Bank of New York Mellon Corp Sells 14,676 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Bank of New York Mellon Corp lowered its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 2.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 524,472 shares of the technology company's stock after selling 14,676 shares during the quarter. Bank of New York Mellon Corp owned about 1.06% of Cogent Communications worth $32,155,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in shares of Cogent Communications by 2.3% in the first quarter. Principal Financial Group Inc. now owns 210,977 shares of the technology company's stock worth $12,935,000 after acquiring an additional 4,781 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Cogent Communications in the first quarter worth about $417,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Cogent Communications by 12.2% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,829 shares of the technology company's stock worth $357,000 after acquiring an additional 633 shares in the last quarter. Taylor Frigon Capital Management LLC increased its holdings in shares of Cogent Communications by 76.3% in the first quarter. Taylor Frigon Capital Management LLC now owns 34,311 shares of the technology company's stock worth $2,104,000 after acquiring an additional 14,847 shares in the last quarter. Finally, Skylands Capital LLC increased its holdings in shares of Cogent Communications by 16.1% in the first quarter. Skylands Capital LLC now owns 81,375 shares of the technology company's stock worth $4,989,000 after acquiring an additional 11,300 shares in the last quarter. Institutional investors and hedge funds own 92.45% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. UBS Group decreased their price target on Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, May 9th. The Goldman Sachs Group dropped their price target on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Two 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.com, the stock currently has a consensus rating of "Hold" and an average price target of $75.75.

Cogent Communications Trading Down 5.5%

Shares of CCOI traded down $2.91 during trading hours on Friday, hitting $50.00. The company had a trading volume of 1,250,056 shares, compared to its average volume of 504,638. The firm has a market cap of $2.47 billion, a P/E ratio of -12.47 and a beta of 0.73. The stock's 50 day moving average price is $48.74 and its 200 day moving average price is $60.93. 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 Holdings, Inc. has a 52-week low of $43.65 and a 52-week high of $86.76.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The technology company reported ($1.09) EPS for the quarter, missing the consensus estimate 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 analysts' expectations of $250.81 million. During the same quarter in the prior year, the firm posted ($1.38) EPS. The firm's quarterly revenue was down 7.2% on a year-over-year basis. On average, research analysts predict 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. Stockholders of record on Thursday, May 22nd were given a $1.01 dividend. This is a boost from Cogent Communications's previous quarterly dividend of $1.01. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.08%. The ex-dividend date was Thursday, May 22nd. Cogent Communications's payout ratio is currently -100.75%.

Insider Transactions at Cogent Communications

In other news, CFO Thaddeus Gerard Weed sold 4,900 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $48.04, for a total value of $235,396.00. Following the sale, the chief financial officer directly owned 98,000 shares of the company's stock, valued at $4,707,920. The trade was a 4.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $47.95, for a total value of $115,080.00. Following the completion of the transaction, the vice president directly owned 38,600 shares in the company, valued at $1,850,870. This trade represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 445,500 shares of company stock worth $21,285,069. Company insiders own 11.40% of the company's stock.

Cogent Communications 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.