Cogent Communications Holdings, Inc. (NASDAQ:CCOI) shares dropped NaN during mid-day trading on Thursday following a dissappointing earnings announcement. The company traded as low as $45.15 and last traded at $0.00. Approximately 1,588,748 shares changed hands during trading, an increase of Infinity from the average daily volume of 0 shares. The technology company reported $0.08 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.06). The company had revenue of $123.00 million during the quarter, compared to analysts’ expectations of $123.60 million. Cogent Communications Holdings had a negative return on equity of 27.66% and a net margin of 3.39%. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.08 EPS.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 4th. Investors of record on Friday, November 17th will be paid a $0.48 dividend. The ex-dividend date is Thursday, November 16th. This is a boost from Cogent Communications Holdings’s previous quarterly dividend of $0.46. This represents a $1.92 annualized dividend and a dividend yield of 4.09%. Cogent Communications Holdings’s dividend payout ratio (DPR) is presently 511.11%.

Several analysts recently issued reports on CCOI shares. Off Wall Street started coverage on Cogent Communications Holdings in a research note on Monday, July 31st. They issued a “sell” rating and a $29.00 target price on the stock. Zacks Investment Research raised Cogent Communications Holdings from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research report on Monday, October 9th. BidaskClub raised Cogent Communications Holdings from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $48.00 price objective on shares of Cogent Communications Holdings in a research report on Monday, September 18th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $48.00 price objective (up from $47.00) on shares of Cogent Communications Holdings in a research report on Friday, July 14th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. Cogent Communications Holdings presently has an average rating of “Hold” and a consensus price target of $44.23.

In other news, VP Timothy G. Oneill sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $48.75, for a total value of $97,500.00. Following the sale, the vice president now directly owns 39,052 shares of the company’s stock, valued at approximately $1,903,785. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Henry W. Kilmer sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $46.45, for a total value of $139,350.00. Following the completion of the sale, the vice president now directly owns 36,600 shares in the company, valued at $1,700,070. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,466 shares of company stock worth $1,380,404. Insiders own 9.48% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of CCOI. Flinton Capital Management LLC boosted its position in shares of Cogent Communications Holdings by 63.4% in the 2nd quarter. Flinton Capital Management LLC now owns 2,640 shares of the technology company’s stock worth $106,000 after purchasing an additional 1,024 shares in the last quarter. Sei Investments Co. boosted its position in shares of Cogent Communications Holdings by 29.7% in the 2nd quarter. Sei Investments Co. now owns 2,923 shares of the technology company’s stock worth $117,000 after purchasing an additional 670 shares in the last quarter. Pacad Investment Ltd. bought a new stake in shares of Cogent Communications Holdings in the 2nd quarter worth approximately $140,000. PNC Financial Services Group Inc. boosted its position in shares of Cogent Communications Holdings by 1,919.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,776 shares of the technology company’s stock worth $151,000 after purchasing an additional 3,589 shares in the last quarter. Finally, Riverhead Capital Management LLC boosted its position in shares of Cogent Communications Holdings by 66.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,163 shares of the technology company’s stock worth $167,000 after purchasing an additional 1,663 shares in the last quarter. 93.02% of the stock is currently owned by hedge funds and other institutional investors.

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About Cogent Communications Holdings

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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