TrueMark Investments LLC Takes Position in Cogent Communications Holdings, Inc. $CCOI

TrueMark Investments LLC bought a new position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 29,662 shares of the technology company’s stock, valued at approximately $640,000.

Several other institutional investors have also added to or reduced their stakes in CCOI. Turtle Creek Asset Management Inc. boosted its stake in Cogent Communications by 64.9% in the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock valued at $176,561,000 after purchasing an additional 1,811,222 shares during the period. Bank of America Corp DE lifted its holdings in shares of Cogent Communications by 551.2% during the third quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock worth $43,965,000 after buying an additional 970,367 shares in the last quarter. Invesco Ltd. boosted its position in shares of Cogent Communications by 84.2% in the second quarter. Invesco Ltd. now owns 1,003,273 shares of the technology company’s stock valued at $48,368,000 after acquiring an additional 458,698 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Cogent Communications by 369.3% in the third quarter. JPMorgan Chase & Co. now owns 539,770 shares of the technology company’s stock valued at $20,700,000 after acquiring an additional 424,746 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in shares of Cogent Communications by 144.2% in the second quarter. Qube Research & Technologies Ltd now owns 687,839 shares of the technology company’s stock valued at $33,161,000 after acquiring an additional 406,129 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of Cogent Communications in a research note on Monday, December 22nd. KeyCorp decreased their target price on shares of Cogent Communications from $30.00 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, February 23rd. TD Cowen reaffirmed a “buy” rating on shares of Cogent Communications in a report on Monday, February 23rd. Royal Bank Of Canada dropped their price target on shares of Cogent Communications from $23.00 to $22.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 18th. Finally, Wells Fargo & Company cut their price target on 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. Three equities 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $26.67.

Cogent Communications Stock Down 0.9%

CCOI stock opened at $17.46 on Tuesday. Cogent Communications Holdings, Inc. has a 52 week low of $15.96 and a 52 week high of $62.25. The business has a 50-day simple moving average of $22.14 and a 200 day simple moving average of $26.96. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 49.06. The company has a market cap of $874.05 million, a PE ratio of -4.58 and a beta of 0.84.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.09) by $0.45. Cogent Communications had a negative net margin of 18.67% and a negative return on equity of 842.48%. The firm had revenue of $240.52 million for the quarter, compared to the consensus estimate of $243.82 million. During the same period in the prior 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. Sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current fiscal year.

Cogent Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were given a dividend of $0.02 per share. The ex-dividend date was Friday, March 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.5%. Cogent Communications’s dividend payout ratio (DPR) is currently -2.10%.

Insider Activity

In other Cogent Communications news, Director Lewis H. Ferguson sold 2,206 shares of the business’s stock in a transaction that occurred 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 transaction, the director directly 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction 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 disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 12,756 shares of company stock valued at $292,467. 4.20% of the stock is owned by insiders.

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.