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

Everence Capital Management Inc. reduced its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 23.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,100 shares of the technology company’s stock after selling 1,570 shares during the period. Everence Capital Management Inc.’s holdings in Cogent Communications were worth $387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of CCOI. Thrivent Financial for Lutherans lifted its stake in Cogent Communications by 2,739.1% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock valued at $58,430,000 after buying an additional 998,796 shares in the last quarter. EdgePoint Investment Group Inc. increased its position in shares of Cogent Communications by 500.1% during the 1st quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock worth $68,699,000 after purchasing an additional 876,326 shares during the last quarter. Capital World Investors increased its position in shares of Cogent Communications by 327.7% during the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock valued at $64,129,000 after acquiring an additional 752,133 shares during the last quarter. M&G Plc purchased a new stake in Cogent Communications in the first quarter valued at approximately $27,942,000. Finally, Senator Investment Group LP raised its holdings in shares of Cogent Communications by 83.0% in the 1st quarter. Senator Investment Group LP now owns 666,768 shares of the technology company’s stock valued at $43,560,000 after buying an additional 302,365 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

Analyst Upgrades and Downgrades

CCOI has been the topic of a number of recent research reports. Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. Royal Bank of Canada reissued an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a research report on Tuesday, September 3rd. Citigroup increased their price objective on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a report on Monday, August 19th. The Goldman Sachs Group increased their target price on shares of Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a research note on Friday, October 4th. Finally, KeyCorp lifted their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and an average price target of $77.14.

Insiders Place Their Bets

In related news, Director Lewis H. Ferguson sold 1,550 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total transaction of $112,561.00. Following the completion of the transaction, the director now owns 17,748 shares of the company’s stock, valued at $1,288,859.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, VP John B. Chang sold 1,400 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $71.67, for a total value of $100,338.00. Following the completion of the sale, the vice president now owns 71,580 shares in the company, valued at $5,130,138.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lewis H. Ferguson sold 1,550 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the sale, the director now owns 17,748 shares of the company’s stock, valued at $1,288,859.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 64,870 shares of company stock worth $4,716,057. 11.40% of the stock is owned by corporate insiders.

Cogent Communications Stock Down 0.5 %

CCOI stock opened at $84.50 on Tuesday. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.00. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 4.43. The company has a market capitalization of $4.14 billion, a P/E ratio of 3.35 and a beta of 0.41. The firm has a 50 day simple moving average of $74.44 and a 200-day simple moving average of $65.71.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.27) by $0.59. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The firm had revenue of $260.40 million for the quarter, compared to analysts’ expectations of $264.32 million. During the same period last year, the business posted ($0.13) earnings per share. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, equities research analysts predict that Cogent Communications Holdings, Inc. will post -4.46 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.985 per share. This represents a $3.94 dividend on an annualized basis and a dividend yield of 4.66%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, August 22nd. Cogent Communications’s dividend payout ratio (DPR) is 15.61%.

Cogent Communications 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.