Bank of New York Mellon Corp Has $32.16 Million Stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Bank of New York Mellon Corp decreased its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 2.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 524,472 shares of the technology company's stock after selling 14,676 shares during the period. Bank of New York Mellon Corp owned 1.06% of Cogent Communications worth $32,155,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Hillsdale Investment Management Inc. bought a new position in shares of Cogent Communications during the 4th quarter worth about $46,000. Itau Unibanco Holding S.A. boosted its position in Cogent Communications by 58.9% in 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 in the last quarter. GAMMA Investing LLC lifted its position 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 worth $64,000 after purchasing an additional 274 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in Cogent Communications by 132.1% in 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, New Age Alpha Advisors LLC acquired a new position in shares of Cogent Communications in the 4th quarter valued at $186,000. Institutional investors and hedge funds own 92.45% of the company's stock.

Cogent Communications Stock Down 3.1%

Cogent Communications stock traded down $1.66 during mid-day trading on Friday, reaching $51.25. The company's stock had a trading volume of 88,384 shares, compared to its average volume of 499,873. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of -12.81 and a beta of 0.73. Cogent Communications Holdings, Inc. has a 12 month low of $43.65 and a 12 month high of $86.76. The business's 50 day simple moving average is $48.72 and its 200 day simple moving average is $61.11. The company has a debt-to-equity ratio of 13.89, a quick ratio of 1.49 and a current ratio of 1.49.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its quarterly 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). The firm had revenue of $247.05 million during the quarter, compared to analyst estimates of $250.81 million. Cogent Communications had a negative net margin of 18.76% and a negative return on equity of 70.29%. The business's revenue was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.38) EPS. As a group, research analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications Increases Dividend

The company 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 dividend on an annualized basis and a yield of 7.88%. This is a boost from Cogent Communications's previous quarterly dividend of $1.01. Cogent Communications's dividend payout ratio (DPR) is currently -100.75%.

Analyst Ratings Changes

CCOI has been the subject of several research reports. UBS Group lowered their price objective on shares of Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, May 9th. The Goldman Sachs Group lowered their price objective on shares of Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Cogent Communications currently has an average rating of "Hold" and an average price target of $75.75.

Insider Transactions at Cogent Communications

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,900 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $48.04, for a total value of $235,396.00. Following the completion of the sale, the chief financial officer owned 98,000 shares in the company, valued at $4,707,920. This trade represents a 4.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lewis H. Ferguson sold 1,100 shares of the stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $47.57, for a total transaction of $52,327.00. Following the completion of the sale, the director owned 18,904 shares of the company's stock, valued at approximately $899,263.28. This represents a 5.50% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 445,500 shares of company stock valued at $21,285,069. 11.40% of the stock is owned by company insiders.

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.