Westwood Holdings Group Inc. Sells 35,713 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Westwood Holdings Group Inc. lessened its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 5.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 584,385 shares of the technology company’s stock after selling 35,713 shares during the period. Westwood Holdings Group Inc. owned about 1.19% of Cogent Communications worth $45,039,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Turtle Creek Asset Management Inc. purchased a new stake in shares of Cogent Communications in the fourth quarter worth $9,649,000. Tyro Capital Management LLC boosted its position in Cogent Communications by 20.1% during the 4th quarter. Tyro Capital Management LLC now owns 420,825 shares of the technology company’s stock valued at $32,433,000 after acquiring an additional 70,521 shares in the last quarter. Shellback Capital LP purchased a new stake in Cogent Communications in the fourth quarter worth $9,255,000. SG Capital Management LLC increased its stake in shares of Cogent Communications by 105.2% during the fourth quarter. SG Capital Management LLC now owns 201,916 shares of the technology company’s stock valued at $15,562,000 after purchasing an additional 103,498 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings in Cogent Communications by 7.0% in the fourth quarter. ProShare Advisors LLC now owns 111,844 shares of the technology company’s stock worth $8,620,000 after buying an additional 7,318 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group decreased their target price on shares of Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. StockNews.com raised shares of Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Finally, UBS Group dropped their price target on shares of Cogent Communications from $102.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Cogent Communications currently has an average rating of “Hold” and a consensus target price of $75.75.

Cogent Communications Price Performance

CCOI opened at $50.59 on Monday. The business has a fifty day moving average of $57.13 and a 200 day moving average of $70.33. The stock has a market cap of $2.50 billion, a P/E ratio of 64.86 and a beta of 0.76. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. Cogent Communications Holdings, Inc. has a 52-week low of $45.00 and a 52-week high of $86.76.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, May 8th. The technology company reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.04). The company had revenue of $247.05 million for the quarter, compared to the consensus estimate of $250.81 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The company’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.38) EPS. As a group, sell-side analysts anticipate that Cogent Communications Holdings, Inc. will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Thursday, May 22nd will be given a $1.01 dividend. This represents a $4.04 annualized dividend and a dividend yield of 7.99%. This is a positive change from Cogent Communications’s previous quarterly dividend of $1.01. The ex-dividend date is Thursday, May 22nd. Cogent Communications’s payout ratio is presently -100.75%.

Insider Activity at Cogent Communications

In other Cogent Communications news, Director Lewis H. Ferguson sold 956 shares of the company’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 transaction of $66,308.16. Following the transaction, the director now owns 18,652 shares in the company, valued at approximately $1,293,702.72. This represents a 4.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction 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 sale, the vice president now owns 41,000 shares of the company’s stock, valued at $2,975,370. The trade was a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,681 shares of company stock valued at $840,878 over the last quarter. 11.40% of the stock is owned by corporate insiders.

Cogent Communications Company Profile

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.