high of $86.00. The company has a market capitalization of $3.07 billion, a P/E ratio of 2.42 and a beta of 0.41.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.79. The company had revenue of $272.10 million for the quarter, compared to analyst estimates of $275.82 million. Cogent Communications had a net margin of 135.34% and a negative return on equity of 23.66%. On average, equities analysts predict that Cogent Communications Holdings, Inc. will post -3.32 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 9th. Investors of record on Friday, March 15th will be paid a dividend of $0.965 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.96. The ex-dividend date is Thursday, March 14th. This represents a $3.86 annualized dividend and a yield of 5.97%. Cogent Communications’s payout ratio is 14.43%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CCOI. StockNews.com lowered Cogent Communications from a “hold” rating to a “sell” rating in a report on Tuesday, March 12th. JPMorgan Chase & Co. decreased their price objective on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating for the company in a report on Wednesday, March 6th. TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. Bank of America lowered Cogent Communications from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $85.00 to $75.00 in a research note on Thursday, March 7th. Finally, TD Cowen increased their price target on Cogent Communications from $81.00 to $84.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $77.57.

Insider Buying and Selling

In related news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $76.62, for a total transaction of $147,110.40. Following the completion of the sale, the executive now owns 54,822 shares of the company’s stock, valued at approximately $4,200,461.64. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $73.47, for a total transaction of $176,328.00. Following the completion of the sale, the vice president now directly owns 41,000 shares of the company’s stock, valued at $3,012,270. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $76.62, for a total transaction of $147,110.40. Following the sale, the executive now owns 54,822 shares in the company, valued at approximately $4,200,461.64. The disclosure for this sale can be found here. Insiders have sold 69,320 shares of company stock valued at $4,669,997 in the last quarter. Company insiders own 11.40% of the company’s stock.

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.