Pitcairn Co. Buys 393 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Pitcairn Co. lifted its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 4.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,281 shares of the technology company’s stock after acquiring an additional 393 shares during the quarter. Pitcairn Co.’s holdings in Cogent Communications were worth $657,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CCOI. Nuveen Asset Management LLC lifted its holdings in Cogent Communications by 103.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 342,981 shares of the technology company’s stock worth $26,372,000 after purchasing an additional 174,036 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings in Cogent Communications by 34.5% in the 2nd quarter. Westfield Capital Management Co. LP now owns 646,911 shares of the technology company’s stock worth $49,741,000 after purchasing an additional 165,865 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in Cogent Communications by 50.9% in the 3rd quarter. Pacer Advisors Inc. now owns 381,652 shares of the technology company’s stock worth $27,036,000 after purchasing an additional 128,760 shares in the last quarter. M&G Investment Management Ltd. lifted its holdings in Cogent Communications by 103.9% in the 2nd quarter. M&G Investment Management Ltd. now owns 215,213 shares of the technology company’s stock worth $16,571,000 after purchasing an additional 109,646 shares in the last quarter. Finally, Federated Hermes Inc. lifted its holdings in Cogent Communications by 311.6% in the 2nd quarter. Federated Hermes Inc. now owns 89,062 shares of the technology company’s stock worth $6,848,000 after purchasing an additional 67,425 shares in the last quarter. Institutional investors own 84.89% of the company’s stock.

NASDAQ:CCOI opened at $63.99 on Friday. The stock’s fifty day moving average is $74.25 and its 200 day moving average is $74.33. Cogent Communications Holdings, Inc. has a fifty-two week low of $56.38 and a fifty-two week high of $80.50. The firm has a market capitalization of $3.05 billion, a PE ratio of 127.98 and a beta of 0.13.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, November 4th. The technology company reported $0.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.04. The company had revenue of $147.93 million for the quarter, compared to the consensus estimate of $148.63 million. Cogent Communications had a negative return on equity of 11.81% and a net margin of 3.93%. Cogent Communications’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.23 EPS. As a group, analysts anticipate that Cogent Communications Holdings, Inc. will post 0.84 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, December 3rd. Stockholders of record on Friday, November 19th were given a dividend of $0.83 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.81. The ex-dividend date was Thursday, November 18th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 5.19%. Cogent Communications’s dividend payout ratio is presently 664.00%.

Several brokerages have recently issued reports on CCOI. Credit Suisse Group decreased their price objective on Cogent Communications from $93.00 to $89.00 and set an “outperform” rating on the stock in a report on Friday, November 5th. Wells Fargo & Company cut Cogent Communications from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $75.00 to $65.00 in a report on Wednesday. TheStreet raised Cogent Communications from a “c” rating to a “b” rating in a report on Tuesday, November 16th. Finally, The Goldman Sachs Group cut Cogent Communications from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $70.00 to $57.00 in a report on Tuesday. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $78.57.

In related news, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction on Tuesday, December 14th. The stock was sold at an average price of $76.77, for a total transaction of $147,398.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sheryl Lynn Kennedy sold 1,600 shares of the company’s stock in a transaction on Tuesday, November 23rd. The stock was sold at an average price of $77.36, for a total value of $123,776.00. The disclosure for this sale can be found here. Insiders have sold a total of 9,420 shares of company stock worth $729,139 in the last three months. Corporate insiders own 11.10% of the company’s stock.

About Cogent Communications

Cogent Communications Holdings, Inc engages in the provision of internet access and Internet Protocol communications solutions. It offers internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services. The company was founded by David Schaeffer in August 1999 and is headquartered in Washington, DC.

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

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