Tyro Capital Management LLC Acquires 298,392 Shares of Cogent Communications Holdings, Inc. $CCOI

Key Points

• Tyro Capital increased its stake in Cogent Communications by 46.9%, buying 298,392 shares to own 935,287 shares (about 1.90% of the company) worth $35.9 million, making CCOI its third-largest holding.
• Company insiders have been net sellers recently — directors sold shares on March 5 and insiders sold a total of 12,756 shares (~$292,467) over the last quarter, with insiders owning about 10.20% of the stock.
• Operationally, Cogent beat EPS estimates (-$0.64 vs. -$1.09) but reported revenue down 4.7% to $240.5M and remains unprofitable; the company declared a $0.02 quarterly dividend and analysts hold a consensus “Hold” rating with an average target of $26.78.

Tyro Capital Management LLC boosted its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 46.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 935,287 shares of the technology company's stock after acquiring an additional 298,392 shares during the quarter. Cogent Communications comprises 13.3% of Tyro Capital Management LLC's holdings, making the stock its 3rd largest holding. Tyro Capital Management LLC owned approximately 1.90% of Cogent Communications worth $35,868,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CCOI. Atlantic Union Bankshares Corp purchased a new position in shares of Cogent Communications during the 2nd quarter worth $40,000. Farther Finance Advisors LLC raised its holdings in Cogent Communications by 80.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,336 shares of the technology company's stock valued at $51,000 after buying an additional 596 shares during the period. Versant Capital Management Inc raised its holdings in Cogent Communications by 333.7% in the 3rd quarter. Versant Capital Management Inc now owns 1,557 shares of the technology company's stock valued at $60,000 after buying an additional 1,198 shares during the period. MAI Capital Management lifted its position in Cogent Communications by 536.5% in the third quarter. MAI Capital Management now owns 2,215 shares of the technology company's stock valued at $85,000 after buying an additional 1,867 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in Cogent Communications in the second quarter valued at about $98,000. Hedge funds and other institutional investors own 92.45% of the company's stock.

Insider Activity

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 3,300 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $22.99, for a total value of $75,867.00. Following the sale, the director directly owned 10,100 shares of the company's stock, valued at approximately $232,199. This represents a 24.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Lewis H. Ferguson sold 2,206 shares of the firm's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $23.03, for a total transaction of $50,804.18. Following the completion of the sale, the director owned 20,449 shares in the company, valued at $470,940.47. The trade was a 9.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 12,756 shares of company stock worth $292,467. Insiders own 10.20% of the company's stock.

Cogent Communications Price Performance

CCOI stock opened at $22.50 on Tuesday. The business's 50-day moving average is $23.07 and its two-hundred day moving average is $28.86. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.04 and a quick ratio of 2.04. The firm has a market capitalization of $1.13 billion, a P/E ratio of -5.91 and a beta of 0.84. Cogent Communications Holdings, Inc. has a 1 year low of $15.96 and a 1 year high of $71.82.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) EPS for the quarter, topping analysts' consensus estimates of ($1.09) by $0.45. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 18.67%.The business had revenue of $240.52 million during the quarter, compared to the consensus estimate of $243.82 million. During the same period in the previous year, the company posted ($0.91) earnings per share. The business's revenue for the quarter was down 4.7% on a year-over-year basis. Analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, March 6th. Cogent Communications's payout ratio is -2.10%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Royal Bank Of Canada dropped their target price on Cogent Communications from $40.00 to $23.00 and set a "sector perform" rating for the company in a research report on Thursday, November 13th. Wells Fargo & Company lowered their price objective on shares of Cogent Communications from $27.00 to $23.00 and set an "equal weight" rating for the company in a research note on Thursday, March 5th. Citigroup dropped their price objective on shares of Cogent Communications from $33.00 to $25.00 and set a "neutral" rating for the company in a report on Tuesday, November 11th. TD Cowen reiterated a "buy" rating on shares of Cogent Communications in a report on Monday, February 23rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Cogent Communications from $37.00 to $23.00 and set a "neutral" rating for the company in a research report on Thursday, November 13th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $26.78.

Cogent Communications Company 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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