Handelsbanken Fonder AB Cuts Stake in Cogent Communications Holdings, Inc. $CCOI

Handelsbanken Fonder AB cut its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 36.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,830 shares of the technology company’s stock after selling 5,600 shares during the quarter. Handelsbanken Fonder AB’s holdings in Cogent Communications were worth $474,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. EdgePoint Investment Group Inc. increased its stake in Cogent Communications by 30.4% during the 1st quarter. EdgePoint Investment Group Inc. now owns 2,012,297 shares of the technology company’s stock valued at $123,374,000 after purchasing an additional 469,028 shares in the last quarter. Magnolia Group LLC bought a new stake in shares of Cogent Communications during the second quarter valued at approximately $52,704,000. Geode Capital Management LLC raised its holdings in Cogent Communications by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,060,367 shares of the technology company’s stock worth $51,127,000 after acquiring an additional 20,055 shares during the last quarter. Reaves W H & Co. Inc. raised its holdings in Cogent Communications by 15.7% in the 1st quarter. Reaves W H & Co. Inc. now owns 808,061 shares of the technology company’s stock worth $49,542,000 after acquiring an additional 109,543 shares during the last quarter. Finally, Westwood Holdings Group Inc. lifted its position in Cogent Communications by 15.3% in the 1st quarter. Westwood Holdings Group Inc. now owns 673,921 shares of the technology company’s stock valued at $41,318,000 after acquiring an additional 89,536 shares in the last quarter. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Performance

CCOI opened at $19.11 on Friday. The company’s 50 day moving average is $34.13 and its 200 day moving average is $40.69. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 49.06. The company has a market cap of $938.46 million, a price-to-earnings ratio of -4.21 and a beta of 0.77. Cogent Communications Holdings, Inc. has a 12-month low of $15.96 and a 12-month high of $84.06.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 6th. The technology company reported ($0.87) earnings per share for the quarter, topping the consensus estimate of ($1.15) by $0.28. The business had revenue of $241.95 million for the quarter, compared to the consensus estimate of $246.13 million. Cogent Communications had a negative net margin of 21.57% and a negative return on equity of 117.56%. The company’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period last year, the firm earned ($1.33) earnings per share. On average, equities research analysts predict that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications announced that its Board of Directors has approved a stock buyback plan on Thursday, August 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase up to 4.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Cogent Communications Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 8th. Shareholders of record on Friday, November 21st will be given a $0.02 dividend. The ex-dividend date is Friday, November 21st. This represents a $0.08 dividend on an annualized basis and a yield of 0.4%. Cogent Communications’s dividend payout ratio is presently -1.96%.

Insider Activity

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 2,400 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $21.34, for a total transaction of $51,216.00. Following the sale, the director owned 10,012 shares in the company, valued at approximately $213,656.08. This trade represents a 19.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $36.99, for a total transaction of $88,776.00. Following the completion of the transaction, the vice president owned 36,200 shares of the company’s stock, valued at approximately $1,339,038. The trade was a 6.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 11.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on CCOI. Wells Fargo & Company restated an “equal weight” rating and issued a $27.00 price target (down previously from $45.00) on shares of Cogent Communications in a research note on Friday, November 7th. Royal Bank Of Canada decreased 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. UBS Group reaffirmed a “neutral” rating and set a $27.00 price target (down previously from $50.00) on shares of Cogent Communications in a report on Friday, November 7th. The Goldman Sachs Group reduced their price target on shares of Cogent Communications from $40.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. Finally, Zacks Research raised shares of Cogent Communications from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Cogent Communications presently has a consensus rating of “Hold” and an average price target of $25.71.

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.