Corient Private Wealth LLC Sells 327 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Corient Private Wealth LLC trimmed its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 3.9% in the 4th quarter, Holdings Channel reports. The firm owned 8,071 shares of the technology company’s stock after selling 327 shares during the quarter. Corient Private Wealth LLC’s holdings in Cogent Communications were worth $622,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Quest Partners LLC purchased a new position in Cogent Communications during the third quarter worth about $46,000. Charles Schwab Investment Management Inc. boosted its position in shares of Cogent Communications by 4.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 497,486 shares of the technology company’s stock valued at $37,769,000 after acquiring an additional 21,429 shares during the last quarter. Citigroup Inc. grew its holdings in shares of Cogent Communications by 56.8% during the third quarter. Citigroup Inc. now owns 56,595 shares of the technology company’s stock worth $4,297,000 after purchasing an additional 20,510 shares in the last quarter. FMR LLC increased its position in shares of Cogent Communications by 11.0% in the third quarter. FMR LLC now owns 800,758 shares of the technology company’s stock worth $60,793,000 after purchasing an additional 79,474 shares during the last quarter. Finally, PEAK6 Investments LLC purchased a new stake in Cogent Communications in the third quarter valued at approximately $1,720,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com raised shares of Cogent Communications to a “sell” rating in a research note on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cogent Communications has a consensus rating of “Hold” and an average target price of $80.25.

Insider Activity

In other Cogent Communications news, Director Lewis H. Ferguson sold 956 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $69.36, for a total value of $66,308.16. Following the sale, the director now owns 18,652 shares of the company’s stock, valued at $1,293,702.72. This trade represents a 4.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,900 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $72.06, for a total transaction of $353,094.00. Following the transaction, the chief financial officer now directly owns 103,000 shares of the company’s stock, valued at approximately $7,422,180. This trade represents a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,681 shares of company stock valued at $840,878. Insiders own 11.40% of the company’s stock.

Cogent Communications Stock Up 0.1 %

Shares of CCOI opened at $61.57 on Friday. The firm has a market cap of $3.02 billion, a P/E ratio of 78.94 and a beta of 0.45. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.76. The stock has a 50 day simple moving average of $74.21 and a two-hundred day simple moving average of $76.53. 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 announced its quarterly earnings data on Thursday, February 27th. The technology company reported ($0.91) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.22) by $0.31. The company had revenue of $252.29 million during the quarter, compared to analysts’ expectations of $258.49 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. On average, analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a $1.005 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $4.02 annualized dividend and a dividend yield of 6.53%. This is an increase from Cogent Communications’s previous quarterly dividend of $1.00. Cogent Communications’s payout ratio is currently -93.49%.

About Cogent Communications

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.