First Mercantile Trust Co. cut its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 18.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,700 shares of the technology company’s stock after selling 3,396 shares during the period. First Mercantile Trust Co.’s holdings in Cogent Communications Holdings were worth $589,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Gilder Gagnon Howe & Co. LLC raised its position in Cogent Communications Holdings by 0.5% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 7,186 shares of the technology company’s stock valued at $288,000 after buying an additional 38 shares in the last quarter. State of Alaska Department of Revenue increased its stake in shares of Cogent Communications Holdings by 1.8% in the first quarter. State of Alaska Department of Revenue now owns 4,520 shares of the technology company’s stock valued at $194,000 after buying an additional 80 shares during the last quarter. Aperio Group LLC increased its stake in shares of Cogent Communications Holdings by 1.1% in the second quarter. Aperio Group LLC now owns 9,168 shares of the technology company’s stock valued at $368,000 after buying an additional 99 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Cogent Communications Holdings by 0.5% in the second quarter. Arizona State Retirement System now owns 21,400 shares of the technology company’s stock valued at $858,000 after buying an additional 100 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in shares of Cogent Communications Holdings by 1.2% in the first quarter. Louisiana State Employees Retirement System now owns 16,700 shares of the technology company’s stock valued at $719,000 after buying an additional 200 shares during the last quarter. 94.29% of the stock is currently owned by institutional investors and hedge funds.

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) opened at 44.05 on Tuesday. The stock has a market capitalization of $1.97 billion, a P/E ratio of 125.86 and a beta of 0.74. Cogent Communications Holdings, Inc. has a 12-month low of $34.23 and a 12-month high of $45.25. The firm’s 50-day moving average price is $42.05 and its 200 day moving average price is $41.72.

Cogent Communications Holdings (NASDAQ:CCOI) last announced its earnings results on Thursday, August 3rd. The technology company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by $0.02. Cogent Communications Holdings had a net margin of 3.39% and a negative return on equity of 27.66%. The business had revenue of $119.80 million for the quarter, compared to the consensus estimate of $120.23 million. During the same quarter in the previous year, the company earned $0.09 EPS. Cogent Communications Holdings’s revenue for the quarter was up 9.0% compared to the same quarter last year. Analysts predict that Cogent Communications Holdings, Inc. will post $0.48 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be paid a dividend of $0.46 per share. This is an increase from Cogent Communications Holdings’s previous quarterly dividend of $0.44. The ex-dividend date is Wednesday, August 16th. This represents a $1.84 annualized dividend and a yield of 4.18%. Cogent Communications Holdings’s dividend payout ratio is presently 488.89%.

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Several equities research analysts recently commented on CCOI shares. Zacks Investment Research downgraded Cogent Communications Holdings from a “hold” rating to a “sell” rating in a report on Monday, May 1st. Cowen and Company downgraded Cogent Communications Holdings from an “outperform” rating to a “market perform” rating and set a $46.00 target price on the stock. in a report on Tuesday, May 2nd. They noted that the move was a valuation call. Deutsche Bank AG reiterated a “buy” rating and set a $48.00 target price (up from $47.00) on shares of Cogent Communications Holdings in a report on Friday, July 14th. BidaskClub downgraded Cogent Communications Holdings from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Finally, Royal Bank Of Canada raised their target price on Cogent Communications Holdings from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Monday, August 7th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $42.45.

In other Cogent Communications Holdings news, CFO Thaddeus Gerard Weed sold 2,250 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $40.76, for a total value of $91,710.00. Following the completion of the transaction, the chief financial officer now owns 74,900 shares of the company’s stock, valued at approximately $3,052,924. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Robert N. Beury, Jr. sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $40.20, for a total value of $120,600.00. Following the completion of the transaction, the vice president now directly owns 53,240 shares of the company’s stock, valued at approximately $2,140,248. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,933 shares of company stock valued at $1,169,426. 9.48% of the stock is owned by corporate insiders.

Cogent Communications Holdings Company Profile

Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.

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Institutional Ownership by Quarter for Cogent Communications Holdings (NASDAQ:CCOI)

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