TrueMark Investments LLC Acquires Shares of 8,982 Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

TrueMark Investments LLC acquired a new position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 8,982 shares of the technology company's stock, valued at approximately $551,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Hillsdale Investment Management Inc. bought a new position in Cogent Communications in the fourth quarter valued at $46,000. Itau Unibanco Holding S.A. grew its stake in shares of Cogent Communications by 58.9% during the fourth quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company's stock valued at $48,000 after buying an additional 229 shares during the last quarter. BankPlus Trust Department bought a new position in shares of Cogent Communications during the fourth quarter valued at about $63,000. GAMMA Investing LLC grew its stake in shares of Cogent Communications by 35.4% during the first quarter. GAMMA Investing LLC now owns 1,047 shares of the technology company's stock valued at $64,000 after buying an additional 274 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its stake in shares of 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 last quarter. Hedge funds and other institutional investors own 92.45% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CCOI. Wall Street Zen raised Cogent Communications to a "sell" rating in a research note on Monday, March 3rd. UBS Group reduced their price objective on Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, The Goldman Sachs Group dropped their target price on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $75.75.

Insider Activity

In related news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $47.95, for a total transaction of $115,080.00. Following the completion of the sale, the vice president now owns 38,600 shares of the company's stock, valued at $1,850,870. This represents a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Dave Schaeffer sold 25,000 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $46.27, for a total transaction of $1,156,750.00. Following the sale, the chief executive officer now directly owns 4,176,721 shares of the company's stock, valued at $193,256,880.67. The trade was a 0.59% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 445,500 shares of company stock worth $21,285,069. 11.40% of the stock is currently owned by corporate insiders.

Cogent Communications Stock Up 0.0%

Shares of CCOI stock traded up $0.01 during trading hours on Thursday, hitting $48.16. 597,422 shares of the company's stock traded hands, compared to its average volume of 511,158. The stock's fifty day simple moving average is $49.73 and its two-hundred day simple moving average is $63.77. Cogent Communications Holdings, Inc. has a 12-month low of $43.65 and a 12-month high of $86.76. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of -12.01 and a beta of 0.72. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 13.89.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its earnings results on Thursday, May 8th. The technology company reported ($1.09) EPS for the quarter, missing analysts' consensus estimates of ($1.05) by ($0.04). Cogent Communications had a negative return on equity of 70.29% and a negative net margin of 18.76%. The company had revenue of $247.05 million during the quarter, compared to the consensus estimate of $250.81 million. During the same period last year, the firm posted ($1.38) EPS. The company's revenue for the quarter was down 7.2% on a year-over-year basis. On average, analysts expect that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd were paid a $1.01 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $4.04 annualized dividend and a yield of 8.39%. This is a boost from Cogent Communications's previous quarterly dividend of $1.01. Cogent Communications's payout ratio is presently -100.75%.

About Cogent Communications

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.