Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by Amundi

Amundi cut its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 14.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 7,575 shares of the technology company’s stock after selling 1,305 shares during the period. Amundi’s holdings in Cogent Communications were worth $554,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. State Street Corp grew its position in shares of Cogent Communications by 1.3% during the 3rd quarter. State Street Corp now owns 1,750,810 shares of the technology company’s stock valued at $132,921,000 after acquiring an additional 22,738 shares during the period. EdgePoint Investment Group Inc. boosted its holdings in Cogent Communications by 0.3% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 1,542,503 shares of the technology company’s stock worth $117,107,000 after buying an additional 5,307 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Cogent Communications by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,014,322 shares of the technology company’s stock worth $77,021,000 after buying an additional 3,093 shares during the last quarter. FMR LLC boosted its holdings in Cogent Communications by 11.0% in the 3rd quarter. FMR LLC now owns 800,758 shares of the technology company’s stock worth $60,793,000 after buying an additional 79,474 shares during the last quarter. Finally, Reaves W H & Co. Inc. boosted its holdings in Cogent Communications by 17.1% in the 4th quarter. Reaves W H & Co. Inc. now owns 698,518 shares of the technology company’s stock worth $53,835,000 after buying an additional 101,956 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Trading Down 2.2 %

CCOI opened at $68.97 on Friday. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The company’s 50 day simple moving average is $75.14 and its two-hundred day simple moving average is $76.80. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.76. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of 88.42 and a beta of 0.45.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.31. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business had revenue of $252.29 million for the quarter, compared to analyst estimates of $258.49 million. Analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a $1.005 dividend. This represents a $4.02 dividend on an annualized basis and a yield of 5.83%. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, March 13th. Cogent Communications’s dividend payout ratio (DPR) is -93.49%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Cogent Communications has a consensus rating of “Hold” and a consensus target price of $80.25.

Insiders Place Their Bets

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $72.57, for a total transaction of $174,168.00. Following the completion of the transaction, the vice president now owns 41,000 shares of the company’s stock, valued at $2,975,370. This trade represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Sheryl Lynn Kennedy sold 1,425 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $72.96, for a total transaction of $103,968.00. Following the transaction, the director now directly owns 10,147 shares of the company’s stock, valued at approximately $740,325.12. This trade represents a 12.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,681 shares of company stock valued at $840,878 in the last ninety days. 11.40% of the stock is currently owned by corporate insiders.

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.