Henry Kilmer Sells 2,400 Shares of Cogent Communications (NASDAQ:CCOI) Stock

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) VP Henry Kilmer sold 2,400 shares of the company’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $23.35, for a total transaction of $56,040.00. Following the transaction, the vice president directly owned 41,000 shares of the company’s stock, valued at $957,350. This trade represents a 5.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Cogent Communications Trading Down 4.2%

Shares of NASDAQ CCOI traded down $0.97 during midday trading on Monday, hitting $22.10. The stock had a trading volume of 208,436 shares, compared to its average volume of 1,175,279. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -5.80 and a beta of 0.84. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 49.06. Cogent Communications Holdings, Inc. has a 1-year low of $15.96 and a 1-year high of $71.82. The company has a fifty day moving average price of $23.06 and a 200 day moving average price of $28.96.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) EPS for the quarter, topping analysts’ consensus estimates of ($1.09) by $0.45. The company had revenue of $240.52 million for the quarter, compared to analysts’ expectations of $243.82 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 18.67%.The firm’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.91) earnings per share. On average, analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be issued a $0.02 dividend. The ex-dividend date is Friday, March 6th. This represents a $0.08 dividend on an annualized basis and a yield of 0.4%. Cogent Communications’s payout ratio is currently -2.10%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Cogent Communications by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company’s stock worth $120,311,000 after purchasing an additional 217,450 shares in the last quarter. Turtle Creek Asset Management Inc. raised its stake in shares of Cogent Communications by 64.9% during the third quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock valued at $176,561,000 after purchasing an additional 1,811,222 shares in the last quarter. EdgePoint Investment Group Inc. raised its stake in shares of Cogent Communications by 13.3% during the second quarter. EdgePoint Investment Group Inc. now owns 2,279,440 shares of the technology company’s stock valued at $109,892,000 after purchasing an additional 267,143 shares in the last quarter. State Street Corp lifted its holdings in Cogent Communications by 6.8% in the fourth quarter. State Street Corp now owns 2,070,132 shares of the technology company’s stock worth $44,632,000 after purchasing an additional 132,454 shares during the period. Finally, Park West Asset Management LLC bought a new position in Cogent Communications in the 4th quarter valued at about $30,380,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Analyst Ratings Changes

CCOI has been the subject of several research analyst reports. Oppenheimer dropped their target price on shares of Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Monday, February 23rd. TD Cowen restated a “buy” rating on shares of Cogent Communications in a research note on Monday, February 23rd. Citigroup lowered their target price on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. Wells Fargo & Company reduced their price target on shares of Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Royal Bank Of Canada lowered their price objective on shares of Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating for the company in a research report on Thursday, November 13th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $26.78.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.