Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Shares Sold by Northern Trust Corp

Northern Trust Corp cut its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI - Free Report) by 2.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 531,086 shares of the technology company's stock after selling 12,292 shares during the period. Northern Trust Corp owned approximately 1.08% of Cogent Communications worth $40,931,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new position in shares of Cogent Communications in the fourth quarter valued at $39,845,000. Hood River Capital Management LLC grew its stake in shares of Cogent Communications by 21.8% in the 4th quarter. Hood River Capital Management LLC now owns 1,436,855 shares of the technology company's stock worth $110,738,000 after buying an additional 257,383 shares in the last quarter. Bryn Mawr Capital Management LLC increased its holdings in shares of Cogent Communications by 8,542.8% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 237,678 shares of the technology company's stock worth $18,318,000 after buying an additional 234,928 shares during the last quarter. Reaves W H & Co. Inc. raised its position in shares of Cogent Communications by 17.1% during the 4th quarter. Reaves W H & Co. Inc. now owns 698,518 shares of the technology company's stock valued at $53,835,000 after buying an additional 101,956 shares in the last quarter. Finally, Loomis Sayles & Co. L P bought a new position in shares of Cogent Communications in the 4th quarter valued at about $7,084,000. Hedge funds and other institutional investors own 92.45% of the company's stock.

Cogent Communications Trading Down 0.8 %

Shares of NASDAQ:CCOI traded down $0.37 on Friday, hitting $48.93. 1,248,464 shares of the company's stock were exchanged, compared to its average volume of 470,061. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 62.73 and a beta of 0.76. Cogent Communications Holdings, Inc. has a 12 month low of $45.00 and a 12 month high of $86.76. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The business's 50 day simple moving average is $59.10 and its two-hundred day simple moving average is $71.41.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The technology company reported ($1.09) earnings per share for the quarter, missing analysts' consensus estimates of ($1.05) by ($0.04). The company had revenue of $247.05 million for the quarter, compared to the consensus estimate of $250.81 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The company's quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.38) EPS. Analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd will be given a dividend of $1.01 per share. This is an increase from Cogent Communications's previous quarterly dividend of $1.01. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.04 dividend on an annualized basis and a dividend yield of 8.26%. Cogent Communications's dividend payout ratio is presently -100.75%.

Analyst Ratings Changes

CCOI has been the topic of a number of recent research reports. The Goldman Sachs Group decreased their price objective on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating on the stock in a research report on Friday. UBS Group decreased their price target on Cogent Communications from $102.00 to $75.00 and set a "buy" rating on the stock in a report on Friday. Finally, StockNews.com raised shares of Cogent Communications to a "sell" rating in a research note on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $75.75.

Insider Activity

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,900 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $72.06, for a total transaction of $353,094.00. Following the transaction, the chief financial officer now owns 103,000 shares of the company's stock, valued at approximately $7,422,180. This trade represents a 4.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Sheryl Lynn Kennedy sold 1,425 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $72.96, for a total transaction of $103,968.00. Following the completion of the sale, the director now directly owns 10,147 shares of the company's stock, valued at $740,325.12. The trade was a 12.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,681 shares of company stock worth $840,878. Company insiders own 11.40% of the company's stock.

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.