State of New Jersey Common Pension Fund D Lowers Position in Cogent Communications Holdings, Inc. (CCOI)

State of New Jersey Common Pension Fund D reduced its stake in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 50.0% during the second quarter, Holdings Channel reports. The institutional investor owned 400,000 shares of the technology company’s stock after selling 400,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Cogent Communications Holdings were worth $16,040,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Teachers Advisors LLC boosted its position in Cogent Communications Holdings by 4.9% in the fourth quarter. Teachers Advisors LLC now owns 74,032 shares of the technology company’s stock valued at $3,061,000 after buying an additional 3,444 shares in the last quarter. LS Investment Advisors LLC boosted its position in Cogent Communications Holdings by 74.2% in the first quarter. LS Investment Advisors LLC now owns 2,571 shares of the technology company’s stock valued at $111,000 after buying an additional 1,095 shares in the last quarter. Renaissance Technologies LLC boosted its position in Cogent Communications Holdings by 11.5% in the first quarter. Renaissance Technologies LLC now owns 1,813,500 shares of the technology company’s stock valued at $78,071,000 after buying an additional 187,400 shares in the last quarter. Parametric Portfolio Associates LLC boosted its position in Cogent Communications Holdings by 0.7% in the first quarter. Parametric Portfolio Associates LLC now owns 146,097 shares of the technology company’s stock valued at $6,289,000 after buying an additional 962 shares in the last quarter. Finally, OppenheimerFunds Inc. boosted its position in Cogent Communications Holdings by 35.3% in the first quarter. OppenheimerFunds Inc. now owns 8,785 shares of the technology company’s stock valued at $378,000 after buying an additional 2,291 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors.

Cogent Communications Holdings, Inc. (NASDAQ CCOI) opened at 43.20 on Tuesday. The stock’s 50 day moving average is $41.28 and its 200 day moving average is $41.63. Cogent Communications Holdings, Inc. has a 12-month low of $34.23 and a 12-month high of $45.25. The stock has a market capitalization of $1.93 billion, a PE ratio of 127.06 and a beta of 0.74.

Cogent Communications Holdings (NASDAQ:CCOI) last posted its earnings results on Thursday, August 3rd. The technology company reported $0.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.02. The firm had revenue of $119.80 million during the quarter, compared to analyst estimates of $120.23 million. Cogent Communications Holdings had a negative return on equity of 27.66% and a net margin of 3.39%. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter last year, the business posted $0.09 earnings per share. Analysts forecast that Cogent Communications Holdings, Inc. will post $0.47 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a $0.46 dividend. The ex-dividend date is Wednesday, August 16th. This is a positive change from Cogent Communications Holdings’s previous quarterly dividend of $0.44. This represents a $1.84 annualized dividend and a yield of 4.26%. Cogent Communications Holdings’s dividend payout ratio (DPR) is 488.89%.

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Several research analysts have issued reports on CCOI shares. Zacks Investment Research cut Cogent Communications Holdings from a “hold” rating to a “sell” rating in a report on Monday, May 1st. Cowen and Company cut Cogent Communications Holdings from an “outperform” rating to a “market perform” rating and set a $46.00 price target on the stock. in a report on Tuesday, May 2nd. They noted that the move was a valuation call. Deutsche Bank AG reissued a “buy” rating and set a $48.00 target price (up from $47.00) on shares of Cogent Communications Holdings in a research note on Friday, July 14th. BidaskClub downgraded shares of Cogent Communications Holdings from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Finally, Off Wall Street assumed coverage on shares of Cogent Communications Holdings in a research note on Monday, July 31st. They set a “sell” rating and a $29.00 target price on the stock. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $42.67.

In related news, CFO Thaddeus Gerard Weed sold 2,250 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $43.51, for a total transaction of $97,897.50. Following the sale, the chief financial officer now directly owns 72,650 shares in the company, valued at $3,161,001.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Tim Weingarten sold 2,383 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $40.15, for a total transaction of $95,677.45. Following the sale, the director now owns 19,652 shares in the company, valued at $789,027.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,433 shares of company stock worth $715,146. Company insiders own 9.48% of the company’s stock.

About Cogent Communications Holdings

Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.

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