14B Captial Management LP Decreases Holdings in Cogent Communications Holdings, Inc. $CCOI

14B Captial Management LP trimmed its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 62.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 170,000 shares of the technology company’s stock after selling 279,633 shares during the quarter. Cogent Communications makes up 2.9% of 14B Captial Management LP’s holdings, making the stock its 11th biggest holding. 14B Captial Management LP’s holdings in Cogent Communications were worth $3,665,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CCOI. Turtle Creek Asset Management Inc. lifted its stake in shares of Cogent Communications by 64.9% in the third quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock worth $176,561,000 after buying an additional 1,811,222 shares in the last quarter. Park West Asset Management LLC purchased a new position in shares of Cogent Communications in the fourth quarter worth about $30,380,000. Bank of America Corp DE lifted its stake in shares of Cogent Communications by 551.2% in the third quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock worth $43,965,000 after buying an additional 970,367 shares in the last quarter. MIG Capital LLC purchased a new position in shares of Cogent Communications in the fourth quarter worth about $12,272,000. Finally, First Trust Advisors LP lifted its stake in shares of Cogent Communications by 86.8% in the fourth quarter. First Trust Advisors LP now owns 1,177,398 shares of the technology company’s stock worth $25,385,000 after buying an additional 547,188 shares in the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.

Cogent Communications Price Performance

Shares of CCOI opened at $14.61 on Thursday. Cogent Communications Holdings, Inc. has a 1-year low of $14.41 and a 1-year high of $54.37. The stock has a market cap of $731.67 million, a PE ratio of -4.12 and a beta of 0.77. The firm has a 50-day simple moving average of $19.10 and a two-hundred day simple moving average of $20.90.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.20. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The business had revenue of $239.19 million during the quarter, compared to analysts’ expectations of $241.31 million. During the same period last year, the business earned ($1.09) earnings per share. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, sell-side analysts expect that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current fiscal year.

Cogent Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were given a dividend of $0.02 per share. The ex-dividend date was Monday, May 18th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.5%. Cogent Communications’s dividend payout ratio (DPR) is currently -2.25%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CCOI shares. Citigroup decreased their price target on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 19th. Weiss Ratings downgraded shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 20th. Wall Street Zen raised shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Sunday, April 26th. Wells Fargo & Company decreased their price target on shares of Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 7th. Finally, Williams Trading set a $40.00 price target on shares of Cogent Communications in a research note on Monday, February 23rd. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Cogent Communications presently has an average rating of “Hold” and a consensus price target of $24.90.

Insider Transactions at Cogent Communications

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $16.79, for a total transaction of $81,431.50. Following the completion of the sale, the chief financial officer directly owned 197,900 shares in the company, valued at $3,322,741. This trade represents a 2.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $17.01, for a total transaction of $40,824.00. Following the sale, the vice president owned 38,600 shares of the company’s stock, valued at approximately $656,586. This represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.20% of the stock is owned by company insiders.

Cogent Communications Profile

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.