Cornell Pochily Investment Advisors Inc. Boosts Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Cornell Pochily Investment Advisors Inc. raised its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 21.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,495 shares of the technology company’s stock after buying an additional 1,140 shares during the period. Cornell Pochily Investment Advisors Inc.’s holdings in Cogent Communications were worth $494,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its holdings in shares of Cogent Communications by 895.0% in 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 during the last quarter. 1832 Asset Management L.P. increased its position in Cogent Communications by 70.0% in the 2nd quarter. 1832 Asset Management L.P. now owns 408 shares of the technology company’s stock valued at $27,000 after acquiring an additional 168 shares during the period. Fortis Capital Advisors LLC acquired a new position in Cogent Communications during the 4th quarter worth approximately $28,000. Belpointe Asset Management LLC increased its position in Cogent Communications by 68.5% during the 1st quarter. Belpointe Asset Management LLC now owns 1,289 shares of the technology company’s stock worth $82,000 after purchasing an additional 524 shares during the period. Finally, Huntington National Bank increased its position in Cogent Communications by 29.4% during the 2nd quarter. Huntington National Bank now owns 1,470 shares of the technology company’s stock worth $99,000 after purchasing an additional 334 shares during the period. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CCOI. TD Cowen upped their price target on Cogent Communications from $81.00 to $84.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. StockNews.com lowered Cogent Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, March 12th. TheStreet raised Cogent Communications from a “c+” rating to a “b” rating in a research note on Thursday, February 29th. Bank of America downgraded Cogent Communications from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $85.00 to $75.00 in a report on Thursday, March 7th. Finally, JPMorgan Chase & Co. lowered their target price on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating for the company in a research note on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $77.57.

Cogent Communications Price Performance

Shares of CCOI stock traded down $0.13 during trading hours on Thursday, reaching $64.68. 44,795 shares of the company were exchanged, compared to its average volume of 396,879. Cogent Communications Holdings, Inc. has a fifty-two week low of $57.35 and a fifty-two week high of $86.00. The stock’s fifty day moving average is $72.94 and its two-hundred day moving average is $69.53. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 2.42 and a beta of 0.41. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.38 and a quick ratio of 1.38.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, February 29th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.95) by $0.79. Cogent Communications had a net margin of 135.34% and a negative return on equity of 23.66%. The company had revenue of $272.10 million during the quarter, compared to the consensus estimate of $275.82 million. Sell-side analysts forecast that Cogent Communications Holdings, Inc. will post -3.32 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 9th. Stockholders of record on Friday, March 15th will be paid a $0.965 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.96. This represents a $3.86 dividend on an annualized basis and a dividend yield of 5.97%. The ex-dividend date is Thursday, March 14th. Cogent Communications’s dividend payout ratio is currently 14.43%.

Insider Activity

In other Cogent Communications news, CEO Dave Schaeffer sold 30,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $67.52, for a total transaction of $2,025,600.00. Following the transaction, the chief executive officer now owns 4,679,377 shares in the company, valued at $315,951,535.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Cogent Communications news, CEO Dave Schaeffer sold 30,000 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $67.52, for a total transaction of $2,025,600.00. Following the completion of the transaction, the chief executive officer now owns 4,679,377 shares in the company, valued at $315,951,535.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $73.47, for a total transaction of $176,328.00. Following the transaction, the vice president now owns 41,000 shares of the company’s stock, valued at approximately $3,012,270. The disclosure for this sale can be found here. In the last three months, insiders have sold 69,320 shares of company stock valued at $4,669,997. 11.40% of the stock is currently owned by insiders.

Cogent Communications Company 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.