Clear Harbor Asset Management LLC Sells 786 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Clear Harbor Asset Management LLC cut its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 5.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,055 shares of the technology company’s stock after selling 786 shares during the period. Clear Harbor Asset Management LLC’s holdings in Cogent Communications were worth $1,160,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. bought a new stake in Cogent Communications in the 3rd quarter valued at $30,000. Blue Trust Inc. raised its stake in shares of Cogent Communications by 204.5% in the 3rd quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after purchasing an additional 272 shares during the period. Hexagon Capital Partners LLC lifted its holdings in shares of Cogent Communications by 72.9% in the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock valued at $41,000 after purchasing an additional 226 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Cogent Communications by 127.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after buying an additional 441 shares during the period. Finally, Quest Partners LLC bought a new position in shares of Cogent Communications during the third quarter worth about $46,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP John B. Chang sold 2,280 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $80.41, for a total value of $183,334.80. Following the transaction, the vice president now owns 69,300 shares of the company’s stock, valued at approximately $5,572,413. This represents a 3.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Blake Bath sold 6,220 shares of Cogent Communications stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $83.69, for a total value of $520,551.80. Following the sale, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $836,900. The trade was a 38.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,136 shares of company stock valued at $1,939,749 over the last ninety days. 11.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CCOI. The Goldman Sachs Group upped their price target on Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a research report on Friday, October 4th. UBS Group began coverage on shares of Cogent Communications in a report on Thursday, November 14th. They set a “buy” rating and a $102.00 target price for the company. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cogent Communications presently has an average rating of “Hold” and a consensus price target of $80.25.

Cogent Communications Stock Performance

Shares of CCOI opened at $73.57 on Wednesday. The company has a market cap of $3.61 billion, a PE ratio of 94.32 and a beta of 0.40. The firm has a 50-day moving average of $77.05 and a 200-day moving average of $74.79. Cogent Communications Holdings, Inc. has a one year low of $50.80 and a one year high of $86.76. 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 results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.01. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm had revenue of $257.20 million for the quarter, compared to the consensus estimate of $258.69 million. During the same quarter in the previous year, the business earned ($1.13) earnings per share. The business’s revenue was down 6.6% 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 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a dividend of $0.995 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date was Friday, November 22nd. This represents a $3.98 annualized dividend and a yield of 5.41%. Cogent Communications’s dividend payout ratio (DPR) is currently 510.26%.

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.