Illinois Municipal Retirement Fund Sells 939 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Illinois Municipal Retirement Fund reduced its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 3.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 24,300 shares of the technology company’s stock after selling 939 shares during the period. Illinois Municipal Retirement Fund owned about 0.05% of Cogent Communications worth $1,848,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CCOI. EverSource Wealth Advisors LLC raised its position in Cogent Communications by 895.0% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 398 shares of the technology company’s stock valued at $25,000 after purchasing an additional 358 shares in the last quarter. Strs Ohio raised its position in Cogent Communications by 20.0% during the 3rd quarter. Strs Ohio now owns 1,800 shares of the technology company’s stock valued at $111,000 after purchasing an additional 300 shares in the last quarter. CI Investments Inc. purchased a new position in shares of Cogent Communications in the 3rd quarter valued at $142,000. Fifth Third Bancorp increased its holdings in shares of Cogent Communications by 56.7% in the 4th quarter. Fifth Third Bancorp now owns 2,026 shares of the technology company’s stock valued at $154,000 after acquiring an additional 733 shares during the period. Finally, Mackenzie Financial Corp purchased a new position in shares of Cogent Communications in the 4th quarter valued at $202,000. 92.45% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CCOI shares. TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. StockNews.com downgraded Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday. TD Cowen lifted their price target on Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a report on Friday, March 1st. JPMorgan Chase & Co. cut their price target on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating on the stock in a report on Wednesday, March 6th. Finally, Bank of America downgraded Cogent Communications from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $85.00 to $75.00 in a research note on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $77.57.

Cogent Communications Stock Down 0.0 %

Shares of CCOI stock opened at $64.93 on Friday. 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 fifty day moving average price is $67.93 and its 200 day moving average price is $69.45. The company has a market cap of $3.08 billion, a price-to-earnings ratio of 2.43 and a beta of 0.39. Cogent Communications Holdings, Inc. has a 1-year low of $57.35 and a 1-year high of $86.00.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.95) by $0.79. The business had revenue of $272.10 million for the quarter, compared to the consensus estimate of $275.82 million. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. On average, research analysts expect that Cogent Communications Holdings, Inc. will post -3.35 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Friday, March 15th were paid a dividend of $0.965 per share. This represents a $3.86 annualized dividend and a yield of 5.94%. The ex-dividend date of this dividend was Thursday, March 14th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.96. Cogent Communications’s payout ratio is presently 14.43%.

Insider Buying and Selling at Cogent Communications

In other news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $76.62, for a total value of $147,110.40. Following the completion of the transaction, 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 accessible through this link. In other Cogent Communications news, CEO Dave Schaeffer sold 8,826 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $72.55, for a total transaction of $640,326.30. Following the transaction, the chief executive officer now owns 4,815,764 shares in the company, valued at $349,383,678.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO James Bubeck sold 1,920 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $76.62, for a total value of $147,110.40. Following the transaction, 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. In the last 90 days, insiders have sold 69,320 shares of company stock worth $4,669,997. 11.40% of the stock is currently owned by 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.