Tyro Capital Management LLC Acquires 144,792 Shares of Cogent Communications Holdings, Inc. $CCOI

Tyro Capital Management LLC increased its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 29.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 636,895 shares of the technology company’s stock after buying an additional 144,792 shares during the period. Cogent Communications makes up about 12.0% of Tyro Capital Management LLC’s portfolio, making the stock its 4th largest holding. Tyro Capital Management LLC’s holdings in Cogent Communications were worth $30,705,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Magnolia Group LLC bought a new stake in shares of Cogent Communications in the 2nd quarter worth approximately $52,704,000. EdgePoint Investment Group Inc. lifted its position in Cogent Communications by 30.4% in the 1st quarter. EdgePoint Investment Group Inc. now owns 2,012,297 shares of the technology company’s stock valued at $123,374,000 after purchasing an additional 469,028 shares during the last quarter. 14B Captial Management LP boosted its stake in Cogent Communications by 77.8% during the 1st quarter. 14B Captial Management LP now owns 448,000 shares of the technology company’s stock valued at $27,467,000 after purchasing an additional 196,000 shares during the period. BlackBarn Capital Partners LP acquired a new position in Cogent Communications during the 1st quarter valued at about $11,649,000. Finally, Nuveen LLC bought a new position in Cogent Communications in the 1st quarter worth about $7,859,000. Institutional investors own 92.45% of the company’s stock.

Wall Street Analyst Weigh In

CCOI has been the subject of a number of recent analyst reports. UBS Group reissued a “neutral” rating and issued a $27.00 price objective (down from $50.00) on shares of Cogent Communications in a report on Friday, November 7th. Zacks Research cut Cogent Communications from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $40.00 target price (down from $74.00) on shares of Cogent Communications in a report on Friday, August 8th. Weiss Ratings reissued a “sell (d)” rating on shares of Cogent Communications in a research note on Wednesday, October 8th. Finally, Citigroup reduced their target price on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a report on Tuesday. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $29.00.

Cogent Communications Trading Down 6.8%

Cogent Communications stock opened at $20.62 on Wednesday. The company’s fifty day moving average price is $39.00 and its two-hundred day moving average price is $43.83. Cogent Communications Holdings, Inc. has a one year low of $20.49 and a one 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. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -4.54 and a beta of 0.77.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, November 6th. The technology company reported ($0.87) EPS for the quarter, topping the consensus estimate of ($1.15) by $0.28. The company had revenue of $241.95 million for the quarter, compared to the consensus estimate of $246.13 million. Cogent Communications had a negative return on equity of 117.56% and a negative net margin of 21.57%.The company’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same period in the previous year, the business posted ($1.33) EPS. On average, analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 8th. Shareholders of record on Friday, November 21st will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.4%. Cogent Communications’s dividend payout ratio (DPR) is presently -1.96%.

Cogent Communications announced that its Board of Directors has initiated a stock repurchase program on Thursday, August 7th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to purchase up to 4.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 2,000 shares of the company’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $36.35, for a total transaction of $72,700.00. Following the completion of the sale, the director owned 10,017 shares in the company, valued at approximately $364,117.95. The trade was a 16.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated 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 $1,339,038. The trade was a 6.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 11.40% of the company’s stock.

Cogent Communications 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.