Cogent Communications Holdings, Inc. $CCOI Stake Lifted by Tyro Capital Management LLC

Tyro Capital Management LLC lifted its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 46.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 935,287 shares of the technology company’s stock after buying an additional 298,392 shares during the period. Cogent Communications accounts for 13.3% of Tyro Capital Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Tyro Capital Management LLC’s holdings in Cogent Communications were worth $35,868,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp acquired a new position in Cogent Communications in the second quarter valued at approximately $40,000. Farther Finance Advisors LLC raised its holdings in Cogent Communications by 80.5% during the third quarter. Farther Finance Advisors LLC now owns 1,336 shares of the technology company’s stock worth $51,000 after purchasing an additional 596 shares in the last quarter. Versant Capital Management Inc raised its holdings in Cogent Communications by 333.7% during the third quarter. Versant Capital Management Inc now owns 1,557 shares of the technology company’s stock worth $60,000 after purchasing an additional 1,198 shares in the last quarter. MAI Capital Management lifted its position in shares of Cogent Communications by 536.5% during the 3rd quarter. MAI Capital Management now owns 2,215 shares of the technology company’s stock worth $85,000 after buying an additional 1,867 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Cogent Communications during the 2nd quarter worth approximately $98,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. TD Cowen reaffirmed a “buy” rating on shares of Cogent Communications in a research report on Monday, February 23rd. Wells Fargo & Company reduced their price target on shares of Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating for the company in a research report on Thursday, March 5th. JPMorgan Chase & Co. decreased their price objective on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Cogent Communications in a report on Monday, December 22nd. Finally, Zacks Research upgraded Cogent Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $26.78.

Cogent Communications Stock Performance

Shares of Cogent Communications stock opened at $22.50 on Tuesday. The firm’s fifty day simple moving average is $23.07 and its 200-day simple moving average is $28.86. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -5.91 and a beta of 0.84. Cogent Communications Holdings, Inc. has a 12 month low of $15.96 and a 12 month high of $71.82. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.04 and a quick ratio of 2.04.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Friday, February 20th. The technology company reported ($0.64) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.09) by $0.45. Cogent Communications had a negative net margin of 18.67% and a negative return on equity of 842.48%. The firm had revenue of $240.52 million during the quarter, compared to analysts’ expectations of $243.82 million. During the same quarter in the prior year, the business earned ($0.91) EPS. Cogent Communications’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, March 6th. Cogent Communications’s dividend payout ratio is presently -2.10%.

Insider Buying and Selling at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 3,300 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $22.99, for a total value of $75,867.00. Following the transaction, the director owned 10,100 shares in the company, valued at $232,199. The trade was a 24.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $23.35, for a total value of $56,040.00. Following the sale, the vice president directly owned 41,000 shares of the company’s stock, valued at approximately $957,350. This represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,756 shares of company stock worth $292,467 over the last three months. 10.20% of the stock is currently owned by corporate insiders.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.