State of Tennessee Department of Treasury Has $812,000 Stock Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

State of Tennessee Department of Treasury lowered its stake in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 4.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,542 shares of the technology company’s stock after selling 461 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Cogent Communications were worth $812,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Cogent Communications by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 5,114,596 shares of the technology company’s stock valued at $394,182,000 after buying an additional 43,523 shares during the period. Reaves W H & Co. Inc. boosted its stake in Cogent Communications by 17.1% during the 4th quarter. Reaves W H & Co. Inc. now owns 698,518 shares of the technology company’s stock worth $53,835,000 after acquiring an additional 101,956 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Cogent Communications during the fourth quarter valued at approximately $39,845,000. Charles Schwab Investment Management Inc. increased its stake in Cogent Communications by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 509,344 shares of the technology company’s stock valued at $39,255,000 after purchasing an additional 11,858 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Cogent Communications by 17.2% in the fourth quarter. First Trust Advisors LP now owns 256,871 shares of the technology company’s stock worth $19,797,000 after purchasing an additional 37,708 shares during the period. 92.45% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $72.57, for a total transaction of $174,168.00. Following the completion of the transaction, the vice president now directly owns 41,000 shares of the company’s stock, valued at approximately $2,975,370. This represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lewis H. Ferguson sold 956 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $69.36, for a total value of $66,308.16. Following the completion of the transaction, the director now owns 18,652 shares of the company’s stock, valued at approximately $1,293,702.72. This represents a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,681 shares of company stock valued at $840,878 in the last three months. 11.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $80.25.

Cogent Communications Stock Performance

Shares of Cogent Communications stock opened at $56.46 on Friday. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of 72.38 and a beta of 0.69. Cogent Communications Holdings, Inc. has a one year low of $47.54 and a one year high of $86.76. The stock’s 50-day moving average is $61.21 and its 200-day moving average is $72.65.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.31. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm had revenue of $252.29 million during the quarter, compared to the consensus estimate of $258.49 million. Equities analysts predict that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were paid a $1.005 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.00. This represents a $4.02 annualized dividend and a yield of 7.12%. The ex-dividend date was Thursday, March 13th. Cogent Communications’s payout ratio is presently -93.49%.

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.