Tiedemann Advisors LLC Has $493,000 Position in Cogent Communications Holdings Inc (NASDAQ:CCOI)

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Tiedemann Advisors LLC reduced its holdings in shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) by 21.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,298 shares of the technology company’s stock after selling 2,220 shares during the period. Tiedemann Advisors LLC’s holdings in Cogent Communications were worth $493,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its position in Cogent Communications by 1.6% in the second quarter. BlackRock Inc. now owns 6,826,740 shares of the technology company’s stock valued at $405,235,000 after buying an additional 105,911 shares in the last quarter. Renaissance Technologies LLC boosted its position in Cogent Communications by 1.4% in the second quarter. Renaissance Technologies LLC now owns 3,423,700 shares of the technology company’s stock valued at $203,231,000 after buying an additional 47,300 shares in the last quarter. First Trust Advisors LP boosted its position in Cogent Communications by 3.4% in the first quarter. First Trust Advisors LP now owns 1,785,559 shares of the technology company’s stock valued at $96,867,000 after buying an additional 59,007 shares in the last quarter. FMR LLC boosted its position in Cogent Communications by 33.2% in the first quarter. FMR LLC now owns 1,488,748 shares of the technology company’s stock valued at $80,764,000 after buying an additional 370,945 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Cogent Communications by 1.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,385,819 shares of the technology company’s stock valued at $62,654,000 after buying an additional 22,196 shares in the last quarter. Institutional investors and hedge funds own 87.80% of the company’s stock.

Shares of NASDAQ CCOI traded down $1.07 during trading on Friday, reaching $57.77. The company had a trading volume of 5,611 shares, compared to its average volume of 180,564. Cogent Communications Holdings Inc has a 52 week low of $42.40 and a 52 week high of $64.24. The stock has a market cap of $2.75 billion, a PE ratio of 91.70, a PEG ratio of 9.57 and a beta of 0.58. The business’s 50 day moving average price is $60.00 and its 200-day moving average price is $57.46.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, August 8th. The technology company reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.06). Cogent Communications had a negative return on equity of 20.58% and a net margin of 5.97%. The company had revenue of $134.79 million during the quarter, compared to the consensus estimate of $136.12 million. During the same period in the prior year, the firm posted $0.14 earnings per share. The company’s revenue was up 4.2% on a year-over-year basis. As a group, equities analysts expect that Cogent Communications Holdings Inc will post 0.77 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Friday, August 23rd were paid a $0.62 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $0.60. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.29%. Cogent Communications’s payout ratio is currently 393.65%.

A number of equities analysts have commented on the stock. Credit Suisse Group assumed coverage on shares of Cogent Communications in a research report on Friday, May 31st. They issued an “outperform” rating and a $68.00 price target on the stock. Zacks Investment Research lowered shares of Cogent Communications from a “hold” rating to a “sell” rating in a research report on Monday, August 12th. TheStreet lowered shares of Cogent Communications from a “b” rating to a “c+” rating in a research report on Monday, August 12th. BidaskClub raised shares of Cogent Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, August 21st. Finally, ValuEngine downgraded shares of Cogent Communications from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $58.17.

In related news, CEO Mike Slessor sold 14,835 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $18.03, for a total transaction of $267,475.05. Also, Director Richard Liebhaber sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $59.90, for a total transaction of $299,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,080 shares of company stock valued at $1,240,632. Insiders own 10.17% of the company’s stock.

Cogent Communications Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

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

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