Reaves W H & Co. Inc. Reduces Stake in Cogent Communications Holdings, Inc. $CCOI

Key Points

• Reaves W H & Co. Inc. cut its Cogent Communications stake by 38.8% in the fourth quarter, selling 164,000 shares and leaving it with 259,098 shares valued at about $5.6 million.
• Cogent reported quarterly EPS of -$0.83, beating analyst estimates, but revenue of $239.19 million still fell short of expectations and declined 3.2% year over year.
• The company declared a $0.02 quarterly dividend, while analysts currently rate the stock a Hold on average with a $24.90 target price; the shares last traded at $17.76.

Reaves W H & Co. Inc. lowered its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 38.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 259,098 shares of the technology company's stock after selling 164,000 shares during the period. Reaves W H & Co. Inc. owned approximately 0.53% of Cogent Communications worth $5,586,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Quarry LP purchased a new stake in Cogent Communications in the third quarter valued at approximately $27,000. Hantz Financial Services Inc. lifted its holdings in Cogent Communications by 313.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company's stock valued at $32,000 after acquiring an additional 1,127 shares during the period. Farther Finance Advisors LLC lifted its holdings in Cogent Communications by 56.6% in the fourth quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company's stock valued at $45,000 after acquiring an additional 756 shares during the period. GAMMA Investing LLC lifted its holdings in Cogent Communications by 466.9% in the fourth quarter. GAMMA Investing LLC now owns 2,262 shares of the technology company's stock valued at $49,000 after acquiring an additional 1,863 shares during the period. Finally, Aquatic Capital Management LLC acquired a new position in Cogent Communications in the third quarter valued at approximately $79,000. Hedge funds and other institutional investors own 92.45% of the company's stock.

Cogent Communications Stock Performance

Shares of CCOI opened at $17.76 on Monday. Cogent Communications Holdings, Inc. has a one year low of $14.82 and a one year high of $54.37. The stock has a market capitalization of $889.42 million, a price-to-earnings ratio of -5.00 and a beta of 0.77. The stock has a 50 day moving average price of $19.71 and a 200 day moving average price of $21.07.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($1.03) by $0.20. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The firm had revenue of $239.19 million during the quarter, compared to analysts' expectations of $241.31 million. During the same period in the previous year, the business earned ($1.09) earnings per share. The firm's revenue for the quarter was down 3.2% on a year-over-year basis. On average, analysts predict that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current year.

Cogent Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 2nd. Investors of record on Monday, May 18th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, May 18th. Cogent Communications's payout ratio is presently -2.25%.

Insider Transactions at Cogent Communications

In related news, CFO Thaddeus Gerard Weed sold 4,850 shares of the business's stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $22.63, for a total transaction of $109,755.50. Following the completion of the sale, the chief financial officer directly owned 202,750 shares in the company, valued at approximately $4,588,232.50. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the business's stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $23.35, for a total value of $56,040.00. Following the sale, the vice president owned 41,000 shares of the company's stock, valued at $957,350. The trade was a 5.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 12,756 shares of company stock valued at $292,467 over the last ninety days. Company insiders own 4.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CCOI shares. Citigroup decreased their price target on Cogent Communications from $22.00 to $20.00 and set a "neutral" rating for the company in a report on Tuesday, May 19th. Williams Trading set a $40.00 price target on Cogent Communications in a report on Monday, February 23rd. UBS Group decreased their price target on Cogent Communications from $21.00 to $17.00 and set a "neutral" rating for the company in a report on Tuesday, May 5th. Wall Street Zen raised Cogent Communications from a "strong sell" rating to a "sell" rating in a research note on Sunday, April 26th. Finally, KeyCorp reduced their target price on Cogent Communications from $30.00 to $25.00 and set an "overweight" rating for the company in a research note on Monday, February 23rd. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $24.90.

Cogent Communications Profile

Cogent Communications NASDAQ: CCOI is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent's core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.

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