PNC Financial Services Group Inc. Has $3.68 Million Holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

PNC Financial Services Group Inc. cut its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 1.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,498 shares of the technology company’s stock after selling 716 shares during the quarter. PNC Financial Services Group Inc. owned about 0.10% of Cogent Communications worth $3,682,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CCOI. EntryPoint Capital LLC acquired a new stake in shares of Cogent Communications during the first quarter worth $26,000. Blue Trust Inc. increased its position in shares of Cogent Communications by 204.5% during the third quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock worth $31,000 after buying an additional 272 shares during the period. Hexagon Capital Partners LLC increased its position in shares of Cogent Communications by 72.9% during the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock worth $41,000 after buying an additional 226 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Cogent Communications by 127.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after buying an additional 441 shares during the period. Finally, Quest Partners LLC acquired a new stake in shares of Cogent Communications during the third quarter worth $46,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on CCOI shares. JPMorgan Chase & Co. raised their price target on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a report on Monday, August 12th. Citigroup raised their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Royal Bank of Canada restated an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a report on Tuesday, September 3rd. KeyCorp raised their price target on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Finally, UBS Group started coverage on shares of Cogent Communications in a report on Thursday, November 14th. They issued a “buy” rating and a $102.00 price target for the company. Two equities research 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 presently has an average rating of “Hold” and an average target price of $80.25.

Cogent Communications Stock Down 0.8 %

Cogent Communications stock opened at $83.15 on Monday. Cogent Communications Holdings, Inc. has a 1-year low of $50.80 and a 1-year high of $86.76. The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of 106.61 and a beta of 0.40. The firm’s fifty day moving average price is $79.21 and its two-hundred day moving average price is $68.81. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm had revenue of $257.20 million for the quarter, compared to analyst estimates of $258.69 million. During the same period last year, the firm earned ($1.13) earnings per share. The business’s quarterly revenue was down 6.6% compared to the same quarter last year. On average, equities research analysts predict that Cogent Communications Holdings, Inc. will post -4.54 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.995 per share. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 dividend on an annualized basis and a dividend yield of 4.79%. The ex-dividend date of this dividend is Friday, November 22nd. Cogent Communications’s dividend payout ratio (DPR) is presently 505.13%.

Insider Activity at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total value of $4,369,200.00. Following the sale, the chief executive officer now owns 4,373,038 shares of the company’s stock, valued at approximately $318,444,627.16. The trade was a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Blake Bath sold 6,220 shares of Cogent Communications stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $83.69, for a total transaction of $520,551.80. Following the completion of the sale, the director now directly owns 10,000 shares in the company, valued at approximately $836,900. This represents a 38.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 74,016 shares of company stock valued at $5,485,335 over the last ninety days. Corporate insiders own 11.40% of the company’s stock.

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.