Campbell & CO Investment Adviser LLC Cuts Position in Cogent Communications Holdings, Inc. $CCOI

Campbell & CO Investment Adviser LLC trimmed its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 54.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,371 shares of the technology company’s stock after selling 12,335 shares during the quarter. Campbell & CO Investment Adviser LLC’s holdings in Cogent Communications were worth $500,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. AlphaQuest LLC bought a new position in Cogent Communications in the 1st quarter valued at $36,000. Farther Finance Advisors LLC increased its holdings in Cogent Communications by 297.8% during the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock worth $36,000 after buying an additional 554 shares during the last quarter. Atlantic Union Bankshares Corp bought a new stake in Cogent Communications in the second quarter worth about $40,000. Byrne Asset Management LLC purchased a new position in Cogent Communications in the second quarter valued at about $41,000. Finally, Resources Management Corp CT ADV purchased a new position in Cogent Communications in the first quarter valued at about $48,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Trading Up 5.2%

Shares of CCOI stock opened at $17.55 on Friday. The stock has a market capitalization of $862.07 million, a price-to-earnings ratio of -3.87 and a beta of 0.77. The company’s fifty day simple moving average is $37.86 and its two-hundred day simple moving average is $43.13. Cogent Communications Holdings, Inc. has a 1 year low of $15.96 and a 1 year high of $85.18. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.31 and a quick ratio of 2.31.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, November 6th. The technology company reported ($0.87) earnings per share for the quarter, beating the consensus estimate of ($1.15) by $0.28. Cogent Communications had a negative return on equity of 117.56% and a negative net margin of 21.57%.The company had revenue of $241.95 million during the quarter, compared to analysts’ expectations of $246.13 million. During the same period in the previous year, the business earned ($1.33) earnings per share. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. As a group, analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current year.

Cogent Communications declared that its board has authorized a stock repurchase program on Thursday, August 7th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the technology company to buy up to 4.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Cogent Communications Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 8th. Stockholders of record on Friday, November 21st will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, November 21st. Cogent Communications’s dividend payout ratio is presently -1.96%.

Insider Buying and Selling

In other news, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $36.99, for a total value of $88,776.00. Following the completion of the transaction, the vice president directly owned 36,200 shares in the company, valued at approximately $1,339,038. This trade represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sheryl Lynn Kennedy sold 2,400 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $21.34, for a total transaction of $51,216.00. Following the sale, the director directly owned 10,012 shares in the company, valued at $213,656.08. This trade represents a 19.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 6,800 shares of company stock valued at $212,692 over the last 90 days. 11.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CCOI shares. UBS Group restated a “neutral” rating and set a $27.00 price target (down previously from $50.00) on shares of Cogent Communications in a research note on Friday, November 7th. KeyCorp decreased their target price on Cogent Communications from $65.00 to $30.00 and set an “overweight” rating for the company in a research report on Friday, November 7th. Royal Bank Of Canada lowered their target price on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. dropped their price target on Cogent Communications from $37.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Citigroup decreased their price objective on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus 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.