Victory Capital Management Inc. Has $3.78 Million Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Victory Capital Management Inc. trimmed its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 64.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,033 shares of the technology company’s stock after selling 89,302 shares during the period. Victory Capital Management Inc. owned approximately 0.10% of Cogent Communications worth $3,779,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CCOI. Itau Unibanco Holding S.A. bought a new position in Cogent Communications in the 3rd quarter valued at $30,000. Quest Partners LLC bought a new position in Cogent Communications in the third quarter valued at about $46,000. Blue Trust Inc. increased its position in Cogent Communications by 53.8% in the fourth quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock worth $47,000 after purchasing an additional 218 shares during the period. BankPlus Trust Department bought a new stake in Cogent Communications during the 4th quarter worth about $63,000. Finally, Jones Financial Companies Lllp lifted its position in Cogent Communications by 132.1% during the 4th quarter. Jones Financial Companies Lllp now owns 875 shares of the technology company’s stock valued at $67,000 after purchasing an additional 498 shares during the period. 92.45% of the stock is owned by institutional investors.

Cogent Communications Stock Performance

Shares of Cogent Communications stock opened at $68.52 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 $3.38 billion, a price-to-earnings ratio of 87.85 and a beta of 0.45. Cogent Communications Holdings, Inc. has a one year low of $50.80 and a one year high of $86.76. The stock’s 50-day moving average is $75.42 and its 200-day moving average is $76.85.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, February 27th. The technology company reported ($0.91) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.22) by $0.31. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm had revenue of $252.29 million for the quarter, compared to analyst estimates 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 business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a $1.005 dividend. This represents a $4.02 dividend on an annualized basis and a yield of 5.87%. This is an increase from Cogent Communications’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, March 13th. Cogent Communications’s dividend payout ratio (DPR) is currently -93.49%.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Cogent Communications news, Director Lewis H. Ferguson sold 956 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was 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 of the company’s stock, valued at $1,293,702.72. The trade was a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sheryl Lynn Kennedy sold 1,425 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $72.96, for a total value of $103,968.00. Following the completion of the sale, the director now directly owns 10,147 shares of the company’s stock, valued at approximately $740,325.12. The trade was a 12.31 % 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 90 days. 11.00% of the stock is currently owned by 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.