Arvin Capital Management LP Reduces Stock Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Arvin Capital Management LP decreased its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 70.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 113,794 shares of the technology company's stock after selling 277,494 shares during the quarter. Cogent Communications accounts for approximately 2.5% of Arvin Capital Management LP's holdings, making the stock its 17th biggest position. Arvin Capital Management LP owned approximately 0.23% of Cogent Communications worth $8,770,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Hillsdale Investment Management Inc. bought a new position in Cogent Communications in the fourth quarter valued at about $46,000. Blue Trust Inc. lifted its stake in shares of Cogent Communications by 53.8% in the 4th quarter. Blue Trust Inc. now owns 623 shares of the technology company's stock worth $47,000 after purchasing an additional 218 shares during the period. BankPlus Trust Department purchased a new position in shares of Cogent Communications in the fourth quarter worth approximately $63,000. Jones Financial Companies Lllp grew its position in Cogent Communications by 132.1% during the fourth quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company's stock valued at $67,000 after buying an additional 498 shares during the period. Finally, Smartleaf Asset Management LLC increased its holdings in Cogent Communications by 212.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,493 shares of the technology company's stock valued at $113,000 after buying an additional 1,015 shares during the last quarter. Institutional investors own 92.45% of the company's stock.

Insider Buying and Selling at Cogent Communications

In related news, Director Lewis H. Ferguson sold 956 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $69.36, for a total transaction of $66,308.16. Following the completion of the transaction, the director now directly owns 18,652 shares of the company's stock, valued at approximately $1,293,702.72. This trade represents a 4.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction on Friday, March 7th. The shares were sold at an average price of $72.57, for a total transaction of $174,168.00. Following the completion of the sale, the vice president now owns 41,000 shares in the company, valued at approximately $2,975,370. This represents a 5.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,681 shares of company stock valued at $840,878 in the last three months. 11.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Cogent Communications to a "sell" rating in a research note on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $80.25.

Cogent Communications Price Performance

Shares of CCOI stock traded up $0.03 on Friday, hitting $53.53. 411,446 shares of the stock traded hands, compared to its average volume of 459,215. 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 Holdings, Inc. has a 52 week low of $47.54 and a 52 week high of $86.76. The firm has a 50 day simple moving average of $63.80 and a two-hundred day simple moving average of $73.45. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 68.63 and a beta of 0.69.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The technology company reported ($0.91) EPS for the quarter, beating analysts' consensus estimates of ($1.22) by $0.31. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The business had revenue of $252.29 million for the quarter, compared to analysts' expectations of $258.49 million. As a group, equities research analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a $1.005 dividend. This represents a $4.02 annualized dividend and a yield of 7.51%. This is an increase from Cogent Communications's previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, March 13th. Cogent Communications's dividend payout ratio is presently -93.49%.

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.